• Reuters

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L Brands Inc. said Thursday it will sell a controlling stake in its Victoria’s Secret unit to investment firm Sycamore Partners, valuing the lingerie brand at $1.1 billion (¥123 billion), as it focuses on its core Bath & Body Works brand.

The private equity firm will own 55 percent of Victoria’s Secret, the world’s best known specialty retailer for lingerie, while L Brands will keep a 45 percent stake. The Columbus, Ohio-based company’s Bath & Body Works, which sells soaps and home fragrances, will be run as a standalone company.

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