- Plans are in place for the sale of Victoria's Secret
- The famous women's clothing brand is believed to be close to a deal with private-equity investor, Sycamore Partners
- Victoria's Secret has been in the news for supposedly encouraging a culture of bullying
American designer, manufacturer, and marketer of women's lingerie, womenswear, and beauty products, Victoria's Secret, is reportedly close to being sold.
The company is likely to be sold to a private-equity investor, Sycamore Partners.
L Brands, which owns Victoria's Secret, could announce the details of the deal soon.
Business Insider reports that close ties between chief executive officer of the company, Les Wexner, and Jeffrey Epstein caused a lot of drama for the once illustrious company.
Victoria Secret is facing criticism after a New York Times expose’ revealed there was a bullying culture in the company.
Sycamore, which manages about $10 billion in assets, is focused on extracting value from brick-and-mortar retailers such as Staples, Talbots, and Nine West.
Victoria's Secret is reportedly facing challenges and its fall in publicity was reflected in sales, which fell about 7% in the last quarter.
In other news, recently divorced billionaire Jeff Bezos was the target of jokes by comedians Chris Rock and Steve Martins during the opening of the 2020 Oscars.
Rock remarked that Bezos is so rich that a divorce settlement did little to reduce his wealth.
Bezos was in the audience and appeared to be laughing at the jokes as the camera focused on him.
Bezos, the richest man in the world finalised a divorce settlement with Mackenzie Bezos in July 2019.
This left her with a partial stake of $38 billion in Amazon, making her the third richest woman in the world.
Martin later joked that he needed to stop the jokes as he wished to get his Amazon packages on time.
Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!