L Brands, Inc.

L Brands, Inc.

L Brands, Inc.

Overview
Date Founded

1982

Headquarters

3 Limited Parkway,Columbus, OH 43230-1467

Type of Company

Public

Employees (Worldwide)

88.9K

Industries

Retail: Apparel & Footwear
Retail: Other
Consumer Services
Apparel & Footwear
Internet Software & Services

Company Description

L Brands, Inc. engages in the retail business. It is focused on women's intimate and other apparel, personal care and beauty categories. It operates its business through the following segments: Victorias Secret, Bath & Body Works, and Victoria's Secret and Bath & Body Works International. Its brands include Victorias Secret, Bath and Body Works, Pink, La Senza, and Henri Bendel. The company was founded by Leslie Herbert Wexner in 1963 and is headquartered in Columbus, OH.

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Executives & Employees

Executive Vice President & Chief Financial Officer

Chief Financial Officer & Executive Vice President

Chief Operating Officer

Executive Vice President & Chief Human Resources Officer

Chief Executive Officer, International

President & Chief Executive Officer, Apparel Group

Chief Executive Officer, Victoria's Secret Lingerie

President, Real Estate

Executive Vice President-International

Board of Directors

Chief Executive Officer at M/I Homes, Inc.

President & Chief Executive Officer at Huntington Bancshares, Inc.

Founder at Lardon & Associates LLC

Former Director at AEP Generating Co.

Chairman & Chief Executive Officer at Whitebarn Associates LLC

Chief of Staff & Strategic Advisor to the President at Harvard University

Chairman & Chief Executive Officer at Novagard Solutions, Inc.

Former Director of Corporate Governance at California State Teachers Retirement System

Founder at L Brands, Inc.

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L Brands, Inc.
Owners & Shareholders
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LCP's investment strategy for their funds is driven by fundamental, bottom-up research. Their fundamental research includes, without limitation, the following methods: meeting with company management (and conducting reference checks where practicable), speaking with customers, competitors and suppliers, consultation with industry experts and reading publicly available information and financial filings. In providing investment management and advisory services to their funds, LPC formulates its investment objectives, directs and manages the investment and reinvestment of the LPC Funds' assets, and provides reports to the investors in the LPC Funds.

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Eminence Capital focuses on fundamental long/short equity investing. The firm employs a research-driven, \"quality value\" investment strategy to achieve the fund's investment objective. Their investment diligence process is based on a combination of rigorous financial and qualitative analysis intended to help them determine the quality and durability of a business and determine the value of the business's security. The factors they analyze in determining the quality and durability of a business include barriers to entry, threat of substitutes, power of customers and suppliers, capital requirements, return on invested capital, earnings predictability, growth potential, quality and depth of management, rivalry among competitors, competitive position and quality of accounting. They make a two-part analysis in valuing a security. They first determine a security's current intrinsic value and then they determine the likelihood and magnitude of appreciation or depreciation in a security's future value. Eminence Capital executes their diligence and monitoring process in several ways including, but not limited to, construction of proprietary financial models and analysis; scrutiny of regulatory filings, management commentary and financial statements; evaluating third party company and industry information; performing qualitative field research to gain perspective on the industry and the company; meeting with senior management personnel; utilizing quantitative analysis and data science to enhance investment analysis; and performing thesis-specific fieldwork on topics identified during completion of their diligence.

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Contrarius Investment Management Ltd. is an active, contrarian manager which aims to create long-term wealth for clients by buying stocks they believe are trading below their intrinsic value and which are attractive relative to other opportunities. They follow a valuation-based investment approach, performing proprietary bottom-up research which seeks to determine the intrinsic value of an investment. The firm sells stocks when they believe they have reached their underlying intrinsic value or when they are less attractive than other opportunities, aiming to avoid the permanent loss which can result from continuing to hold a stock that ultimately corrects to fair value. Contrarius takes a long-term approach to investing, with a typical investment horizon of four years, believing that the ability to outperform in the long-term is largely determined by focusing on the long-term value of a business rather than short-term news flow.

Recent Transactions
Details Hidden

Sycamore Partners Management LP purchases Victoria's Secret Stores LLC from L Brands, Inc.

Details Hidden

Regent LP purchases LA Senza, Inc. from L Brands, Inc.

Details Hidden

L Brands, Inc. purchases American Beauty Ltd. /US

Transaction Advisors
Legal Advisor

Advised onL Brands, Inc. purchases Intimate Brands, Inc.

Investment Advisor

Advised onL Brands, Inc. purchases Intimate Brands, Inc.

Accountant

Advised onL Brands, Inc. purchases Intimate Brands, Inc.

Legal Advisor

Advised onGolden Gate Private Equity, Inc. purchases Express LLC from L Brands, Inc.

Legal Advisor

Advised onGolden Gate Private Equity, Inc. purchases Express LLC from L Brands, Inc.

Associate

Advised onRegent LP purchases LA Senza, Inc. from L Brands, Inc.

Advisors & Consultants
Legal Advisor

Partner at Baker & McKenzie LLP

Advisor

Founder at NewStore, Inc.

Legal Advisor

General Counsel & Partner at Atairos Management LP

Clients

Hudson Ltd. engages in the travel retail operations. It manages travel essentials and convenience, duty-free and quick-service food stores. The company was founded in 1918 and is headquartered in Feltham, the United Kingdom.

