L Brands plans to spin off lingerie brand Victoria’s Secret as an independent company after plans to sell it fell part due to the pandemic. Victoria's Secret was to be sold to Sycamore Partners last year for about $525 million but the private equity firm sued to get out of the deal citing the pandemic. At that point, Victoria's Secret was forced to close stores and sales, which had been falling as the brand fell out of favor.
Victoria's Secret has been trying to turn its business around, by reinventing fashion styles and redesigning stores. The brand was founded by late Roy Larson Raymond in the late 1970s. By mid-1990s, Victoria's Secret ruled runways and internet with supermodels advertising for the brand. It also had an annual event dedicated to it on the television. L Brands plans to create two independent, publicly traded companies, the other being Bath & Body Works.
