The spinoff company will be named Victoria’s Secret & Co., with brands Victoria’s Secret Lingerie, PINK and Victoria’s Secret Beauty within. L Brands’ new stock symbol will change to “BBWI,” effective August 3. The name change will be effective August 2, in connection with the Victoria’s Secret spinoff.
L Brands previously announced the decision to spin off Victoria’s Secret in May, after the company was unable to find a buyer for the brand. Since then, the lingerie brand has also reset its image, changing up its iconic Victoria’s Secret Angels for new brand ambassadors that included professional soccer player and equal rights and equal pay activist Megan Rapinoe, skier Eileen Gu, actor Priyanka Chopra Jonas and more.
“At Victoria's Secret, we are on an incredible journey to become the world's leading advocate for women," Martin Waters, CEO, said in a statement announcing the new initiatives back in May. "This is a dramatic shift for our brand, and it's a shift that we embrace from our core. These new initiatives are just the beginning. We are energized and humbled by the work ahead of us."
To achieve the spin off, the distribution of 100% of the shares of Victoria’s Secret will go to holders of L Brands common stock. L Brands stock holders can receive a book-entry account statement or a credit to their brokerage account reflecting their ownership of Victoria’s Secret common stock. L Brands stock holders will receive one Victoria’s Secret share for every three shares of L Brands they hold.
Following the spin off, Victoria’s Secret will be its own publicly traded company under the stock ticker “VSCO.”