US-based L Brands has set the ball rolling to create two entities marking the separation of Victoria’s Secret business as an independent public company. The process will be completed in August 2021, the public filing of a Form 10 statement with the US Securities and Exchange Commission on Monday said. The new company is called Victoria’s Secret & Co.
The new entity will include Victoria’s Secret Lingerie, Pink and Victoria’s Secret Beauty.
The filing provides detailed information on Victoria’s Secret’s business, strategy and historical financial results, the company said in a press release.
“Today’s filing is an important step towards creating two independent, public companies designed to thrive in an evolving retail environment,” said Andrew Meslow, chief executive officer of L Brands. “We believe Victoria’s Secret and Bath & Body Works will achieve new levels of success and unlock significant value for all stakeholders by pursuing growth strategies best suited to each company’s customer base and strategic objectives.”
Martin Waters, chief executive officer, Victoria’s Secret, added, “This is an exciting time for all of us at Victoria’s Secret. The progress we have made over the last year underscores our commitment to driving profitable growth, creating new opportunities for our talented associates, and evolving our brand and products to reflect the diverse experiences, passions and perspectives of our customers. We look forward to building on our momentum as an independent, public company.”
The separation is subject to certain customary conditions, including final approval by the L Brands board of directors and effectiveness of the Form 10 registration statement.