Victoria’s Secret’s parent company, L Brands, has sold a majority stake in the US lingerie brand.
Investment firm Sycamore Partners bought a 55% stake in Victoria’s Secret for $525m (£407m) and will now take the business private.
The sale comes as L Brands founder, Leslie Wexner, steps down from his role as CEO. Wexner, who has spent five decades at the helm of L Brands, will become chairman emeritus.
At the end of last year, Victoria’s Secret cancelled its annual fashion show in the face of rising criticism and dwindling television ratings.
L Brands reported a net loss of $252m (£195.1m) in third-quarter results for 2019 and poor sales at Victoria’s Secret weighed on its performance.