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to aspect strategies with Victoria’s Mystery, The Wall Road Journal explained, “is an admission that the 82-12 months-outdated billionaire couldn’t revive the fortunes of a troubled lingerie manufacturer he had designed all over searching malls and sex appeal.”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 investors had expected the manufacturer would fetch a greater selling price that would help pay down L Brands’ $5.5 billion credit card debt extra speedily. In buying and selling Thursday, L Makes shares fell four.8% to $23.42.

“A partial sale and this reduced selling price will not help the company’s substantial credit card debt load and displays just how determined LB has come to be to attempt to unload VS,” Randal J. Konik, a retail analyst at Jefferies, wrote in a client take note.

As the WSJ reviews, Victoria’s Mystery, which Wexner bought for a pittance in 1982, was “one of his biggest successes,” producing $seven billion in yearly product sales as it grew from a handful of suppliers to dominate the lingerie market.

But product sales peaked in 2016 and, according to Fortune, Wexner “proved out of sync with the occasions and with women’s increasing focus on consolation, instead than a man’s approval, when it arrived to acquiring bras and panties.”

Sycamore, which procured The Confined from Wexner in 2017, has a heritage of acquiring distressed manufacturers and flipping them after cutting prices. The firm “will have its arms total trying to resolve Victoria’s Mystery,” Fortune explained, adding that “with clients going for walks away in droves, it’s not crystal clear how Victoria’s Mystery can get back [its] aura.”

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L Makes, Leslie Wexner, lingerie, retail, Sycamore Partners, Victorias Mystery