L Brands

L Brands in its separation of Bath & Body Works and Victoria's Secret Canada


L Brands




Mergers and Acquisitions

Date Closed

August 2021


Retail and Consumer Products

Lead Office



On August 2, 2021, L Brands completed its spin-off transaction, separating Bath & Body Works Inc. and Victoria’s Secret Canada. The divesture was achieved through the distribution of Victoria’s Secret shares to holder of Bath & Body Works common stock and was tax free to L Brands and its shareholders. As a result of the transaction, the new company, Victoria Secret & Co. includes Victoria’s Secret Lingerie, PINK and Victoria’s Secret Beauty and is trading on the New York Stock Exchange under the symbol “VSCO”.

L Brands is an international retailer focused on the Bath & Body Works, Victoria’s Secret and PINK brands. Now operating as Bath & Body Works, Inc., the retailer is specializing in exclusive fragrances for the body and home.

Victoria’s Secret Canada is a specialty retailer focused on a range of modern, fashion-inspired intimates along with fragrances and body care, with over 1,400 retail stores worldwide.

Osler, Hoskin & Harcourt LLP advised L Brands with a team consisting of Mark Brender, Jean-Philippe Dionne, Evan Belfer (Tax) and Marisa Corona (Corporate).