US-based fashion retailer L Brands has reportedly resumed talks with potential buyers to sell its world-famous Victoria’s Secret lingerie chain.
According to media sources, the business could be valued at between $2bn and $3bn. Last year, it was valued at $1.1bn in an unsuccessful deal.
L Brands said that it plans to either sell or spin off the brand by August.
In May 2020, private equity firm Sycamore Partners and L Brands cancelled their transaction agreement involving an interest acquisition in Victoria’s Secret.
The two sides initially agreed that an affiliate of Sycamore Partners will acquire a 55% interest in the brand under a $525m deal. The transaction was called off after L Brands allegedly violated agreement terms by not paying rent and furloughed workers during the Covid-19 pandemic.
L Brands, which also owns Bath and Body Works and Victoria’s Secret PINK, currently has 2,669 company-operated speciality stores in the US, Canada, UK, Ireland and Greater China.