Shoppers pass in front of a Victoria’s Secret store at a mall in San Diego, California, April 22, 2021.
Bing Guan | Bloomberg | Getty Images
L Brands said Tuesday it will spin off its Victoria’s Secret brand rather than selling it.
The company said it received interest from and held discussions with multiple potential buyers, but its board concluded that separating Victoria’s Secret and Bath & Body Works into two separate publicly traded companies would be a better option. The spinoff is expected to be completed by August.
L Brands Chief Executive Andrew Meslow will continue to hold his position and will also lead Bath & Body Works following the spinoff, the company said. Victoria’s Secret…