Les Wexner Gives Up Control of Victoria’s Secret
L Brands is selling a controlling stake in Victoria’s Secret to private-equity firm Sycamore Partners for $525 million.
PHOTO: BRENDAN MCDERMID/REUTERS
Les Wexner, the 82-year-old billionaire, decides to sell a stake in Victoria's Secret. By selling this stake, he will step down as Victorias' Secret Chairman and Chief Executive. “I’ve thought about where I fit in the picture,” he wrote in the email. “In keeping with this same thoughtful examination, I have decided that now is the right time to pass the reins to new leadership.” Although he is stepping down from another role, he will still serve as on the company board.
The L. Brand company found it was easier if they have Wexner step down and find other ways to build and rise of the sales from Victoria Secret. By Wexner stepping down, it allows some of the money to be used to pay off there $5.5 billion debt. The L. Brand company has found a way to help promote Victoria's Secret sales. They plan on partnering with Sycamore to bring back Vicotria's Secret sales.
Written By: Zariah McInnishttps://www.wsj.com/articles/les-wexner-gives-up-control-of-victorias-secret-11582203604?mod=business_lead_pos1
This is a good way to restructure the organization. Perhaps the new stake holders will bring in new Marketing strategies to lower the debt?
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