L Brands, Inc.

L Brands, Inc.

L Brands, Inc.

Overview
Date Founded

1982

Headquarters

3 Limited Parkway,Columbus, OH 43230-1467

Type of Company

Public

Employees (Worldwide)

94.4K

Industries

Retail: Apparel & Footwear
Retail: Other
Consumer Services
Apparel & Footwear
Internet Software & Services

Company Description

L Brands, Inc. engages in the retail of women's intimate and other apparel, personal care, beauty, and home fragrance products. It operates through the following segments: Victoria's Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International. The Victoria's Secret segment sells women's intimate and other apparel, personal care, and beauty products under the Victoria's Secret and PINK brand names. The Bath & Body Works segment offers body care, home fragrance products, soaps, and sanitizers under the Bath & Body Works, White Barn, C.O. Bigelow, and other brand names. The Victoria's Secret and Bath & Body Works International segment includes the Victoria's Secret and Bath & Body Works stores located outside of the U.S. and Canada, as well as the online business in Greater China. The company was founded by Leslie Herbert Wexner in 1963 and is headquartered in Columbus, OH.

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Executives & Employees

Chief Executive Officer & Director

Chief Financial Officer & Executive Vice President

Chief Financial Officer & Executive Vice President

Chief Operating Officer

Executive Vice President & Chief Human Resources Officer

Chief Executive Officer, International

President & Chief Executive Officer, Apparel Group

Chief Executive Officer, Victoria's Secret Lingerie

Executive Vice President-International

Board of Directors

Chairman & Chief Executive Officer at Novagard Solutions, Inc.

Chairman of the Board, President, Chief Executive Officer at M/I Homes, Inc.

President & Chief Executive Officer at Huntington Bancshares, Inc.

Founder at Lardon & Associates LLC

Founder at Center For Family Safety & Healing

Former Director at AEP Generating Co.

Chief of Staff & Strategic Advisor to the President at Harvard University

Chief Executive Officer & Director at L Brands, Inc.

Founder at L Brands, Inc.

Former Director of Corporate Governance at California State Teachers Retirement System

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L Brands, Inc.
Owners & Shareholders
Details Hidden

LPC's investment strategy for their funds is driven by fundamental, bottom-up research. Their fundamental research includes, without limitation, the following methods: meeting with company management (and conducting reference checks where practicable), speaking with customers, competitors and suppliers, consultation with industry experts and reading publicly available information and financial filings. In providing investment management and advisory services to their funds, LPC formulates its investment objectives, directs and manages the investment and reinvestment of the LPC Funds' assets, and provides reports to the investors in the LPC Funds.

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Melvin Capital's main objective in managing their funds to generate superior, risk-adjusted returns by employing a long-short equity strategy that focuses mainly on the securities of companies in the consumer sector. The firm employs a bottom-up, fundamental and detailed process to identify investments primarily in publicly traded common stock of US issuers, on both the long and short sides, that they believe will generate positive risk-adjusted returns on invested capital. Melvin Capital may also use other instruments, such as depository receipts, rights, warrants, options, contracts for difference, derivatives, and other instruments either linked to the value of common stock or for hedging purposes.

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SCM focuses primarily on publicly traded equities but they also believe they can add value by evaluating all levels of a company's capital structure and on occasion, will invest in a company's secured debt, unsecured debt, or preferred stock. The firm believes that non-equity securities and derivatives are often less volatile instruments and may present a more attractive risk/reward profile than simply investing in the common stock. They generally also use derivatives for hedging purposes. Asset valuation and bottom-up research drive SCM's investment decision making. The firm typically favors buying securities that are statistically cheap. The securities the funds own will often have some of the following valuation characteristics: low price to earnings ratio, low price to cash flow, low price to book value, or low price to sales. A careful, detailed evaluation of a company's business model, growth prospects, management team, and financial statements typically drives SCM's investment approach on the short side.

Recent Transactions
Details Hidden

Sycamore Partners Management LP purchases Victoria's Secret Stores LLC from L Brands, Inc.

Details Hidden

Regent LP purchases LA Senza, Inc. from L Brands, Inc.

Details Hidden

L Brands, Inc. purchases American Beauty Ltd. /US

Transaction Advisors
Legal Advisor

Advised onL Brands, Inc. purchases Intimate Brands, Inc.

Investment Advisor

Advised onL Brands, Inc. purchases Intimate Brands, Inc.

Accountant

Advised onL Brands, Inc. purchases Intimate Brands, Inc.

Legal Advisor

Advised onGolden Gate Private Equity, Inc. purchases Express LLC from L Brands, Inc.

Legal Advisor

Advised onGolden Gate Private Equity, Inc. purchases Express LLC from L Brands, Inc.

Counsel

Advised onSycamore Partners Management LP purchases Victoria's Secret Stores LLC from L Brands, Inc.

