Sycamore Partners, a retail-focused private equity firm, is closing in on a deal to acquire Victoria’s Secret from Ohio-based retail conglomerate L Brands that could be announced as early as this week, according to CNBC.
The Wall Street Journal reported last month that the two sides were discussing a deal for Victoria’s Secret and that L Brands’ 82-year-old CEO, Leslie Wexner, was considering stepping down. Victoria’s Secret sales have slumped in recent years, and Wexner has drawn serious scrutiny for his connections to convicted sex criminal Jeffrey Epstein.
Victoria’s Secret could be a natural fit for Sycamore, which has a history of making big bets on the retail sector. The firm took Staples private for roughly $6.9 billion in 2017, and its portfolio also includes Hot Topic, The Limited and Belk. Sycamore was previously a backer of retail brands Nine West and Aéropostale.
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