Though he's stepping down as chief executive officer and chairman of the board of L Brands, Leslie Wexner will remain on the board as chairman emeritus:
Author:FashionistaUpdated:Feb 20, 2020Original:Feb 20, 2020Victoria's Secret officially has a new owner: Sycamore Partners, a private equity firm, acquired the lingerie giant from L Brands in a deal that makes it a privately held company. Meanwhile, Bath & Body Works will exist as a standalone public company, and Leslie Wexner, L Brands founder and longtime Victoria's Secret executive, is stepping down.
Though he's stepping down as chief executive officer and chairman of the board of L Brands, Wexner will remain on the board as chairman emeritus. Andrew Meslow, currently chief operating officer of Bath & Body Works, has been promoted to chief executive officer of Bath & Body Works and will become chief executive officer of L Brands once the transaction closes.
L Brands acquired Victoria's Secret in 1982 and grew it into the international behemoth it is today. But in recent years, the brand's image has fallen out of favor with shoppers — particularly, due to the lack of size and body diversity in its casting across the board and its famously airbrushed, highly-stylized catalog.
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