L Brands, the parent company of high-end lingerie retailer, Victoria’s Secret, plans to spin the brand, as well as its Bath & Body Works, into publicly traded companies.
The spinoffs, according to a CNBC report, should happen by August.
The move comes after L Brands entertained several purchase inquiries. The two brands’ leaders will remain in their roles, with Andrew Meslow, L Brands CEO, also heading Bath & Body Works while Martin Waters retains his Victoria’s Secret CEO position.
«In the last 10 months, we have made significant progress in the turnaround of the Victoria’s Secret business,» L Brands Chair Sarah Nash said in a statement, according to the news report.
