Target: Mast Global Fashions
Sponsor: Sycamore Partners
Seller: Limited Brands Inc.
Sycamore, a private-equity firm based in New York, said that Limited will retain a 49 percent stake in the business, Mast Global Fashions. Limited, which operates the Victoria’s Secret, Bath & Body Works, La Senza and Henri Bendel chains, will keep full ownership of its sourcing operation for its intimate apparel and personal care and beauty businesses.
James Schwartz, who has been with Mast for more than 28 years, will lead the new company as its president and chief executive officer, Sycamore said. Separately, Limited said on Thursday that its October sales at stores open at least a year rose 6 percent, and raised its earnings forecast for the third quarter.