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UPDATE 2-L Brands to spin off Victoria's Secret into separate public company

05/11/2021 07:37
UPDATE 2-L Brands to spin off Victoria's Secret into separate public company

Adds details on spin-off, results

- L Brands Inc LB.N said on Tuesday it plans to split itself into two publicly traded companies, Bath & Body Works and Victoria's Secret, after the retailer decided against a sale of the lingerie brand.

The company said it had received interest from and held discussions with multiple potential buyers when it was considering either a spin-off or sale of Victoria's Secret.

After the spin-off's expected close in August, L Brands top boss Andrew Meslow will lead Bath & Body Works, with Victoria's Secret Chief Executive Officer Martin Waters heading the new standalone lingerie business.

L Brands also expects sales for the first quarter ended May 1 to be $3.02 billion, up from $1.65 billion a year earlier, with revenue growth across both banners.


(Reporting by Praveen Paramasivam in Bengaluru; Editing by Devika Syamnath and Shinjini Ganguli)

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