Victoria’s Secret is renamed, turns into an independently traded firm

COLUMBUS, Ohio (NewsNation Now) – Victoria’s Secret officially parted ways with its parent company, L Brands, on Monday when the two companies were renamed.

The Victoria’s Secret spin-off from L Brands has been in the works for over a year but it became official on Monday. Victoria’s Secret started on the New York Stock Exchange as a VSCO.

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The split comes as Victoria’s Secret tries to change its image to be more inclusive and compete in the athleisure market.

Victoria’s Secret dropped the infamous angel models in June as part of this initiative. It also announced partnerships with famous women like Megan Rapinoe and Priyanka Chopra to promote women’s empowerment.

“We are proud to bring together an unprecedented group of groundbreaking partners who share a common goal of driving positive change,” the brand said in a statement at the time of the announcement.

According to Business Insider, all Victoria’s Secret stores are aiming to support the rebranding with more inclusive mannequins, less risky pictures of models on the walls and more casual wear in the stores in the next few months.

Victoria’s Secret was supposed to be sold to Sycamore Partners last year, but the private equity firm sued the exit, citing the coronavirus pandemic. At that point, Victoria’s Secret was forced to close stores and sales, which had declined due to the brand’s disfavor, fizzled out.

L Brands itself will be renamed Bath and Body Works Inc. on August 3rd. It is traded on the New York Stock Exchange as the BBWI.

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The company was made aware of its founder Les Wexner’s alleged ties to Jeffrey Epstein, as well as the lack of diversity on the company’s board of directors. In 2021, Wexner and his wife left the company.

The new Victoria’s Secret board of directors will have six women and one man.

The Associated Press contributed to this report

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