The separation of Bath & Body Works and Victoria’s Secret into two independent public businesses has started.
In a filing with the U.S. Securities and Exchange Commission, L Brands said that Victoria's Secret & Co. will be the new name of the spun-off lingerie brand. The new company will include Victoria’s Secret Lingerie, Pink and Victoria’s Secret Beauty. The separation is expected to be completed in August 2021.
“Today’s filing is an important step toward creating two independent, public companies designed to thrive in an evolving retail environment,” said Andrew Meslow, CEO of L Brands. “We believe Victoria’s Secret and Bath & Body Works will achieve new levels of success and unlock significant value for all stakeholders by pursuing growth strategies best suited to each company’s customer base and strategic objectives.”
Following the spin-off, Meslow will lead Bath & Body Works. Martin Waters, CEO of Victoria’s Secret, will continue to lead the brand.
Victoria’s Secret has launched a major rebrand focused on diversity, inclusion and female empowerment. Its new board (following the spin-off) will be made up of seven directors, six of whom will be women, including the chair. The lone male of the board will be CEO Waters.
“This is an exciting time for all of us at Victoria’s Secret,” stated Waters. “The progress we have made over the last year underscores our commitment to driving profitable growth, creating new opportunities for our talented associates, and evolving our brand and products to reflect the diverse experiences, passions and perspectives of our customers. We look forward to building on our momentum as an independent, public company.”