The owner of Victoria’s Secret sold his brand for 525 million dollars

Earlier media wrote that the U.S. company L Brands sells brand Victoria’s Secret. Recently its owner confirmed this information.

World-famous brand Victoria’s Secret has bought private equity firm Sycamore Partners for 525 million dollars. She will receive 55% of the shares, the rest will control L Brands, however the brand itself will become a separate company. This publication reports CNN.

82-year-old billionaire, Lexli Wexler few decades, led the company L Brands. Now he leaves the post of Director-General and head of the Board of Directors under the agreement. However, as writes the edition, CNN, Wexler will remain among the honorary members of of Directors. According to Lekki, Victoria’s Secret, as a private company, will provide the best way to restore the brand to its historic level of profitability and development.

We believe that as a private company Victoria’s Secret will be better able to focus on more long term results. We are pleased that retaining a significant stake, our shareholders will have the opportunity to fully participate in the growth potential of this iconic brand
– said the billionaire.