Origins Bella Cabakoff was born in
Williamsburg, Brooklyn and moved to Columbus as a toddler. At age 21, she became the youngest buyer for the
Lazarus department store chain. After spending over 20 years working for Lazarus, in 1951, she and her husband Harry Wexner opened a women's clothing store named Leslie's on State Street. The store was named after their son,
Leslie "Les" Wexner, and he began working there when he was attending college at
Ohio State University. In 1963, Wexner borrowed $5,000 from his aunt and $5,000 from the bank and opened a store at the
Kingsdale Shopping Center in
Upper Arlington, Ohio. This store was named "
The Limited" because the store focused on clothing for younger women, unlike his parents' general merchandise store. Later, in 1964, Bella and Harry closed their store to join their son in his venture.
1970s–present The original board consisted of only the three family members and longtime friend Jim Waldron, who served as Senior
Vice President. Bella Wexner served as secretary until her death in 2001, Harry as chairman (he served until his death in 1975), and Leslie,
CEO from inception, later succeeded his father as the chairman. , he and his family continued to own 17% of LB. In 1969, Wexner took The Limited Brands public and sold 47,600 shares at $7.25 a share. In 1977, The Limited moved into its main headquarters on Morse Road in Columbus, from which L Brands still operates today. In 1982, The Limited was first listed on the
New York Stock Exchange. L Brands shareholders filed a complaint in the Court of Chancery of Delaware on January 14, 2021, stating that former chair Wexner, among others, created an "entrenched culture of
misogyny, bullying and harassment" and was aware of abuses being committed by accused
sex trafficker Jeffrey Epstein, which breached his
fiduciary duty to the company, causing devaluation of the brand. The complaint also names Wexner's wife, Abigail, current chair Sarah E. Nash, and former marketing officer
Ed Razek, whose "widely known misconduct" was long allowed at the company. In February 2021, L Brands announced the retirement of CFO Stuart Burgdoerfer in August of that year, to be replaced by CEO of
Victoria's Secret Martin Waters. Mr. Burgdoerfer stated he was "grateful to have had the opportunity to work with extraordinary people in every part of the business." In December 2021, a candle factory owned and operated by
Mayfield Consumer Products was
destroyed by a tornado. Several employees died and dozens were trapped because supervisors did not allow employees to leave in preparation for the weather. This factory was a major supplier of Bath & Body Works scented candles. In 2023, Bath and Body Works announced that its whole production system had relocated to the outskirts of Columbus, Ohio. Ten of the company's suppliers agreed to make the move to the United States, adding 5,000 employees and increasing annual revenue by $2 billion. The company said the decision to move production to the United States was a result of frustration over shipping delays which required 3 months lead time, rather than just 21 days when produced in Ohio.
Acquisitions in
Greenwood, Indiana in 2023. The 1980s started a string of acquisitions. In 1982, the
Victoria's Secret brand, store, and catalogue were purchased from
Roy Raymond for $1 million. Also in 1982, 207
Lane Bryant stores were purchased. In 1985, the exclusive
Henri Bendel store on Fifth Avenue in
New York City was purchased for $10 million and 798
Lerner stores for $297 million. Finally, in 1988, 25
Abercrombie & Fitch stores were purchased for $46 million. In 1996, The Limited ended its ownership of the A&F brand; it was
spun off into a publicly traded company. The 1990s saw initial development of the
Limited Too,
Bath & Body Works,
Structure, and Victoria's Secret Beauty. In 1998, several Bath & Body Works stores were converted to The White Barn Candle Company stores to begin a home fragrance brand. In 2005, Limited Brands purchased home fragrance manufacturer Slatkin & Company.
Divestitures On August 3, 2007, Limited Brands sold 75% ownership of its flagship The Limited chain to buyout firm
Sun Capital Partners, Inc. In 2010, the remaining 25% of shares were also purchased by Sun Capital.
Stefan M. Selig from
Bank of America was involved in these deals. Following the sale of their namesake store, Limited Brands changed their company name to L Brands, as per the terms of the sale. On January 7, 2017, The Limited closed all of its stores in the United States. The web retail operation, thelimited.com, was initially continued for business and shipping nationwide. Despite this, The Limited online soon filed for
bankruptcy and discontinued all services. However, the
brand was revived in mid-2017 by
Sycamore Partners subsidiary
Belk and Limited-branded merchandise became available on its website. On February 20, 2020, L Brands announced that it would sell its Victoria's Secret division to Sycamore Partners, private equity firm. Under the agreement, Sycamore Partners would gain a 55% controlling stake in Victoria's Secret for about $525 million. L Brands would keep a 45% stake, leaving Bath & Body Works to potentially become L Brand's sole business. L Brands also announced that CEO Leslie Wexner was stepping down. In 2021, L Brands announced Victoria's Secret and Bath & Body Works would be divided into two separate
publicly traded companies, with current L Brands CEO Andrew Meslow as the head of Bath & Body Works and Martin Waters as the head of Victoria's Secret. The split into Victoria's Secret and Bath & Body Works went into effect August 2, 2021, and the companies began trading individually on the New York Stock Exchange Tuesday morning. L Brands decided in May to move ahead with a split after initially deciding to sell a 55% stake in Victoria's Secret for $500 million in February 2020. That deal was called off because of the pandemic. The name L Brands is no longer used as the name changed to Bath & Body Works Inc. ==Brands==