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New York (CNN Business)Victoria’s Secret, the struggling underwear brand name owned by L Brands, is being offered to a personal equity company in a $525 million offer.
Leslie Wexner, the 82-year-old billionaire that has actually run L Brands for a number of years, is leaving his position as CEO and chairman as part of the deal. He will stay on L Brands’ board as chairman emeritus.
In a news release, Wexner stated that separating Victoria’s Secret into an independently held business “supplies the very best course to bring back these organisations to their historical levels of success and development.” He applauded Sycamore for its “deep experience” in the retail market and stated it will bring a “fresh viewpoint and higher focus to business.”
having a hard time for many years due to the fact that it stopped working to adjust to customer need for more custom-fitted bras and inclusive messaging in its ads. Marketing patterns in underwear have actually altered, Victoria’s Secret has actually mainly stuck to the exact same playbook that assisted it control the market: push-up bras and celeb designs.