L Brands, Inc. was an American specialty retail company headquartered in Columbus, Ohio. The company operated Victoria’s Secret, Bath and Body Works, and PINK as its primary brands until August 2021.
Founded as The Limited in 1963, the company grew into one of America’s largest specialty retailers. Leslie Wexner built the business from a single store into a retail empire that dominated mall shopping for decades.
In August 2021, L Brands split into two independent public companies. Bath and Body Works, Inc. retained the original corporate structure while Victoria’s Secret and Co. became a separate entity trading on the New York Stock Exchange.
L Brands History
L Brands Co-founders
L Brands Acquisitions
L Brands grew primarily through strategic acquisitions during the 1980s. Leslie Wexner recognized the value of established retail brands and aggressively expanded the company’s portfolio to dominate mall shopping centers nationwide.
The Victoria’s Secret acquisition in 1982 proved transformative. Wexner paid just $1 million for six stores and a catalog business, then built the brand into America’s largest lingerie retailer. By the 1990s, Victoria’s Secret generated over $7 billion in annual sales.
That same year, L Brands purchased 207 Lane Bryant stores for $105 million. In 1985, the company acquired Henri Bendel’s Fifth Avenue location for $10 million and 798 Lerner stores for $297 million. The 1988 Abercrombie and Fitch acquisition added 25 stores for $46 million.
La Senza, a Canadian lingerie retailer, joined the portfolio in 2007. However, as the retail landscape shifted, L Brands began divesting its holdings. Abercrombie and Fitch spun off in 1996. Lane Bryant sold to Charming Shoppes in 2001, and Lerner became New York and Company in 2002.
Express and The Limited flagship brand transferred to private equity firms in 2007. L Brands sold La Senza to Regent in 2018 and closed Henri Bendel entirely in 2019. The final major transaction came in 2021 when Victoria’s Secret separated as an independent public company, leaving only Bath and Body Works under the L Brands name.
L Brands Revenue
L Brands generated peak revenues of approximately $12.9 billion in 2018. Victoria’s Secret contributed the majority of sales, while Bath and Body Works showed consistent growth throughout the 2010s.
L Brands Market Cap
L Brands reached a peak market capitalization of approximately $28.5 billion in late 2016. The stock declined significantly after 2017 as Victoria’s Secret sales stagnated and competition increased in the lingerie market.
L Brands Competitors
L Brands competed across multiple retail segments including lingerie, personal care, and apparel. The company faced competition from department stores like Nordstrom and specialty retailers such as Gap Inc.
| Company | Headquarters | Primary Segment |
|---|---|---|
| Gap Inc. | San Francisco, CA | Apparel Retail |
| Hanesbrands | Winston-Salem, NC | Intimate Apparel |
| PVH Corp | New York, NY | Apparel and Underwear |
| American Eagle Outfitters | Pittsburgh, PA | Apparel and Aerie Lingerie |
| Estee Lauder | New York, NY | Beauty and Fragrance |
| Procter and Gamble | Cincinnati, OH | Personal Care |
| ThirdLove | San Francisco, CA | Direct-to-Consumer Lingerie |
| Savage X Fenty | El Segundo, CA | Inclusive Lingerie |
| Nordstrom | Seattle, WA | Department Store |
| JC Penney | Plano, TX | Department Store |
FAQs
Who founded L Brands?
Leslie H. Wexner founded L Brands as The Limited in 1963 in Columbus, Ohio. He borrowed $5,000 from his aunt to open the first store.
What happened to L Brands?
L Brands split into two companies in August 2021. Bath and Body Works, Inc. retained the corporate structure while Victoria’s Secret became independent.
When did L Brands buy Victoria’s Secret?
L Brands acquired Victoria’s Secret in 1982 for $1 million. The purchase included six stores and a catalog business based in San Francisco.
Why did L Brands change its name?
L Brands changed its name to Bath and Body Works, Inc. in August 2021 after spinning off Victoria’s Secret as a separate public company.
What brands did L Brands own?
L Brands owned Victoria’s Secret, PINK, Bath and Body Works, Henri Bendel, La Senza, Lane Bryant, Express, Lerner, and Abercrombie and Fitch at various times.