L Brands to sell La Senza
Victoria’s Secret owner L Brands is to sell its La Senza underwear brand to the Regent private equity firm.
The company will transfer 100% of its assets in La Senza in exchange for the buyer’s agreement to assume La Senza’s operating liabilities. In a statement, L Brands said that it may also receive additional funds if the brand is resold.
The transaction is expected to complete in January.
The company said that La Senza’s 2018 revenues and operating loss will be around $250 million and $40 million respectively. The brand operates around 320 stores worldwide.
Earlier this year, L Brands announced that it would be closing its 123 year-old Henri Bendel retail brand after the festive season as it looks to focus on its larger brands and improve profitability. The closure will include Henri Bendel’s prime Fifth Avenue location in New York.
