By  on February 20, 2020

Victoria’s Secret has been sold — and Les Wexner is stepping aside.

Parent company L Brands sold 55 percent of the intimates giant to Sycamore Partners for $525 million. The deal, which is expected to close in 2020’s second quarter, includes the Pink brand, as well as the lingerie and beauty divisions of the business. Victoria’s Secret will become a private company, while L Brands’ remaining operation, Bath & Body Works, will become a stand-alone public firm.

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