Advisors & Consultants
Legal Advisor

Partner at Baker & McKenzie LLP

Advisor

Special Advisor at DK Retail Consulting

Legal Advisor

General Counsel & Partner at Atairos Management LP

Clients

Lagardère SCA is a holding company. The firm engages in the media business. It operates through the following segments: Lagardère Publishing, Lagardère Travel Retail, Lagardère Active, and Lagardère Sports and Entertainment. The Lagardère Publishing segment includes books and electronic publishing businesses. The Lagardère Travel Retail segment includes travel essentials, duty free & fashion, foodservice and press distribution. The Lagardère Active segment comprises audiovisual and digital businesses including special interest television channels, audiovisual production and distribution, radio and advertising sales brokerage; and press activities, principally mainstream magazine publishing. The Lagardère Sports and Entertainment segment engages in marketing rights management, organization and management of events, consulting in the management and operation of stadiums and multipurpose venues, content production and media rights management, athlete management and brand consulting. The company was founded in 1826 and is headquartered in Paris, France.

RTW Retailwinds, Inc. specialty women's omni-channel and digitally enabled retailer. Its products include wear-to-work, casual apparel and accessories, including pants, dresses, jackets, knit tops, blouses, sweaters, denim, t-shirts, activewear, handbags, jewelry and shoes. The company was founded in 1918 and is headquartered in New York, NY.

Dufry AG engages in the travel retail business. It operates through the following segments: Europe and Africa; Middle East, Asia, and Australia; Latin America; North America; and Distribution Centers. The company was founded in 1865 and is headquartered in Basel, Switzerland.

Key Stats and Financials As of 2020
Market Capitalization
$3B
Total Enterprise Value
$14B
Earnings Per Share
$-1.33
Revenue
$12.9B
Net Profit
$-366M
EBITDAMargin
14.05%
Enterprise Value Sales
1.08x
Enterprise Value EBITDAOperating
5.76x
TEVNet Income
-38.18x
Debt TEV
0.65x
EBITDA
$1.81B
Total Debt
$9.08B
Total Equity
$-1.5B
Three Year Compounded Annual Growth Rate Of Revenue
0.89%
Five Year Compounded Annual Growth Rate Of Revenue
2.43%
Non-Profit Donations & Grants
Political Donations
$2,500
2013
$2,500
2013
$2,500
2012
Investments
Details Hidden

MGF Sourcing US LLC manufactures and distributes men's, women's and children's apparel. It specializes in wholesale distribution of infants' clothing and accessories. The firm also involves in ideation, product development, sourcing, production, trade compliance, shipping, and warehousing operations. The company was founded in 1970 and is headquartered in Columbus, OH.

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Limited Stores LLC designs and markets women's apparel. It offers garments that include shirts, tops, pants, denim, jackets, sweaters, skirts, dresses, and accessories. The company was founded by Leslie Herbert Lexner in 1963 and is headquartered in New Albany, OH.

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Express LLC operates men's and women's apparel and accessory stores. It offers women's and men's clothing, spring and summer dresses, jeans, suites, women's tops, off the shoulders tops and men's sweaters. The company operate stores across the United States and an online store at Express.com. Express was founded in 1980 and is headquartered in Columbus, OH.

Suppliers
Macerich Co. Trusts & Funds | Santa Monica, California

Macerich® (NYSE: MAC) aligns exceptional retail properties in attractive U.S. markets with the business goals of the nation's retailers and the shopping preferences of local consumers. The company is one of the country’s leading owners, operators and developers of major retail properties. Macerich brings long-experienced management and a conservative approach to guiding its dynamic, well-placed portfolio, along with a commitment to retailer success that endures. Macerich properties include many top-performing centers in high-barrier-to-entry markets, including: Queens Center in New York City Tysons Corner Center in Northern Virginia just outside Washington, D.C. Scottsdale Fashion Square in Arizona Broadway Plaza in Walnut Creek, Calif. Washington Square near Portland, Ore

CBL & Associates Properties Inc. Trusts & Funds | Chattanooga, TN

CBL & Associates Properties, Inc. is a real estate investment trust, which owns and operates retail properties. The firm engages in owning, developing, acquiring, leasing, managing and operating regional shopping malls, open-air centers, community centers and office properties. It operates through Malls and All Other segments. Its properties include Malls, Associated Centers, Community Centers, Office Buildings, Construction Properties and Mortgages. The company was founded on July 13, 1993 and is headquartered in Chattanooga, TN.

Pennsylvania Real Estate Investment Trust Real Estate | Philadelphia, PA

Pennsylvania Real Estate Investment Trust engages in the ownership, management, leasing, acquisition, redevelopment, and disposition of shopping malls. The firm focuses on shopping malls located in the eastern half of the U.S. primarily in the Mid-Atlantic region. Its property portfolio includes Cherry Hill Mall, Plymouth Meeting Mall, Mall at Prince Georges, and Springfield Town Center. The company was founded by Sylvan M. Cohen in 1960 and is headquartered in Philadelphia, PA.

Awards & Honors
Rank #234
2016
Fortune Magazine - Fortune 1000 Companies
Sponsored by Fortune Magazine
Rank #234
2016
Fortune Magazine - Fortune 500 Companies
Sponsored by Fortune Magazine
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