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to aspect strategies with Victoria’s Mystery, The Wall Road Journal explained, “is an admission that the 82-12 months-outdated billionaire couldn’t revive the fortunes of a troubled lingerie manufacturer he had designed all over searching malls and sex appeal.”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