A year after an agreement to sell Victoria’s Secret, the mall vacated nationwide as a pandemic, the chain will be closed by its owner to become a separate company
A year after an agreement to sell Victoria’s Secret became vacant as a nationwide pandemic, the chain would be shut down by its owner to become a separate company.
L Brands, based in Columbus, Ohio, has been shopping the struggling chain elsewhere since the collapse of that deal, saying it has negotiated with a number of potential buyers, but does not appear to have reached an agreement on the price. Could.
Victoria’s Secret is trying to turn its business around, changing corporate culture, reinventing fashion and redesigning stores. While the brand was known for its sexy style, women have moved towards faster and more casual options, especially during epidemics when many spend most of their time at home.
But there was a long period of success in Victoria’s Secret. The brand was founded by the late Roy Larson Raymond in the late 1970s after feeling embarrassed about buying lingerie for his wife. Les Wexner, the founder of the then Limited Stores Inc., bought Victoria’s Secret in 1982 and transformed it into a powerful retail force. By the mid-1990s, Victoria’s Secret made runways and later filled the Internet with their supermodels and an annual television special that combined fashion, beauty and music.
Sales declined due to adapting to changing tastes, and its annual show was canceled in 2019. Competition has also increased in this. Rivals such as Adore Me and ThirdLove, which have sprouted online and marketed themselves heavily on social media platforms such as Instagram, have focused on fit and comfort, offering more options for different body types. Meanwhile, the American Eagle’s Arie lingerie range, alongside female activists such as Manuela Baron, also kept customers away from Victoria’s Secret.
With the decision announced on Tuesday, L Brands created two independent, publicly traded companies, the other of which are Bath & Body Works.
The division becomes official when approved by the board in the L brand in August. The company’s shares fell 3.3% before the market opened on Tuesday.