Victoria's Secret is plotting a major turnaround as a private company. Here's what went wrong with America's lingerie darling.
Get the Full StoryESBP STAR MAX IPxVictoria's Secret is preparing itself for a major turnaround after several years of sliding sales.
On Thursday, its parent company L Brands said it would be selling a 55 stake in the lingerie retailer to private-equity firm Sycamore Partners. Under the terms of the deal, Victoria's Secret will go private.
In its heyday in the mid-1990s to mid-2000s Victoria's Secret was considered America's lingerie sweetheart, and it had a powerful role in defining what "sexy" is in the modern day.
But a series of product misses and a reticence to update its brand image, among other issues, have taken their toll on sales in recent years.
Here's what went wrong with the brand.
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Victoria's Secret is preparing for a major turnaround as a private company under new leadership after years of declining sales and ongoing criticism over its brand image.
On Thursday, its parent company, L Brands, announced that it would be selling a majority share in the company to private-equity firm Sycamore Partners, which has a history of turning around struggling retailers. See the rest of the story at Business InsiderNOW WATCH: How lava lamps are made at the 55-year-old factory where they were inventedSee Also:Victoria's Secret's new owner could bring dramatic changes to the struggling lingerie brandVictoria's Secret rival cheers the sale of the iconic lingerie brand as a 'positive'The rise and fall of Victoria's Secret, America's biggest lingerie retailerSEE ALSO: Former employees reveal what the billionaire head of Victoria's Secret is like as a boss as he faces backlash over his ties to Jeffrey Epstein
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