[4] In February 2020, L Brands announced the planned sale of its Victoria's Secret division to Sycamore Partners, a private equity firm.

After spending over 20 years working for Lazarus, in 1951, she and her husband Harry Wexner opened a women's clothing store named Leslie's on State Street.

The store was named after their son, Leslie "Les" Wexner, and he began working there when he was attending college at Ohio State University.

[11] The original board consisted of only the three family members and longtime friend Jim Waldron, who served as Senior Vice President.

[12] L Brands shareholders filed a complaint in the Court of Chancery of Delaware on January 14, 2021, stating that former chair Wexner, among others, created an "entrenched culture of misogyny, bullying and harassment" and was aware of abuses being committed by accused sex trafficker Jeffrey Epstein, which breached his fiduciary duty to the company, causing devaluation of the brand.

The complaint also names Wexner's wife, Abigail, current chair Sarah E. Nash, and former marketing officer Ed Razek, whose "widely known misconduct" was long allowed at the company.

[13] In February 2021, L Brands announced the retirement of CFO Stuart Burgdoerfer in August of that year, to be replaced by CEO of Victoria's Secret Martin Waters.

Ten of the company's suppliers agreed to make the move to the United States, adding 5,000 employees and increasing annual revenue by $2 billion.

The company said the decision to move production to the United States was a result of frustration over shipping delays which required 3 months lead time, rather than just 21 days when produced in Ohio.

[26] On February 20, 2020, L Brands announced that it would sell its Victoria's Secret division to Sycamore Partners, private equity firm.

On September 14, 2020, L Brands announced that it would sell its majority stake in its Victoria's Secret UK business to Next Plc under a newly formed joint venture.

[27][28] In 2021, L Brands announced Victoria's Secret and Bath & Body Works had been recast into two separate Publicly Traded Companies, expected to be completed by August.

The split went into effect Monday, and the companies began trading individually on the New York Stock Exchange Tuesday morning.