L Brands, Inc. agreed to Spin-Off Bath & Body Works, LLC.
May 10, 2021
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L Brands, Inc. (NYSE:LB) announced the spin-off of Bath & Body Works, LLC on May 11, 2021. In a related transaction, L Brands will spin-off of Victoria’s Secret Business on May 11, 2021. The transaction is currently expected to be completed in August 2021, subject to certain customary conditions, including final approval of the L Brands Board and effectiveness of a Form 10 registration statement filed with the U.S. Securities and Exchange Commission. As of May 11, 2021, Board of Directors had unanimously approved a plan to spin off the businesses. Andrew Meslow, Chief Executive Officer of L Brands, will continue to hold this position and lead Bath & Body Works following the spin-off. Martin Waters, Chief Executive Officer of Victoria’s Secret, will continue to lead the new standalone Victoria’s Secret business following the separation. Goldman Sachs and JP Morgan are serving as financial advisors and Davis Polk & Wardwell is serving as legal counsel to L Brands. Wachtell, Lipton, Rosen & Katz is serving as legal counsel to the independent directors of the Board.
Bath & Body Works, Inc. is an omnichannel retailer focused on personal care and home fragrance. The Company sells merchandise through its retail stores in the United States (U.S.) and Canada, and through its websites and other channels, under the Bath & Body Works, White Barn and other brand names. Its international business is conducted through franchise, license and wholesale partners. It offers a range of care and home fragrance, including collections of fine fragrance mist, body lotion and body cream, 3-wick candles, home fragrance diffusers and liquid hand soap. Its products are differentiated through a combination of fragrance, packaging and quality at accessible prices. It also sells products under its sub brands, including White Barn. Its merchandise is sold through about 1,850 Company-operated stores and e-commerce sites in U.S. and Canada, and in 485 stores and 28 e-commerce sites in more than 40 other countries operating under franchise, license and wholesale arrangements.
BATH & BODY WORKS, INC. 
