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”.
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