L Brands Inc will sell a controlling stake in its Victoria’s secret unit to investment firm Sycamore Partners, valuing the lingerie brand at $1.1 billion, as it focuses on its core Bath & Body Works brand. The private equity firm will own 55% of Victoria’s Secret, the world’s best known specialty retailer for lingerie, while L Brands will keep a 45% stake. The Columbus, Ohio-based company’s Bath & Body Works, which sells soaps and home fragrances, would be run as a standalone company. Chief Executive Leslie Wexner who bought Victoria’s Secret in 1982 and shaped its image by hiring supermodels to wear jewel encrusted bras and wings at its annual fashion shows, will step down and hand over to Bath & Body Works executive Andrew Meslow.
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