Major stake sold in tarnished €1bn Victoria’s Secret

The Victoria’s Secret store on Broadway in New York. L Brands has sold 55% of the brand for about $525m. Picture: AP/Mary Altaffer

L Brands in the US agreed to sell a controlling stake in its Victoria’s Secret brand to private equity firm Sycamore Partners in a deal that values the lingerie brand at $1.1bn (€1bn).