L Brands [$LB] mentioned Thursday that–effective immediately–it plans to appoint Martin Waters to chief executive of the Victoria’s Secret business, a promotion from his current post as CEO of Victoria’s Secret Lingerie. Waters supplants Stuart Burgdoerfer, L Brands CFO who had been filling the Victoria’s Secret CEO role on an interim basis.
Formerly known as Limited Brands, L Brands is an American fashion retailer based in Ohio. Back in February 2020, L Brands announced the planned sale of its Victoria Secret division to Sycamore Partners. Under the agreement, Sycamore Partners would gain a 55% controlling stake in Victoria’s Secret while L Brands would keep a 45% stake, leaving Bath & Body Works to become L Brand’s sole business. The sale fell through in May 2020, although Wexner did step down as CEO as planned, replaced by Andrew Meslow, amid the Jefferey Epstein f*ckery.
L Brands is searching both internally and externally for a new CFO. L Brands, which also includes Bath & Body Works [$BBBY] in its portfolio, upped its Q4 EPS guidance to $2.95 to $3.00 from $2.70 to $2.80. Comparable sales are expected to jump 10% with Bath & Body Works up 22% and Victoria’s Secret dipping 3%.
Yet, L Brands still plans to split the two brands with all options including a private sale of the Victoria’s Secret business on the table. L Brands shares inched higher 5.3% in early Thursday trading after the news. The stock has nearly doubled, up 91.6% over the last 12 months, while the S&P 500 is up 16.5% for the period.