American fashion retailer L Brands is nearing the sale of its lingerie brand Victoria’s Secret to Sycamore Partners, a private equity firm.
This was confirmed in a recent CNBC report.
Reportedly, several existing and former employees had lately accused Ed Razek, former CMO, Victoria’s Secret, of sexual harassment and this could be instrumental in forcing Leslie Wexner, Owner, L Brands, to take the decision of selling the lingerie brand.
Here it is important to note that Victoria’s Secret is no longer a strong performer for L Brands.
Sycamore Partners, which is set to buy Victoria’s Secret, also owns plus-size fashion label Torrid in addition to owning women’s apparel brand The Limited, among others. It also owns US department store Belk.