[ad_1]
Buyers stand in line as they watch for a Victoria’s Secret retailer to open on Black Friday, on the Tysons Nook Heart, in Tysons, Virginia, November 27, 2020.
Hannah McKay | Reuters
L Manufacturers is again in sale talks with potential patrons for its Victoria’s Secret lingerie model, in line with a brand new report, the place it’s in search of probably greater than double the $1.1 billion valuation that it had roughly one yr in the past when a previous deal fell aside.
Hinging on Victoria’s Secret’s latest gross sales momentum, the corporate may now goal a valuation of a minimum of $2 billion to $3 billion in a possible sale, Bloomberg reported Friday, citing individuals conversant in the non-public negotiations.
A consultant from L Manufacturers, which additionally owns Bathtub & Physique Works, didn’t instantly reply to CNBC’s request for remark.
Sycamore Companions sued L Manufacturers final April, to terminate a deal that might have given the non-public fairness agency 55% management of the lingerie chain, for round $525 million. It argued that L Manufacturers had violated the phrases of their settlement, when it did not pay lease and furloughed staff throughout the Covid pandemic. L Manufacturers averted a authorized battle by agreeing to name off the deal.
Because the holidays, L Manufacturers’ administration group has referred to as out rising momentum on the lingerie chain. The corporate has already boosted its revenue outlook for the primary quarter twice, citing heightened shopper demand at Victoria’s Secret.
It named Martin Waters as CEO of Victoria’s Secret final November, efficient instantly. He succeeded John Mehas, who had solely been within the position for about two years.
Former Chairman Les Wexner, who has been related to convicted intercourse offender Jeffrey Epstein, additionally gave up his chair seat in February 2020. Wexner and his spouse, who’re each on the corporate’s board, is not going to be up for reelection at an upcoming annual shareholders assembly, both.
L Manufacturers has stated it anticipates finishing both a sale or a derivative of Victoria’s Secret by August.
L Manufacturers shares have been up greater than 1% on Friday morning. The inventory has risen over 75% yr thus far. The corporate has a market cap of greater than $18.5 billion.
Learn the total report from Bloomberg right here.
[ad_2]
Source link