THE WHAT? Victoria’s Secret has completed its separation into an independent, publicly trade company from Bath & Body Works, with the company having traded on the New York Stock Exchange under the ticker VSCO.
THE DETAILS The separation was achieved via the distribution of 100 percent of the shares of Victora’s Secret to holders of Bath & Body Works common stock following market close on 2nd August.
According to a press release, Bath & Body Works stockholders received one share of Victoria’s Secret common stock for every three shares of Bath & Body Works common stock held at the close of business on the record date of 22nd July, 2021.
L Brands will become Bath & Body Works Inc, with the new ticker BBWI.
THE WHY? The separation into an independent company follows a period of difficulty for the fashion and beauty brand, with Victoria’s Secret recently attempting an image overhaul in an attempt to re-brand itself in today’s market.
Having ditched its infamous Angels, VS launched a new brand ambassador panel VS Collective, as well as announced a new board mainly populated by women.
Martin Waters, Chief Executive Officer of VS&Co, said, “Today marks an exciting milestone as we embark on our journey as a newly independent public company, focused on inspiring women around the world with world-class products and experiences.
“On behalf of all of our passionate associates, I am proud of our efforts to reposition Victoria’s Secret to thrive in our evolving retail environment. We continue to deliver substantially improved financial results and we look forward to the many opportunities ahead. With our two category-defining intimates and beauty brands, our proven omnichannel capabilities, right-sized store footprint and strong customer loyalty, we are well positioned to deliver long-term growth and value creation.”