L Brands, owner of Victoria's Secret, has announced that it will sell a 100% stake in lingerie brand La Senza to an affiliate of private equity firm Regent LP. The transaction is expected to be completed in January.
The Victoria's Secret Fashion Show has hit a record low in TV ratings, with this year's show garnering an audience of 3.27 million, compared to last year's total of 5.37 million; the spectacle's then-rock bottom.
As Victoria’s Secret held its annual fashion show, its Columbus, Ohio-based parent company reported that the lingerie label’s sluggish performance continued to undermine otherwise strong sales growth in October.
As the lingerie retailer’s sales continue to flounder, parent company L Brands revealed that it will be closing 20 Victoria’s Secret locations this year in a conference call with investors on Thursday.