L Brands set to sell Victoria’s Secret

L Brands set to sell Victoria’s Secret

L Brands said on Thursday it will sell a controlling stake in its Victoria’s Secret unit to investment firm Sycamore Partners, valuing the lingerie brand at $1.1 billion. L Brands’ CEO Leslie Wexner would step down from his role following the close of the transaction. L Brands has seen sales dwindle at its Victoria’s Secret business as it fends off increased competition.

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