Reports say that Ohio’s own Victoria’s Secret is getting a new owner! The private-equity firm Sycamore Partners will buy a controlling 55 percent of the company for $525 million from L Brands, which will keep the remaining 45 percent.
Les Wexner will step down as chairman and CEO. AP cited experts as saying that to turn around the once popular, but now struggling brand, Sycamore will need to change the corporate culture and the fashions and redesign the stores to make them more contemporary.
GlobalData Retail managing director Neil Saunders told AP, “The brand is very embedded in the past. It was always about men feeling good. It should be about making women feel good about themselves.” Victoria’s Secret was founded by the late Roy Larson Raymond in the late 1970s after he felt embarrassed about buying lingerie for his wife.