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Battling Victoria's Secret marketed as the women request comfort
Now, the top question for you is perhaps the once sought out nevertheless now troubled brand name should be reinvented to possess a different generation of women requiring warmer appearances.
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The company's owner, L Brands, said Thursday that the personal-equity business Sycamore Partners tend to buy 55% out-of Victoria's Magic for approximately $525 mil. The fresh Columbus, Ohio, providers helps to keep the rest 45% stake. Adopting the revenue, L Names would-be leftover featuring its Bath & Muscles Really works strings and you may Victoria's Magic will become a personal team.
Les Wexner, 82, which dependent the fresh new parent team within the 1963, often step-down since the president and you can Chief executive officer pursuing the purchase is done and become president emeritus.
This new price point getting Victoria's Secret stands for reasonable refuse to possess a brandname that have a huge selection of areas that kepted regarding the $eight billion in cash just last year. Shares from L Labels slid more than eight% Thursday even in the event it retrieved a little by the later afternoon. Shares was in fact off nearly 4%, otherwise 88 cents, to shut at the $.
Inside an announcement, Wexner said the deal offers the best path to repairing Victoria's Secret's people on their ''historical amounts of success and you will development.'' The offer will allow the providers to reduce loans and you can Sycamore will bring an excellent “fresh position and you can greater focus to the company, '' the guy said.
In order to effortlessly change Victoria's Secret, Sycamore will have to change up the organization society, reinvent brand new developments and you can redesign the stores to ensure they are a great deal more latest, masters say.
