L Brands

L Brands is a US retailer operating North American toiletries chain Bath & Body Works and, until recently, global lingerie brand Victoria’s Secret. Refusing to adapt to customer and market trends led to poor performance at Victoria’s Secret, which then culminated in the sale of a majority stake in the brand and its spin-off into a private company. Bath & Body Works, now L Brands’ sole retailer, has long been the major growth contributor through a constantly changing assortment of candles and toiletries, and its 1,600 stores in accessible locations. As a result, it has attained a cult following. Unlike Victoria’s Secret, Bath & Body Works has resisted expansion into Europe and only operates a handful of stores in Eastern Europe, with no online outlet outside its home continent.