Victoria’s Secret has been sold

Jessica Davis
Photo credit: Dimitrios Kambouris - Getty Images

From Harper's BAZAAR

Victoria's Secret is going private. A majority stake in the label has been sold and its current owner Leslie Wexner will step down.

L Brands, the company that owned the lingerie label, has sold 55 per cent to Sycamore Partners in a $525 (about £408)million deal.

Wexner explained that separating Victoria’s Secret into a private company would “restore” the business’s growth, reports to the BBC.

Victoria’s Secret has come under fire over the last 18 months for failing to adapt to changing market conditions, compared to other leading industry players such as Rihanna’s Savage x Fenty lingerie brand.

Last year, Wexner was scrutinised over his connection to sex offender Jeffrey Epstein, who died in prison while facing sex-trafficking charges.

Wexner employed Epstein as a personal adviser, although he has since said the he was “embarrassed” by his friendship with Epstein and accused him of misappropriating money.

Victoria's Secret cancelled its famous fashion show last year, after almost two decades of running.

"We have decided to re-think the traditional Victoria’s Secret Fashion Show," Wexner wrote in an email sent to fellow employees at the time. "Going forward, we don’t believe network television is the right fit."

Photo credit: Matt Winkelmeyer - Getty Images

Various models have also spoken out against the brand in recent months; Bella Hadid admitting she "never felt powerful" wearing the label's iconic angel wings, while Karlie Kloss said she didn't feel it was the kind of message she wanted "to send to young women around the world about what it means to be beautiful".

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