Ohio-based fashion retailer L Brands is in the process of divesting its Victoria’s Secret lingerie brand to private equity company Sycamore Partners, reported CNBC.

L Brands has been looking to sell the lingerie retailer after its sales dropped apart from having competition from online retail companies.

Currently, in the negotiation stage, the talks pertaining to the sale of Victoria’s Secret could either materialize, delayed or even cancelled.

Last year, there was more than a 30% drop in the shares of L Brands which led the fashion retailer to increase its stock by 6% in pre-market trading.

In 2019, New York-based hedge fund Barington Capital Group acquired a stake in L Brands.

  Barington Capital Group, L Brands, Retail acquisition news, Sycamore Partners, USA, Victoria’s Secret