{"id":164829,"date":"2021-05-11T16:58:26","date_gmt":"2021-05-11T16:58:26","guid":{"rendered":"https:\/\/www.theindustry.fashion\/l-brands-spins-off-victorias-secret-into-a-separate-company\/"},"modified":"2022-08-25T13:12:51","modified_gmt":"2022-08-25T12:12:51","slug":"l-brands-spins-off-victorias-secret-into-a-separate-company","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/l-brands-spins-off-victorias-secret-into-a-separate-company\/","title":{"rendered":"L Brands spins off Victoria's Secret into a separate company"},"content":{"rendered":"
A year after an agreement to sell Victoria\u2019s Secret fell apart as the pandemic emptied shopping centres across the US, the chain will be spun off by its owner to become a separate company.<\/strong><\/p>\n <\/p>\n L Brands, based in Columbus, Ohio, has been shopping the struggling chain elsewhere since the collapse of that deal and said it had held talks with a number of potential buyers,<\/strong> but it appears it could not come to an agreement on price.<\/p>\n Victoria\u2019s Secret was to be sold to Sycamore Partners last year for about $525 million<\/strong> (\u00a3371 million), but the private equity firm took legal action to enable it to pull out of the deal citing the coronavirus pandemic.<\/p>\n At that point, Victoria\u2019s Secret was forced to close its retail stores due to lockdown and sales, which had already been in decline as the brand had fallen out of favour with its young consumer base, plummeted.<\/p>\n