Victoria’s Secret & Co. has completed its previously announced separation from Bath & Body Works, Inc. (formerly known as L Brands, Inc.) and is now an independent, publicly traded company. Victoria’s Secret includes Victoria’s Secret Lingerie, PINK and Victoria’s Secret Beauty. Victoria’s Secret shares will begin trading today on the New York Stock Exchange under the ticker symbol “VSCO.”
“Today marks an exciting milestone as we embark on our journey as a newly independent public company, focused on inspiring women around the world with world-class products and experiences,” said Martin Waters, CEO of VS&Co., in a statement.
“On behalf of all of our passionate associates, I am proud of our efforts to reposition Victoria’s Secret to thrive in our evolving retail environment. We continue to deliver substantially improved financial results and we look forward to the many opportunities ahead.
“With our two category-defining intimates and beauty brands, our proven omnichannel capabilities, right-sized store footprint and strong customer loyalty, we are well-positioned to deliver long-term growth and value creation.”
The separation was achieved through the distribution of 100 percent of the shares of Victoria’s Secret to holders of Bath & Body Works common stock after the market close on August 2, with Bath & Body Works stockholders receiving one share of Victoria’s Secret common stock for every three shares of Bath & Body Works common stock held at the close of business on the record date of July 22. Bath & Body Works stockholders entitled to receive the distribution received a book-entry account statement or a credit to their brokerage account reflecting their ownership of Victoria’s Secret common stock.
Fractional shares of Victoria’s Secret common stock were not distributed. Any fractional share of Victoria’s Secret common stock otherwise issuable to a Bath & Body Works stockholder will be sold in the open market on such stockholder’s behalf, and such stockholder will receive a cash payment for the fractional share based on its pro-rata portion of the net cash proceeds from all sales of fractional shares.