Wexner Sells 55% of Victoria’s Secret for $525M

Leslie Wexner’s L Makes organization is promoting its controlling stake in Victoria’s Mystery to non-public fairness firm Sycamore Partners for $525 million, having failed to transform all over what was after a lingerie behemoth.

The turnaround energy had been led by Wexner, a retail legend whose selection to aspect strategies with Victoria’s Mystery, The Wall Road Journal explained, “is an admission that the 82-12 months-outdated billionaire couldn’t revive the fortunes of a troubled lingerie manufacturer he had designed all over searching malls and sex appeal.”

L Makes also explained Thursday that Wexner will step down from his function as chairman and CEO of the organization, which also owns Bathtub & System Operates.

Rapidly Company identified as it “an unpleasant stop to a extended, mostly effective career as a grasp retailer,” noting that Wexner “helped to shape the American searching shopping mall.”

The offer values Victoria’s Mystery at $one.one billion but

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