The parent company of Victoria's Secret, L Brands, announced Thursday that it had ceded control of the lingerie brand by selling 55% of the capital to the Sycamore Partners fund at a price valuing it at $ 1.1 billion.
Lex Wexner, 82, will step down as CEO after the transaction while remaining on the board. He had recently found himself in the spotlight for his links to financier Jeffrey Epstein and accusations of sexism within the company.