RTW Retailwinds, Inc. specialty women's omni-channel and digitally enabled retailer. Its products include wear-to-work, casual apparel and accessories, including pants, dresses, jackets, knit tops, blouses, sweaters, denim, t-shirts, activewear, handbags, jewelry and shoes. The company was founded in 1918 and is headquartered in New York, NY.

Lagardère SCA is a holding company. The firm engages in the media business. It operates through the following segments: Lagardère Publishing, Lagardère Travel Retail, Lagardère Active, and Lagardère Sports and Entertainment. The Lagardère Publishing segment includes books and electronic publishing businesses. The Lagardère Travel Retail segment includes travel essentials, duty free & fashion, foodservice and press distribution. The Lagardère Active segment comprises audiovisual and digital businesses including special interest television channels, audiovisual production and distribution, radio and advertising sales brokerage; and press activities, principally mainstream magazine publishing. The Lagardère Sports and Entertainment segment engages in marketing rights management, organization and management of events, consulting in the management and operation of stadiums and multipurpose venues, content production and media rights management, athlete management and brand consulting. The company was founded in 1826 and is headquartered in Paris, France.

Key Stats and Financials As of 2019
Market Capitalization
$6.65B
Total Enterprise Value
$12B
Earnings Per Share
$2.31
Revenue
$13.2B
Net Profit
$644M
EBITDAMargin
14.57%
Enterprise Value EBITDAOperating
6.21x
Debt TEV
0.49x
TEVNet Income
18.58x
Enterprise Value Sales
0.9x
EBITDA
$1.93B
Total Debt
$5.81B
Total Equity
$-865M
Three Year Compounded Annual Growth Rate Of Revenue
2.89%
Five Year Compounded Annual Growth Rate Of Revenue
4.21%
Non-Profit Donations & Grants
Political Donations
$2,500
2013
$2,500
2013
$2,500
2012
Investments
Details Hidden

MGF Sourcing US LLC manufactures and distributes men's, women's and children's apparel. It specializes in wholesale distribution of infants' clothing and accessories. The firm also involves in ideation, product development, sourcing, production, trade compliance, shipping, and warehousing operations. The company was founded in 1970 and is headquartered in Columbus, OH.

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Limited Stores LLC designs and markets women's apparel. It offers garments that include shirts, tops, pants, denim, jackets, sweaters, skirts, dresses, and accessories. The company was founded by Leslie Herbert Lexner in 1963 and is headquartered in New Albany, OH.

Details Hidden

Express LLC operates men's and women's apparel and accessory stores. It offers women's and men's clothing, spring and summer dresses, jeans, suites, women's tops, off the shoulders tops and men's sweaters. The company operate stores across the United States and an online store at Express.com. Express was founded in 1980 and is headquartered in Columbus, OH.

Suppliers
Macerich Co. Trusts & Funds | Santa Monica, California

Macerich® (NYSE: MAC) aligns exceptional retail properties in attractive U.S. markets with the business goals of the nation's retailers and the shopping preferences of local consumers. The company is one of the country’s leading owners, operators and developers of major retail properties. Macerich brings long-experienced management and a conservative approach to guiding its dynamic, well-placed portfolio, along with a commitment to retailer success that endures. Macerich properties include many top-performing centers in high-barrier-to-entry markets, including: Queens Center in New York City Tysons Corner Center in Northern Virginia just outside Washington, D.C. Scottsdale Fashion Square in Arizona Broadway Plaza in Walnut Creek, Calif. Washington Square near Portland, Ore

Taubman Centers, Inc. Trusts & Funds | Bloomfield Hills, Michigan

Taubman was founded by A. Alfred Taubman* in 1950 and is known for its focus on dominant retail malls with the highest average sales productivity in the nation. Taubman creates extraordinary retail environments for shoppers, retailers, communities, and investors. Our portfolio of United States regional and super regional malls, located in major markets from coast to coast, is the most productive in the nation, with 2011 sales per square foot averaging $641. Through our Taubman Asia subsidiary, we are extending the company’s unsurpassed retail real estate expertise to international markets. Taubman is headquartered in Bloomfield Hills, Michigan, with our Taubman Asia subsidiary based in Hong Kong. Taubman began trading on the New York Stock Exchange in 1992 (NYSE:TCO) as a Real Estate Investment Trust and has had one of the highest ten-year total returns within the Mall REIT sector

CBL & Associates Properties Inc. Trusts & Funds | Chattanooga, TN

CBL & Associates Properties, Inc. is a real estate investment trust, which owns and operates retail properties. The firm engages in owning, developing, acquiring, leasing, managing and operating regional shopping malls, open-air centers, community centers and office properties. It operates through Malls and All Other segments. Its properties include Malls, Associated Centers, Community Centers, Office Buildings, Construction Properties and Mortgages. The company was founded on July 13, 1993 and is headquartered in Chattanooga, TN.

Awards & Honors
Rank #234
2016
Fortune Magazine - Fortune 1000 Companies
Sponsored by Fortune Magazine
Rank #234
2016
Fortune Magazine - Fortune 500 Companies
Sponsored by Fortune Magazine
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