Victoria’s Secret attracts attention of private-equity investor; likely to be sold

Victoria’s Secret attracts attention of private-equity investor; likely to be sold

- Plans are in place for the sale of popular manufacturer of women's lingerie, women's wear, and beauty products, Victoria Secrets

- Parent company of Victoria's Secret, L Brands, is likely to be sold in a few days to private-equity investor, Sycamore Partners

- Victoria's Secret has been in the news for encouraging a culture of bullying

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YEN.com.gh has learnt that American manufacturer of women’s lingerie, Victoria’s Secret, is likely to be sold to a private-equity investor, Sycamore Partners.

Information available shows that the manufacturer’s owner, L Brands, could announce the details of the deal soon.

READ ALSO: Apple set to pay about GHc150 million after deliberately slowing down old iPhones

Business Insider reports that close ties the chief executive officer (CEO) of the company, Les Wexner, has with Jeffrey Epstein, has led to criticisms.

It has also been established that Victoria Secret’s is facing criticism after a New York Times report revealed there is a bullying culture in the company.

Sycamore, which manages about $10 billion in assets, is focused on extracting value from brick-and-mortar retailers such as Staples, Talbots, and Nine West.

Victoria's Secret is reportedly facing challenges and its fall in publicity was reflected in sales, which fell about 7% in the last quarter.

In other news, recently divorced billionaire Jeff Bezoz was the target of jokes by comedians Chris Rock and Steve Martins during the opening monologue of the 2020 Oscars.

Rock remarked that Bezoz is so rich that a divorce settlement did little to reduce his wealth. YEN.com.gh understands that Bezoz was in the audience and appeared to be laughing at the jokes as the camera focused on him.

Bezoz, the richest man in the world finalized a divorce settlement with Mackenzie Bezoz in July 2020.

This left her with a partial stake of $38 billion out of Amazon’s worth after a 25-year-marriage, making her the third richest woman in the world.

Per a report by Business Insider, Martin later remarked that he needs to stop the jokes as he wishes to get his Amazon packages on time.

Bloomberg has meanwhile estimated that Bezoz is worth $126 billion as at February 2020. He therefore maintains his position as the richest man in the world despite the divorce settlement.

READ ALSO: Mercedes Benz unveils new camper van; photo and other details pop up

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Source: Yen

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