Leslie Wexner, the owner of L Brands, could be looking for a buyer for his lingerie brand Victoria’s Secret. At the same time, he would consider stepping down as CEO.
Talks of sale
Wexner (82) is considering to leave his retail empire and looking for strategic alternatives for his lingerie brand, says the Wall Street Journal, based on anonymous sources. Talks would be held with Sycamore Partners, an investment fund that has already bought and restored ailing fashion brands. If successful, the negotiations could result in a complete or a partial sale of the lingerie brand.
Victoria’s Secret dominated its market for a long time, but has been suffering of late. Last year alone, the company lost almost a third of its share value, Dutch newspaper De Telegraaf writes. It may be a battle too many for Wexner, who has headed his company for 57 years. The sale would remove him as CEO, but he would be eager to remain president of the board of directors.