Victoria’s Secret is set to be taken private as a controlling stake in the business is acquired by investment firm Sycamore Partners.

Chair Leslie Wexner, who has run L Brands for several decades, will also step down as CEO and chair of Victoria’s Secret as part of the transaction, though he will remain on L Brands’ board as chair emeritus.

Wexner said Sycamore’s “deep experience” in the retail industry would bring “a fresh perspective and greater focus to the business”.

“We believe that as a private company Victoria’s Secret will be better able to focus on longer-term results,” he added.

“We are pleased that by retaining a significant ownership stake our shareholders will have the ability to meaningfully participate in the upside potential of these iconic brands.”

This is the latest sale for L Brands, which previously owned brands including Abercrombie & Fitch, Lane Bryant and The Limited, and whose primary retail asset is now Bath and Body Works.

Wexner’s departure from Victoria’s Secret follows increased scrutiny of his association with disgraced financier Jeffrey Epstein. Epstein, who died in jail last August after being arrested on charges of sex trafficking, was Wexner’s former personal money manager and a trustee of his charitable group Wexner Foundation.