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Victoria's Secret Owner Sells Majority Stake for $525 Million

L Brands, the company behind the Victoria’s Secret brand, has sold a majority stake in the company to a private equity firm for $525 million.

Sycamore Partners now owns a 55 percent stake in Victoria’s Secret Lingerie, Victoria’s Secret Beauty, and Pink. L Brands will retain a 45 percent stake in the brand, which means the company is valuated at $1.1 billion.

L Brands CEO Leslie Wexner has also announced that he is stepping down after running the company since 1963.

“We believe the separation of Victoria’s Secret Lingerie, Victoria’s Secret Beauty and Pink into a privately held company provides the best path to restoring these businesses to their historic levels of profitability and growth,” Wexner said in a statement (via People). “Sycamore, which has deep experience in the retail industry and a superior track record of success, will bring a fresh perspective and greater focus to the business.”

“We believe that, as a private company, Victoria’s Secret will be better able to focus on longer-term results,” he added.

Victoria’s Secret has been under fire in recent years because of the actions of former CEO Ed Razek, who has been accused of sexual harassment and bullying. The company canceled the 2019 fashion show and it’s unclear what the future for the brand will hold.

Over 100 Models Including Caitriona Balfe & Amber Valletta Demand Change From Victoria's Secret

Over 100 models and celebrities have signed a letter from Model Alliance to Victoria’s Secret CEO John Mehas after a bombshell report emerged about the treatment of the models within the company.

It was recently revealed that there are allegations of “misogyny, bullying and harassment” within the company, including one report of sexual harassment involving Bella Hadid.

“When the Model Alliance met with Tammy Roberts Myers, Chief Communications Officer of L Brands in New York City last September, it was made abundantly clear that Victoria’s Secret does not take these complaints seriously. In a follow-up email she told us that Victoria’s Secret was not ready to take any concrete steps towards addressing these allegations – rather, the company is simply, ‘in the process of continued learning and listening.’ In the face of the horrifying revelations from the past year, this response is utterly unacceptable. The time for listening is long past; it’s time for Victoria’s Secret to take action to protect the people they profit from. Human rights violations can’t be stopped with a corporate rebranding exercise,” the letter read.

“We invite Victoria’s Secret to work together with us to address these problems and to engage in meaningful action by joining the RESPECT Program. We stand with the courageous women who have come forward and shared their stories, despite fears of retaliation or harm to their careers,” they said.

Models that signed the letter include Outlander‘s Caitriona Balfe, Amber Valletta, Iskra Lawrence, and more.

Victoria’s Secret has not yet responded. They recently had to cancel one of their most major events.

Victoria’s Secret Photo Gallery

Victoria's Secret Executive Reportedly Made Lewd Comments About Bella Hadid's Body

A former Victoria’s Secret executive is under fire for alleged sexual harassment and bullying.

In one of the incidents, Ed Razek allegedly made a few lewd comments about Bella Hadid before the brand’s 2018 Fashion Show, New York Times reports.

The 23-year-old model was being measure for underwear when Razek, who was sitting on a couch in the same room, allegedly said “forget the panties.”

Razek allegedly went on to joke if the TV network would let Bella walk “down the runway with those perfect” breasts. Also according to the Times, Razek reportedly touched another model’s crotch over her underwear.

Razek has denied all allegations, telling the news paper in an email that “the accusations in this reporting are categorically untrue, misconstrued or taken out of context,” adding, “I’ve been fortunate to work with countless, world-class models and gifted professionals and take great pride in the mutual respect we have for each other.”

Bella nor Victoria’s Secret have addressed the situation yet.

Find out why the 2019 Victoria’s Secret Fashion Show was cancelled here.

Alessandra Ambrosio Reveals She'll Actually Miss The Victoria's Secret Fashion Show

Alessandra Ambrosio shows off a little leg in a green dress at the launch of her Gal Floripa bikini brand in Sao Paolo, Brazil on Tuesday (December 10).

The 38-year-old model recently spoke to People and admitted that she’ll be missing the Victoria’s Secret Fashion Show this year.

If you didn’t see, the annual show that’s typically hosted around the final months of the year, had been cancelled for this year.

“We had such a good time,” Alessandra says, referring to the models who were part of the show. “For us, it was like the beginning of Christmas, because just before Christmas, there was the Victoria’s Secret show.”

She added, “When the show aired on TV, I used to gather all my friends and have a pajama party. It was always fun and very Christmas-y, so I’ll miss that, for sure.”

READ MORE: Karlie Kloss Shares Her Thoughts About Victoria’s Secret Fashion Show’s Cancellation

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Sisqo Says That 'Thong Song' Boosted Victoria's Secret Sales

Sisqo is best known for his smash hit single “Thong Song” and nearly 20 years after its release, he’s opening up about the song’s effect on thong sales.

The 41-year-old singer says that his song helped boost Victoria’s Secret sales by 80% and he missed out on a partnership opportunity with them because he didn’t act quickly enough.

“Once I realized how big the song was, I was like we need to go and talk to Victoria’s Secret. But everything was moving so fast, it got away from us. By the time the song had blown up, we went to go have a meeting with Victoria’s Secret,” Sisqo said in a new interview to celebrate the song’s 20th anniversary.

“They were like, ‘As much as we love the song, and you seem like a great guy … but thong sales have already gone up 80%.’ They had got their bag already. But fast forward 20 years later and we laughed all the way to the bank too,” he added.

READ MORE: Sisqo Marries Longtime Girlfriend Elizabeth Pham!

Victoria's Secret Fashion Show 2019 Is Officially Cancelled

Over the summer, one of the Victoria’s Secret models revealed the annual fashion show was cancelled this year and now, the brand is finally confirming the news.

The decision to cancel the show was reportedly to “evolve the marketing of Victoria’s Secret.”

“We’ll be communicating to customers, but nothing [will change] that I would say is similar in magnitude to the fashion show,” the chief financial officer of the Victoria’s Secret parent company said during the company’s third quarter earnings call.

“Given the decline in performance at Victoria’s Secret, we have substantially pulled back on capital investment in that business while we focus on ensuring that our merchandise resonates with customers,” the brand added.

The brand recently added some new Angels to the lineup and you can meet all 16 right here.

Sara Sampaio Goes Sexy in Silk for Victoria's Secret Bombshell Intense Launch Party

Sara Sampaio strikes a pose in front of a rose-covered backdrop as she arrives at the Victoria’s Secret The Bombshell Intense Launch Party on Thursday night (September 5) in New York City.

The 28-year-old model looked super sexy in a black, silk dress as she hosted the event held during New York Fashion Week.

PHOTOS: Check out the latest pics of Sara Sampaio

Other stars at the event included models Josephine Skriver, Sean O’Pry, Jon Kortajarena, Quincy Brown, and Delilah Belle Hamlin along with Latin singer J Balvin and girlfriend Valentina Ferrer, Real Housewives of New Jersey star Melissa Gorga, and Bachelor in Paradise star Derek Peth.

Sara was recently in Italy were she attended the Joker premiere held during the 2019 Venice Film Festival.

FYI: Sara is wearing a Graziela Gems ring. Quincy is wearing a Helen Anthony jacket.

20+ pictures inside of the stars stepping out for the party…More Here! »

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