Feb 20, 2020 - Economy & Business

WSJ: Leslie Wexner to step down as Victoria's Secret goes private

Photo: Keith Mayhew/SOPA Images/LightRocket via Getty Images

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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Major retailers close doors in U.S. in response to coronavirus outbreak

Apple's flagship store in New York City. Photo: Stephanie Keith/Getty Images

Major retailers are closing their doors or reducing their open hours across the United States in an effort to blunt the spread of the novel coronavirus.

Why it matters: While the closures may help slow the outbreak, they will also hamper the already-stressed retail industry, according to CNBC.

Go deeperArrowUpdated Mar 17, 2020 - Economy & Business

Airbnb looks for backups to going public amid coronavirus downturn

Illustration: Aïda Amer/Axios

Airbnb may not be through with the private markets after all, as CNBC reports that the room rental giant is fielding offers from large investment firms, although pricing remains unclear.

Why it matters: 2020 was supposed to be the year that Airbnb went public, either through an IPO or a direct listing (or a combination of the two).

California's "woman quota" law seems to be working

Illustration: Eniola Odetunde/Axios

When California passed its boardroom law requiring public companies based there to have at least one female director, there were concerns it would spark a gold rush for the same handful of well-known women — but that hasn’t happened.

Why it matters: Of the 138 women who joined all-male California boards last year, 62% are serving on their first company board, per a study by accounting firm KPMG. That means a majority of companies aren't contributing to so-called overboarding in corporate America.