NEW YORK (AP) – Victoria’s Secret once defined sexy with its leggy supermodels prancing around in their bras and oversized angel wings.
Now the company is being sold as women increasingly look for styles that more realistically fit their body type.
The company’s owner, L Brands, says that the private-equity firm Sycamore Brands will buy 55% of Victoria’s Secret for about $525 million.
The Columbus, Ohio, company will keep the remaining 45% stake.
The selling price signifies a marked decline for a brand with hundreds of stores that booked about $7 billion in revenue last year. Shares of the company’s owner, L Brands, slid almost 4% Thursday.