Victoria’s Secret goes private in £407m deal: Boss to step down as lingerie brand is snapped up by private equity firm
The boss of Victoria’s Secret has stepped down as part of a deal which sees it go private as sales fall and it is troubled by accusations of misogyny.
Private equity company Sycamore Brands will buy 55 per cent of the high-end lingerie brand for about £407million, while the rest is kept by owner L Brands.
Chairman and chief executive Les Wexner, 82, will also step down and there will be a boardroom shake-up.
Private equity company Sycamore Brands will buy 55 per cent of the high-end lingerie brand for about £407million, while the rest is kept by owner L Brands
Wexner, boss of L Brands for 57 years, bought Victoria’s Secret for $1million in 1982.
But tastes have moved on from the overtly sexualised image presented by the firm, with rivals such as Rihanna’s Savage X Fenty embracing female empowerment.
Wexner has been dogged by links to paedophile Jeffrey Epstein, who was said to have used the Victoria’s Secret name to approach and abuse young women.
Last year Wexner said he had felt ‘betrayed’ by Epstein and cut their ties once he knew of his crimes.