L Manufacturers Inc. (NYSE: LB) operated a specialty retail enterprise centered on girls’s intimate and different attire, private care, and wonder classes. Primarily based in Ohio, the corporate was based by Leslie “Les” Wexner in 1963. In 1982, L Manufacturers, then generally known as The Restricted Inc., was first listed on the New York Inventory Change.
- L Manufacturers was a worldwide specialty retail holding firm that focuses on girls’s attire and wonder merchandise.
- L Model’s subsidiaries included manufacturers like Victoria’s Secret, PINK, and Tub & Physique Works. Former manufacturers embody The Restricted, Categorical, La Senza, and Henri Bendel.
- The corporate additionally invested in different well-liked names like Abercrombie & Fitch, Bigelow Tea, and White Barn Candle.
- In the summertime of 2021, L Manufacturers spun off Victoria’s Secret and different holdings, renaming itself Tub and Physique Works.
On Aug. 2, 2021, L Manufacturers accomplished the separation of Victoria’s Secret companies into an unbiased, public firm by way of a tax-free spin-off to L Manufacturers shareholders. The brand new firm, named Victoria’s Secret & Co., consists of Victoria’s Secret Lingerie, PINK, and Victoria’s Secret Magnificence. Victoria’s Secret & Co. is an NYSE listed firm buying and selling beneath the ticker image VSCO.Along side this announcement, L Manufacturers modified its title to Tub & Physique Works, Inc. and now trades beneath the ticker image BBWI.
L Manufacturers had grown quickly, increasing its model by way of natural development and acquisitions. However the firm has been hit laborious lately, with Victoria’s Secret struggling to maintain up with the competitors. The corporate’s inventory was one of many worst performers in 2018.
Having bought off its nameplate retailer The Restricted and sister model Categorical in 2007, L Manufacturers’ title now not represents its authentic enterprise. As of July 2021, the board accredited the movement to separate Victoria’s Secret & Co. and Tub and Physique Works into two firms. The corporate will change its title from L Manufacturers, Inc. to Tub and Physique Works, Inc. and the brand new ticker image shall be BBWI. Victoria’s Secret’s new ticker image is VSCO. The title adjustments are to happen on Aug. 2, 2021, and the ticker symbols shall be energetic for buying and selling the day after.
Most of the firms that it has acquired over its historical past are now not beneath its nameplate. The corporate bought its La Senza lingerie chain to private equity agency Regent in December 2018. As well as, monetary difficulties led L Manufacturers to shut its Henri Bendel model in January 2019.
In August of 2021, L Manufacturers spun off Victoria’s Secret and different manufacturers, solely retaining Tub & Physique Works.
L Manufacturers bought Victoria’s Secret for $1 million in 1982. Its belongings included six shops and one catalog. L Manufacturers expanded this model into one of many world’s most well-known international lingerie manufacturers. L Manufacturers took Victoria’s Secret international in 2012 when it opened its first shops in the UK. Furthering their international enlargement, in 2017, Victoria’s Secret opened its first full-assortment retailer in Shanghai China.
A former American mall staple, Victoria’s Secret has moved its focus to e-commerce at VictoriasSecret.com, making its merchandise obtainable to prospects positioned practically wherever on this planet. As of Jan. 30, 2021, the model has 871 shops open in North America and earned $5.4 billion in 2020. Regardless of the shop closures, Victoria’s Secret holds the highest place for intimates market share.
Along with increasing its geographic attain, L Manufacturers elevated the merchandise past intimates, as Victoria’s Secret sells fragrances and physique care and has an athletic line. Included beneath Victoria’s Secret model is PINK, a line that provides clothes, sleepwear, and lingerie geared towards college-aged girls. PINK merchandise is out there not solely inside Victoria’s Secret retail shops and web site but additionally within the model’s personal freestanding shops and web site, VSPink.com. Loyal prospects can be part of PINK Nation, a free, members-only on-line group for all issues PINK.
A smaller idea, the 1,000 square-foot Victoria’s Secret Magnificence and Equipment shops (VSBA), focuses on fragrances, physique care, and equipment, and exists in airports and malls. On Could 14, 2020, L Manufacturers named Andrew Meslow as the brand new CEO and Sarah Nash was appointed Chair of the Board. Les Wexler formally left the board and firm in March 2021.
Tub & Physique Works
Tub & Physique Works provides private care, soaps, sanitizers, and residential perfume merchandise. As of Jan. 31, 2021, there have been 1,736 Tub & Physique Works shops worldwide. The model is the highest model for hand sanitizers, hand cleaning soap, and physique moisturizers in addition to the primary specialty dwelling perfume retailer in America. With a powerful retailer and on-line presence, the model generated $6.4 billion in 2020. Julie B. Rosen turned the model’s president and CEO within the fiscal 12 months 2020.
L Manufacturers turned Tub & Physique Works after its 2021 restructuring.
Former Manufacturers Below L Manufacturers
Canadian lingerie model La Senza was considered one of L Manufacturers’ acquisitions, however L Manufacturers introduced in December 2018 that it had made a deal for personal fairness agency Regent to purchase 100% of La Senza’s belongings and conform to assume its legal responsibility. The corporate continues to function in Canada and in different international locations across the globe with brick-and-mortar areas and a web-based retailer. The corporate additionally has a web-based retailer. L Manufacturers estimated that La Senza would finish 2018 with gross sales of about $250 million and an working lack of about $40 million.
In September 2018, L Manufacturers introduced that it might shut Henri Bendel in January 2019, on the finish of the 2018 vacation purchasing interval. The corporate is shutting down its web site and has closed all 23 of its shops, together with its iconic Fifth Avenue location in New York Metropolis. Established in 1895, Henri Bendel was an upscale retailer of purses, equipment, and presents, together with a signature dwelling perfume assortment. Primarily based in New York Metropolis, Bendel was the primary luxurious retailer with an higher Fifth Avenue handle.
Though not a part of L Manufacturers, the corporate had secured distribution rights for C.O. Bigelow and The White Barn Candle Firm. L Manufacturers elevated its publicity by way of the acquisition of companies however has additionally bought off many firms that it has acquired over its historical past.
A number of the extra well-known shops as soon as beneath the L Manufacturers nameplate however now owned (not less than within the majority) by different firms embody:
- Lane Bryant, bought to Charming Shoppes in 2002
- Categorical, bought 75% possession of in 2007
- Flagship model, The Restricted, which it bought 75% possession of to Solar Capital Companions in 2007 and the remaining 25% in 2010