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L Brands is reportedly near a deal to sell a 55% stake in Victoria’s Secret to Sycamore Partners, which will take the women’s lingerie company private and value it at about $1.1 billion, per the Wall Street Journal.

Details: L Brands will keep the remaining stake in a separate company along with sister brand Pink, while the core company will now only operate Bath & Body Works. Leslie Wexner will step down as CEO and chairman but remain on the boards of both companies.

Why it matters: It’s the end of an era — Wexner ran L Brands for 57 years.

The bottom line: “A $1.1 billion valuation would mark a sharp fall for a business that operates hundreds of stores, elevated the profiles of supermodels like Tyra Banks and Gisele Bündchen, and generated about $7 billion in annual sales in its last fiscal year.” — Khadeeja Safdar and Cara Lombardo, WSJ

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