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Majority Stake in Victoria's Secret Sold For $525 Million

Sputnik International

The largest lingerie retailer in the US went through a challenging period last year, cancelling its renowned fashion show for the first time in 25 years, as... 20.02.2020, Sputnik International

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Majority Stake in Victoria's Secret Sold For $525 Million

13:13 GMT 20.02.2020 (Updated: 13:59 GMT 20.02.2020)

© AP Photo / Evan AgostiniFILE - In this Nov. 8, 2018 file photo, models Martha Hunt, from left, Lais Ribeiro, Josephine Skriver, Sara Sampaio, Stella Maxwell and Romee Strijd walk the runway during the 2018 Victoria's Secret Fashion Show in New York. Shown on ABC Sunday after several years on CBS, its audience of 3.27 million viewers was the smallest since becoming a holiday season TV event in 2001. The Nielsen company said the show has lost more than half its television audience in two years.(Photo by Evan Agostini/Invision/AP, File)

FILE - In this Nov. 8, 2018 file photo, models Martha Hunt, from left, Lais Ribeiro, Josephine Skriver, Sara Sampaio, Stella Maxwell and Romee Strijd walk the runway during the 2018 Victoria's Secret Fashion Show in New York. Shown on ABC Sunday after several years on CBS, its audience of 3.27 million viewers was the smallest since becoming a holiday season TV event in 2001. The Nielsen company said the show has lost more than half its television audience in two years.(Photo by Evan Agostini/Invision/AP, File) - Sputnik International

The largest lingerie retailer in the US went through a challenging period last year, cancelling its renowned fashion show for the first time in 25 years, as its parent company L Brands announced changes in marketing strategy.

L Brands is selling a 55% interest in Victoria's Secret to Sycamore Partners for $525 million, as Les Wexner is stepping down as chairman and CEO of the corporation, Bloomberg reported on Thursday. The parent company will be keeping the remaining 45% of the brand.

"I think about the endless possibilities ahead for this company. And I’ve thought about where I fit in the picture", Wexner said in a memo, according to Bloomberg News. "In keeping with this same thoughtful examination, I have decided that now is the right time to pass the reins to new leadership".

Majority Stake in Victoria's Secret Sold For $525 Million - Sputnik International

Victoria's Secret model walks the runway during the 2014 Victoria's Secret Fashion Show at Earl's Court exhibition centre on December 2, 2014 in London, England

The Chief Operating Officer of the Bath & Body Works operation will take Wexner's place as the new CEO.

The company was founded in 1977 in Columbus, Ohio. By 2019 it had become the biggest lingerie retailer in the United States.