Victoria’s Secret spun off from L. Brands
L Brands has decided to spin off Victoria’s Secret into a separate public company rather than sell it.
The retailer said Tuesday that it has opted against selling the brand even though it received interest from several potential buyers. Spinning off Victoria’s Secret will create more value for shareholders, the company said.
The announcement concludes what has been a drawn-out process for L Brands deciding what to do with the lingerie brand. Its other brand is Bath & Body Works.
L Brands had announced a year ago plans to sell a 55% stake of Victoria’s Secret for $525 million, but the deal was called off later as COVID-19 put operations of many retailers on hold.