THE WHAT? The CEO of L Brands is said to be poised to step down from his role as the company explores options for its ailing lingerie brand, Victoria’s Secret, according to a report published by Reuters, quoting the Wall Street Journal as its source.
THE DETAILS Shares in the owner of Bath & Body Works leapt 12 percent on the back of the rumors, Reuters reports.
L Brands is thought to be in talks with Sycamore Partners regarding the sale of its Victoria’s Secret brand.
THE WHY? Victoria’s Secret has long stood for the unobtainable ‘perfect body’ but that imagery no longer resonates with today’s shopper and sales have plummeted as a result.