Victoria’s Secret aims for a makeover by going private

Victoria’s Mystery, the US lingerie retailer that captivated criticism for its fashion displays that includes supermodel “angels”, is currently being bought by non-public fairness in a $525m (£407m) deal.

It opened its 1st British isles store in 2012, alongside with many others in Europe and South The us, though the chain may wish it experienced not distribute by itself so thinly abroad. 

The business enterprise, which has 25 outlets in the British isles, posted losses that balloon to £170m final yr, up from £48m two years back, mainly dragged down by onerous leases. It bought a money injection worthy of £11m from its proprietor in October, the most current accounts present, and warned that it did not have strategies to broaden more in the British isles. 

L Models, which also owns Bathtub & Body Operates in the US, has bought a controlling stake in the battling chain, ideal regarded for its yearly present that includes “angels” these as Naomi Campbell, Gigi Hadid or Miranda Kerr, to Sycamore Associates. It will acquire a 55pc stake in a deal that values the company at $one.1bn and strategies to acquire it non-public. New York-listed L Models, its mother or father company, will retain a 45pc stake.

Leslie Wexner, the retail tycoon and 1 of America’s longest-serving corporate chiefs, is also poised to phase down just after many years at the helm of L Models. He bought the pretty lingerie model for $1m in the Eighties and led its meteoric rise in the Nineties and 2000s.

The shift places its destiny in the British isles under the microscope as Sycamore could come to a decision to offload its British procedure and aim on the US.