L Brands Approved Victoria’s Secret Spin-Off Deal. The Brand Changes Its Policy
The board of directors of the parent company L Brands, which owns such brands as Victoria’s Secret, along with Bath & Body Works, PINK, and La Senza, has approved a deal to spin the lingerie brand into an independent public company. The spin-off will take place on August 2.
Following the corporate reorganization, the independent Victoria’s Secret will be registered on the New York Stock Exchange under the ticker VSCO. What’s more, L Brands Inc will take on the name of the group’s second subsidiary brand to become Bath & Body Works Inc. with the exchange designation BBWI. The second line of PINK underwear will also be transferred to Victoria’s Secret.
The new companies are expected to start trading on August 3. On August 2, the parent company plans to distribute 100% of Victoria’s Secret shares to minority shareholders in L Brands. Under the terms, shareholders will receive one Victoria’s Secret common share for every three L Brands common shares as of 22 July. Recently, the lingerie brand presented a rebranding, announcing new female ambassadors to replace the traditional “angels”.
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