With the Sale of Victoria's Secret and Les Wexner's Departure, the Era of L Brands Is Over

CEO Les Wexner has stepped down, and a majority stake in Victoria's Secret has been sold

It’s the end of an era at Victoria’s Secret—in more ways than one.

This week, L Brands made two major announcements: Founder and CEO Les Wexner, who has been in the top job for 57 years, is leaving his post. The other is that the company is selling a 55% stake in its most high-profile holding, Victoria’s Secret, to private equity firm Sycamore Partners.

The move officially places L Brands’ most talked-about brand in private hands, and values the lingerie retailer at just $1.1

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