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L Brands Sells 55% Victoria’s Secret Stake, Wexner Out as CEO

Fashion is at a crossroads: continue with cutting-edge strategies developed to persevere during Covid or slide back into familiar (yet unprofitable) habits? Get the experts' perspective at our in-person Sourcing Summit, Oct. 19 at New York’s Cipriani 42nd Street.

L Brands confirmed sweeping changes set to evolve one of the industry’s biggest names. On Thursday, the Ohio-based clothing and accessories firm announced a deal to sell a 55 percent interest in Victoria’s Secret to Sycamore Partners, which stipulates company founder Leslie H. Wexner stepping down as chairman and CEO. Estimates value the deal at $1.1 billion, with the…

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