Written by Riva Gold
Retail giant L Brands plans to sell majority control of Victoria’s Secret to private equity firm Sycamore Partners, making it a private company with a $1.1 billion valuation. Billionaire Leslie Wexner — the longest-serving chief executive in the S&P 500 — will also step down as CEO and chairman after a challenging period, with executive Andrew Meslow due to take over. L Brands will be left running just the Bath & Body Works chain.
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