L Brands is changing its name in connection with the separation of its two businesses.
Following months of consideration, L Brands’ board officially approved the spin-off of its lingerie brand into a stand-alone company named Victoria’s Secret that will trade on the New York Stock Exchange under the ticker “VSCO. The board also approved a name change for L Brands, which will become Bath & Body Works, with its stock symbol changing from “LB” to “BBWI.”
The changes are expected to take effect on Aug. 2. L Brands’ common stock is expected to start trading under the new stock symbol on August 3, 2021.
L Brands plans to distribute 100% of the shares of Victoria’s Secret to eligible shareholders of L Brands’ common stock after market close on Aug. 2, with L Brands stockholders receiving one share of Victoria’s Secret common stock for every three shares of L Brands common stock held at the close of business on the record date of July 22.
As previously reported, the spin-off of Victoria’s Secret includes Victoria’s Secret Lingerie, Victoria’s Secret Beauty and Pink divisions. The brand has been working to revive its sagging sales and transform its image. Most recently, it launched a major rebrand focused on diversity, inclusion and female empowerment. Victoria’s Secret new board will be made up of seven directors, six of whom will be women, including the chair. The lone male of the board will be its CEO, Martin Waters.