Board of directors of L Brands, Inc. has approved the previously announced separation of the Victoria’s Secret business into an independent, publicly traded company. The new company, named Victoria’s Secret & Co. (Victoria’s Secret), will include Victoria’s Secret Lingerie, Pink and Victoria’s Secret Beauty.
In addition, the company said in a statement that the board approved a name change from L Brands, Inc. to Bath & Body Works, Inc. and L Brands’ stock symbol will also change from LB to BBWI.
The company added that the separation will be achieved through the distribution of 100 percent of the shares of Victoria’s Secret to holders of L Brands common stock. The distribution of Victoria’s Secret’s shares is expected to be completed after the market close on August 2, 2021, with L Brands stockholders receiving one share of Victoria’s Secret common stock for every three shares of L Brands common stock held at the close of business on the record date of July 22, 2021.
Victoria’s Secret has received approval for the listing of its common stock on the New York Stock Exchange under the symbol VSCO.