×
1 315
Fashion Jobs
ESTÉE LAUDER
Multi-Brand - Business Manager, 37.5 Hours - Oxford - John Lewis
Permanent · Oxford
V. F. CORPORATION
Key Account Manager
Permanent · LONDON
ESTÉE LAUDER
Clinique - Consultant - Boots Bath - 28 Hours - Permanent
Permanent · Bath
CONVERSE
Strategic Account Executive
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots Covent Garden, London - 20 Hours - Permanent
Permanent · London
SHISEIDO
National Account Manager
Permanent · London
TIMBERLAND
Credit Controller - French Speaking - Timberland
Permanent · CALVERTON
ESTÉE LAUDER
Clinique - Consultant - Boots Donegall, Belfast - 15 Hours - Permanent
Permanent · Belfast
ESTÉE LAUDER
Clinique - Consultant - Boots Sedley Place, London - 10 Hours - Permanent
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Stratford, London - 10 Hours - Permanent
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots Durham - 6 Hours - Permanent
Permanent · Durham
ESTÉE LAUDER
Clinique - Consultant - Boots Londonderry - 11 Hours - Permanent
Permanent · Londonderry
ESTÉE LAUDER
Clinique - Consultant - Boots Kensington, London - 22.5 Hours - Permanent
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Boots Donegall, Belfast - 10 Hours - Permanent
Permanent · Belfast
BRAND STABLE LTD
Wholesale Sales Executive
Permanent · LONDON
LAIDBACK LONDON
Digital Marketing Manager
Permanent · HARROW
MARSHALLS
70118-lp Detective
Permanent · Banning
ESTÉE LAUDER
Clinique - Consultant - Boots, Watford - 22.5 Hours - Part Time, Permanent
Permanent · Watford
ESTÉE LAUDER
Tom Ford Beauty - Digital Marketing Executive
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Edinburgh - 6 Hours - Permanent
Permanent · Edinburgh
ESTÉE LAUDER
Clinique - Consultant - Boots st Albans- 22.5 Hours - Permanent
Permanent · St Albans
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Oxford Street London - 15 Hours - Permanent
Permanent · London
By
Reuters
Published
May 5, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Victoria's Secret names new interim chief as L Brands, Sycamore call off deal

By
Reuters
Published
May 5, 2020

L Brands Inc said on Monday it has agreed to call off the sale of its majority stake in Victoria’s Secret lingerie business to buyout firm Sycamore, averting a bitter legal battle between the two companies over the $525 million deal.


Victoria's Secret


Shares of the Columbus, Ohio-based L Brands fell 11% in extended trading. The company said instead it was preparing to operate Victoria’s Secret as well as its personal care brand Bath & Body Works as separate, standalone units.

L Brands said it was in its best interests to focus on navigating an extremely challenging business environment rather than engaging in costly and distracting litigation to force a partnership with Sycamore.

Sycamore Partners, which had agreed to buy a 55% stake in the Victoria’s Secret business in February, said neither party would be required to pay a termination fee and that both sides have agreed to settle all pending litigation. 

Sycamore filed a legal complaint in late April, alleging that L Brands breached the terms of the deal by closing nearly all of its about 1,600 Victoria’s Secret and Pink stores globally, including more than a thousand stores in North America without Sycamore’s permission.

L Brands had then said it planned to challenge the move.

The company said on Monday its board has appointed Chief Financial Officer Stuart Burgdoerfer as the interim chief executive officer of Victoria’s Secret.

The leadership changes announced earlier this year, including that of L brands CEO Leslie Wexner stepping down, would be effective later this month, it said.

© Thomson Reuters 2021 All rights reserved.