Adds CEO remark, share worth, background
Adds CEO remark, share worth, background
Feb 20 (Reuters) – L Manufacturers Inc LB.N stated on Thursday it’ll promote a controlling stake in its Victoria’s Secret unit to funding agency Sycamore Companions, valuing the lingerie model at $1.1 billion, because it focuses on its core Bathtub & Physique Works model.
L Manufacturers’ long-time Chief Government Officer Leslie Wexner would step down from his position following the shut of the transaction and grow to be chairman emeritus.
The corporate’s shares had been down about 10% at $21.73 in pre-market buying and selling.
L Manufacturers, which has a market valuation of about $7-billion, has seen gross sales dwindle at its Victoria’s Secret enterprise because it fends off elevated competitors from on-line retailers and has additionally drawn criticism for its lingerie not being inclusive of all physique sorts.
The model accounted for almost half of the corporate’s $13.24 billion income in 2019, however has seen gross sales decline for at the least 4 quarters.
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