Victoria's Secret may be up for sale

Video Credit: Reuters Studio
Published on January 29, 2020 - Duration: 01:12s

Victoria's Secret may be up for sale

Victoria's Secret-owner L Brands CEO Leslie Wexner is reportedly exploring strategic alternatives that could result in a full or partial sale of the lingerie brand.

As Fred Katayama reports, Wexner is in talks to step aside according to the Wall Street Journal.


Victoria's Secret may be up for sale

The secret's out.

Victoria's Secret may be up for sale.

L Brands's CEO is exploring strategic alternatives that could result in a full or partial sale of the lingerie retailer, according to the Wall Street Journal.

The company has been under pressure from an activist investor to sell the struggling Victoria's Secret brand, where sales have fallen for at least four quarters.

Customers have been buying cheaper bralettes and sports bras from the likes of Aerie and Rihanna's lingerie line, Savage X Fenty.

A full sale would leave would chop its $13 billion revenue nearly in half.

Leaving L Brands with Bath & Body Works and PINK under its umbrella.

The Journal also reports the billionaire who built Victoria's Secret, Abercrombie & Fitch and The Limited, Leslie Wexner, is in talks to step aside as CEO.

He has been in the headlines for his association with financier Jeffrey Epstein, who died in prison after being indicted on charges of sex-trafficking underage girls.

Wexner hasn't been accused of criminal wrongdoing.

News of the latest developments pushed up shares of L Brands 14% in early trading Wednesday, whittling away at their 29% decline last year.

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