L Brands (Columbus, Ohio) is reportedly in sales talks with more possible buyers for its Victoria’s Secret brand, CNBC reports.
Now the company is asking for more than double the brand’s initial valuation, from more than a year ago, of $1.1 billion. According to a Bloomberg report released last Friday, which cited sources familiar with the negotiations, the company may now be seeking a target valuation of $2 to $3 billion.
Last year, Sycamore Partners (New York) sued L Brands to terminate the deal it had struck with the company for around $525 million, citing L Brands had violated terms of the agreement – specifically being that L Brands furloughed workers and did not pay rent during the COVID-19 pandemic. L Brands, in the end, decided to call off the deal to avoid any legal proceedings.
L Brands hopes to complete a sale for the Victoria’s Secret brand by August.