NEW ALBANY — Victoria’s Secret, beset by falling sales and uncomfortable questions about its billionaire founder who has run the company for five decades, is being sold and Les Wexner is stepping down as CEO.
UPDATE 2/21/20 9:07 a.m.: The headline accompanying this story has been edited to remove a reference to the purchase price of Victoria’s Secret
The company’s owner, New Albany-based L Brands, said Thursday that the private-equity firm Sycamore Brands will buy 55% of Victoria’s Secret for about $525 million.
The company will keep the remaining 45% stake.
According to a press release from L Brands, Wexner will step down as CEO and Chairman of the Board of L Brands and will remain a member of the Board as Chairman Emeritus.
Shares of L Brands slid 14.6% in premarket trading.
The selling price signifies a marked decline for a brand with hundreds of stores that booked about $7 billion in revenue last year.