Billionaire Les Wexner gives up control of Victoria’s Secret after failing to fix the struggling brand

L Brands is selling a controlling stake in Victoria’s Secret after 82-year-old billionaire CEO, founder, and biggest investor Les Wexner proved unable to repair the once iconic lingerie brand.

The company, a leading mall-based store operator, said on Thursday it was selling a 55% stake in Victoria’s Secret for $525 million to retail-focused private equity firm Sycamore Partners.

L Brands also said that Wexner, the longest service CEO of any S&P 500 company with 57 years at the helm...