![[UPDATED] Sycamore Partners Is Seeking to Terminate Deal to Buy Victoria's Secret](https://i.headtopics.com/images/2020/4/24/fashionista-com/updated-sycamore-partners-is-seeking-to-terminate-deal-to-buy-victoria-s-secret-1253711239613743104.webp)
Update: L Brands is suing Sycamore Partners to try and force the investment fund to complete its purchase of a controlling stake in Victoria's Secret:
Victoria's Secret officially has a new owner: Sycamore Partners, a private equity firm, acquired the lingerie giant from L Brands in a deal that makes it a privately held company. Meanwhile, Bath & Body Works will exist as a standalone public company, and Leslie Wexner, L Brands founder and longtime Victoria's Secret executive, is stepping down.
Though he's stepping down as chief executive officer and chairman of the board of L Brands, Wexner will remain on the board as chairman emeritus. Andrew Meslow, currently chief operating officer of Bath & Body Works, has been promoted to chief executive officer of Bath & Body Works and will become chief executive officer of L Brands once the transaction closes.
L Brands acquired Victoria's Secret in 1982 and grew it into the international behemoth it is today. But in recent years, the brand's image has fallen out of favor with shoppers — particularly, due to the lack of size and body diversity in its casting across the board and its famously airbrushed, highly-stylized catalog.
Earlier this month, The New York Times published a report detailing a culture of misogyny and harassment at Victoria's Secret that affected both its employees and the models it cast in campaigns and its fashion show — and that went all the way up the ladder to Wexner and Razek. UPDATE, April 22, 2020: CNBC reports that Sycamore Partners, the private equity firm that announced in February that it would buy a 55% stake in Victoria's Secret from L Brands and make it a privately held company, is seeking approval to terminate the deal, which was supposed to close in Q2 of 2020.
UPDATE, April 24, 2020: L Brands is now suing Sycamore Partners to try and force the investment fund to complete its purchase of a controlling stake in Victoria's Secret, according to a report by Bloomberg.
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‘Pure Gamesmanship’: Victoria’s Secret Owner Hits Back At Sycamore Partners After Bungled TakeoverI am a breaking news reporter for Forbes in London, covering Europe and the U.S. Previously I was a news reporter for HuffPost UK, the Press Association and a night reporter at the Guardian. I studied Social Anthropology at the London School of Economics, where I was a writer and editor for one of the university’s global affairs magazines, the London Globalist. That led me to Goldsmiths, University of London, where I completed my M.A. in Journalism. Got a story? Get in touch at isabel.togohforbes.com, or follow me on Twitter bissieness. I look forward to hearing from you.
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‘Pure Gamesmanship’: Victoria’s Secret Owner Hits Back At Sycamore Partners After Bungled TakeoverI am a breaking news reporter for Forbes in London, covering Europe and the U.S. Previously I was a news reporter for HuffPost UK, the Press Association and a night reporter at the Guardian. I studied Social Anthropology at the London School of Economics, where I was a writer and editor for one of the university’s global affairs magazines, the London Globalist. That led me to Goldsmiths, University of London, where I completed my M.A. in Journalism. Got a story? Get in touch at isabel.togohforbes.com, or follow me on Twitter bissieness. I look forward to hearing from you.
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