CollectionsMay 04, 2026
Melanie Georgacopoulos Turns Pearls Into Light for ‘Eclipse’ CollectionThe “Eclipse” jewelry collection captures the fleeting moment where light and shadow align though onyx, diamonds, and freshwater pearls.
MajorsMay 05, 2020
Sale of Victoria’s Secret to Private Equity Firm Scrapped
The $525 million deal was supposed to close in the second quarter.
Victoria’s Secret’s sale to private equity firm Sycamore Partners is off, parent company L Brands announced Monday. The deal was supposed to close in the second quarter. (Image courtesy of Wikimedia Commons/WestportWiki)
New York—The deal to sell Victoria’s Secret to a private equity firm has fallen through amid what owner L Brands described as “an extremely challenging business environment.”
L Brands Inc. and Sycamore Partners reached a “mutual agreement” to scrap the $525 million deal, L Brands said in a statement released Monday.
L Brands said it will move forward to with plans to establish Bath & Body Works, its moneymaker, as a pure-play public company while it is “taking the necessary steps” to prepare Victoria’s Secret—which includes Victoria’s Secret Lingerie, Victoria’s Secret Beauty and the teen-focused Pink businesses—to operate as a separate, standalone company.
In addition, all previously announced changes to its board of directors and leadership, including Les Wexner’s resignation, are still happening and will take effect at the annual, now virtual-only stockholders’ meeting on May 14.
RELATED CONTENT: Where Victoria’s Secret Went WrongL Brands and Sycamore announced the deal in February, and it was scheduled to close in the second quarter.
But Sycamore started to waver as the coronavirus pandemic swept the globe, forcing the closure of nonessential retail stores like Victoria’s Secret.
The private equity firm first tried to renegotiate the deal and then filed suit against L Brands in April because it closed stores during COVID-19.
It claimed the closures violated the terms of the agreement, which included a clause dictating that L Brands must conduct business as usual.
L Brands countersued, calling Sycamore’s attempt “invalid.”
In the statement announcing the deal’s termination, incoming L Brands Chairwoman Sarah Nash said the board believes it is best course of action for the company, particularly given the current state of retail.
“Like all retailers, the company faces an extremely challenging business environment,” she said.
“Our board believes that it is in the best interests of the company, our stockholders and our associates to focus our efforts entirely on navigating this environment to address those challenges and positioning our brands for success, rather than engaging in costly and distracting litigation to force a partnership with Sycamore.”
As part of the termination agreement, both companies have agreed to settle all pending litigation and mutually release all claims.
Editors' Picks
Sponsored by
More on Majors
The Latest
ColumnistsMay 04, 2026
The Key Mindset for Better Trade Show BuyingBuying discipline at trade shows starts with clarity about your inventory levels, Smith writes.
CrimeMay 04, 2026
Pawn Shop Manager Shot, Killed in FloridaLazaro Rodriguez Vega was murdered inside Cash Out Gold and Silver in Fort Pierce. A 20-year-old man has been charged in the case.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
IndependentsMay 04, 2026
Zadok Jewelers, Austin Parks Foundation Support Wildflower PreservationA portion of every engagement ring sold in its Austin showroom will support the care and preservation of Austin’s wildflowers and green spaces.
Weekly QuizApr 30, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TechnologyMay 01, 2026
Gemist, Saban Onyx Partner on Retailer-Focused Customization OfferingTheir partnership combines Gemist’s customization technology with Saban Onyx’s U.S.-based manufacturing capabilities.
SurveysMay 01, 2026
Consumer Confidence Inches Up in April Despite Rising Gas PricesRespondents were concerned about the Middle East conflict and how it will impact their finances.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
CollectionsMay 01, 2026
A ‘Hidden Garden’ Emerges in Tiffany & Co.’s 2026 Blue BookOur Piece of the Week, the “Butterfly” necklace, showcases a 7.02-carat oval diamond set between diamond, platinum, and 18-karat gold wings.
ColumnistsApr 30, 2026
Peter Smith: A Sleazy Salesman and the Case for Regret Avoidance Smith uses a comment he overheard in the grocery store to remind retailers that their job is to inspire buying behavior, not just sell.
AuctionsApr 30, 2026
Vintage Cartier Watch Crashes Through Records, Selling for $2MBelieved to be one of three made in 1987, the Cartier London Crash was hot at the “Shapes of Cartier” sale at Sotheby’s Hong Kong.
CrimeApr 30, 2026
Masked Group Uses Hammers, Pepper Spray in Texas Jewelry Store RobberyOfficials are looking for a group that robbed Marc Robinson Jewelers at an outlet mall in Round Rock, Texas, in broad daylight on April 21.
Supplier BulletinApr 30, 2026
OROAREZZO 2026: The B2B Event for Italian Excellence in Goldsmith, Jewelry and Silver ManufacturingSponsored by OROAREZZO International Jewelry Exhibition
TechnologyApr 29, 2026
The Thought Process Behind the Mother's Day Email Opt-OutSome retailers are taking a nuanced approach to marketing what can be a difficult holiday for many.
IndependentsApr 29, 2026
Dick Abbott to Retire From The EdgeThe Edge has announced its new CEO, as well as a new partnership with an investment firm focused on founder-led software businesses.
SourcingApr 29, 2026
De Beers’ Production Rises, Market Remains ‘Challenged’De Beers’ diamond production was up 17 percent in Q1, boosted by increased output at its mines in South Africa and Canada.
AuctionsApr 29, 2026
This'll Be the Day You Own John Wayne's RingA signet ring belonging to the Western film star of Hollywood’s Golden Age will be up for auction at Elmwood’s next month.
Policies & IssuesApr 28, 2026
Tariff Refunds: How to File, What to Expect Importers can submit claims now to receive money back for the IEEPA tariffs they’ve paid, with refunds expected to take up to 90 days.
IndependentsApr 28, 2026
This North Carolina Jeweler Is Passing the TorchThe owners of Gregory Jewelers in Morganton, North Carolina, are heading into retirement.
SourcingApr 28, 2026
Doug Hucker Retires From ICAThe colored gemstone industry leader is heading into retirement after four years as the association’s CEO.
SourcingApr 28, 2026
NDC Hires Tapestry Exec to Head Global Marketing Susie Dewey joins the Natural Diamond Council as its new chief marketing officer.
AuctionsApr 27, 2026
12 Years Later, the ‘Ocean Dream’ Diamond Resurfaces at Christie’sThe largest known fancy vivid blue-green diamond could fetch more than $12 million at its second auction appearance.
ColumnistsApr 27, 2026
Stop Treating Mother’s Day Like an AfterthoughtEmmanuel Raheb says jewelers need to start marketing early and make it easy for customers to pick a gift for mom.
IndependentsApr 27, 2026
Longnecker Jewelry Celebrates 30 YearsIn honor of the milestone, the Nebraska jeweler has debuted Leslie & Co., its new in-house jewelry brand.
SurveysApr 24, 2026
Mother’s Day 2026 Jewelry Spending to Top $7B, NRF SaysNRF’s annual survey found that 45 percent of consumers plan to purchase jewelry for a loved one this Mother’s Day.
TechnologyApr 24, 2026
TwentyFour’s Digital-Age Locket Is a Virtual VaultThe “Vault” charm, our Piece of the Week, expands on the memories that can be stored in a locket by connecting to your phone.
Events & AwardsApr 24, 2026
Hamptons Jewelry Show to Return in JulyThe open-to-the-public luxury jewelry and timepiece show, in its second year, is slated for July 23-26.
