Victoria’s Secret is single — and the brand isn’t looking for a new partner.
The innerwear business, owned by parent company L Brands Inc., was up for discussion at the annual shareholders meeting Thursday morning. The retailer said now that the deal with private equity firm Sycamore Partners has been terminated, the company will not seek out a buyer for the Victoria’s Secret brand. Instead, it’s concentrating on new merchandise, marketing and the readjustment of the c-suite.
That means, not only will Victoria’s Secret become a stand-alone private firm, but the Bath & Body Works division will also separate, while continuing to be listed on the stock market. Andrew Meslow, ceo of Bath & Body Works, is now a member of the board and will also serve as ceo of L Brands. Sarah Nash took over as chairwoman of the L Brands board, while board members Allan Tessler, Gordon Gee and Raymond Zimmerman retired. In addition, Burgdoerfer is leading Victoria’s Secret as interim ceo, overseeing the Victoria’s Secret lingerie, beauty and Pink brands. John Mehas, Greg Unis and Amy Hauk will continue to serve as leaders of their individual divisions.
But much like the rest of the retail industry, Victoria’s Secret has suffered amid the coronavirus pandemic, the crisis that caused both its stores and those of Bath & Body Works in North America to close in March. The Victoria’s Secret and Pink e-commerce businesses also briefly went dark.
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