Sycamore Partners has acquired a 51% stake in Mast Global Fashions, Limited Brands Inc.‘s apparel sourcing division, Reuters reported. The private equity firm plans to run the sourcing and production business as a stand-alone company. Terms were not released. Limited will retain a 49% stake in the business.
(Reuters) – Sycamore Partners said on Thursday it bought 51 percent of Limited Brands Inc’s apparel sourcing division and will run the sourcing and production business as a stand-alone company.
Terms of the deal were not disclosed.
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.