What Happened to L Brands?
L Brands, once a prominent specialty retail conglomerate, underwent a significant transformation, culminating in its split into two independent publicly traded companies in August 2021. The company, originally known for brands like Victoria's Secret and Bath & Body Works, rebranded itself as Bath & Body Works, Inc., while Victoria's Secret & Co. became a separate entity. This strategic move followed years of declining performance for Victoria's Secret and a desire to unlock value for the more successful Bath & Body Works brand.
Quick Answer
L Brands, formerly a retail giant, no longer exists under that name. In August 2021, it completed a strategic spin-off, separating its struggling Victoria's Secret business into an independent public company, Victoria's Secret & Co. The remaining entity, primarily comprising the highly successful Bath & Body Works brand, was subsequently renamed Bath & Body Works, Inc. and continues to trade under the ticker symbol BBWI. This move aimed to allow each business to pursue distinct growth strategies and enhance shareholder value.
📊Key Facts
📅Complete Timeline14 events
The Limited Founded
Leslie 'Les' Wexner founded The Limited, a women's apparel store, in Columbus, Ohio, marking the beginning of the company that would become L Brands.
Acquisition of Victoria's Secret
The Limited acquired Victoria's Secret for $1 million, including its six stores and catalog business, significantly expanding its portfolio into lingerie.
Bath & Body Works Launched
Bath & Body Works was launched as a new retail concept focusing on personal care products and home fragrances, which would later become the core of the rebranded company.
Limited Brands Renamed L Brands, Inc.
The company officially changed its name from Limited Brands to L Brands, Inc., reflecting its evolution beyond its original namesake store and its diverse brand portfolio.
L Brands Downgraded by Moody's
Moody's downgraded L Brands' corporate family rating, citing 'continued negative comparable store sales and operating margin compression at Victoria's Secret,' highlighting the brand's struggles.
Les Wexner Announces Stepping Down as CEO
Leslie Wexner, the founder and long-time CEO, announced his transition from CEO of L Brands to Chairman Emeritus, a role he officially assumed later that year.
Sycamore Partners Deal for Victoria's Secret Terminated
The planned sale of a 55% stake in Victoria's Secret to Sycamore Partners for $525 million was mutually terminated, primarily due to the impact of the COVID-19 pandemic.
Plan to Spin Off Victoria's Secret Announced
L Brands announced its board's approval for a tax-free spin-off of Victoria's Secret into an independent public company and the rebranding of L Brands as Bath & Body Works, Inc.
$90 Million Settlement for Workplace Lawsuits
L Brands agreed to a $90 million corporate governance reform agreement to settle multiple derivative lawsuits alleging 'toxic' workplace conditions and sexual harassment.
Spin-Off Completed and Rebranding to Bath & Body Works, Inc.
The separation of Victoria's Secret & Co. (VSCO) was completed, and L Brands officially changed its name to Bath & Body Works, Inc. (BBWI), with both companies beginning independent trading the next day.
Daniel Heaf Appointed Bath & Body Works CEO
Daniel Heaf was appointed as the new CEO of Bath & Body Works, Inc., replacing Gina Boswell, to lead the company's strategic direction.
Les Wexner Subpoenaed by US House Oversight Committee
Following the 2025 Epstein Files Transparency Act, Les Wexner was subpoenaed by the US House Oversight Committee of Congress for a deposition.
Les Wexner Named in FBI Email Related to Epstein
Les Wexner was named on a July 2019 list of potential Epstein co-conspirators within an FBI email, intensifying public scrutiny.
Niren Chaudhary Joins Bath & Body Works Board
Niren Chaudhary joined the board of directors of Bath & Body Works, Inc., bringing new leadership to the company.
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🔍Deep Dive Analysis
L Brands, Inc. began its journey as The Limited in 1963, founded by Leslie 'Les' Wexner in Columbus, Ohio. Over decades, Wexner built a retail empire through strategic acquisitions, including Victoria's Secret in 1982 and the launch of Bath & Body Works in 1990. The company, later renamed Limited Brands and then L Brands, Inc., became a dominant force in mall retail, housing a diverse portfolio of brands at various times, such as Abercrombie & Fitch, Express, Lane Bryant, and Henri Bendel.
However, by the late 2010s, L Brands faced significant challenges, particularly with its flagship lingerie brand, Victoria's Secret. Changing consumer preferences, a rejection of its overtly sexualized marketing, and increased competition led to declining sales and profitability for Victoria's Secret. In 2019, Moody's downgraded L Brands, citing 'continued negative comparable store sales and operating margin compression at Victoria's Secret.' Concurrently, controversies surrounding founder Les Wexner's association with Jeffrey Epstein also cast a shadow over the company, leading to shareholder lawsuits alleging a 'toxic' workplace culture.
In early 2020, L Brands attempted to sell a majority stake in Victoria's Secret to private equity firm Sycamore Partners for approximately $525 million, but the deal was terminated in May 2020 due to the COVID-19 pandemic. Following this, Les Wexner stepped down as CEO, and Andrew Meslow took the helm. The company then shifted its strategy towards a complete separation of its core brands. In May 2021, L Brands announced its plan to spin off Victoria's Secret into an independent public company and rename the remaining entity to Bath & Body Works, Inc.
The separation was finalized on August 2, 2021. Victoria's Secret & Co. (VSCO) began trading independently on the New York Stock Exchange, encompassing Victoria's Secret Lingerie, PINK, and Victoria's Secret Beauty. Simultaneously, L Brands officially changed its name to Bath & Body Works, Inc. (BBWI), retaining the highly successful personal care and home fragrance brand. This tax-free spin-off was intended to allow each company to focus on its distinct market and growth opportunities.
As of September 26, 2026, Bath & Body Works, Inc. operates as a standalone public company, specializing in body care and home fragrance products. Daniel Heaf was appointed CEO of Bath & Body Works in May 2025, succeeding Gina Boswell. The company continues to report strong revenues, with $7.4 billion in 2023 and $7.29 billion in 2025. Meanwhile, Victoria's Secret & Co. is also an independent entity, working to revitalize its brand image and market position. Les Wexner, while no longer CEO, remains Chairman Emeritus and has faced renewed public scrutiny in 2026 following the passage of the 2025 Epstein Files Transparency Act, including a subpoena by the US House Oversight Committee in January 2026 and being named on a July 2019 list of potential Epstein co-conspirators in February 2026.
What If...?
Explore alternate histories. What if L Brands made different choices?