Our Opinions Practice Provided Solvency Opinions to the Boards of Directors of L Brands and Victoria's Secret & Co.

On August 2, 2021, L Brands completed the separation of the Victoria’s Secret business into an independent, public company through a tax-free spin-off to L Brands shareholders and changed its name to Bath & Body Works, Inc. (NYSE: BBWI). The new company, named Victoria’s Secret & Co. (“Victoria’s Secret”), includes Victoria’s Secret Lingerie, PINK and Victoria’s Secret Beauty. Victoria’s Secret & Co. is a NYSE listed company trading under the ticker symbol VSCO.

Duff & Phelps, A Kroll Business, served as an independent financial advisor to the boards of directors of L Brands and Victoria's Secret & Co. and provided solvency opinions in connection with the transaction.

About Bath & Body Works
Bath & Body Works is one of the world’s leading specialty retailers and home to America’s Favorite Fragrances® offering a breadth of exclusive fragrances for the body and home, including the #1 selling collections for fine fragrance mist, body lotion and body cream, 3-wick candles, home fragrance diffusers and liquid hand soap. For more than 30 years, customers have looked to Bath & Body Works for quality, on-trend products and the newest, freshest fragrances. Today, these fragrant products can be purchased at more than 1,750 company-operated Bath & Body Works locations in the U.S. and Canada, and more than 300 international franchised locations, as well as on bathandbodyworks.com. Davis Polk & Wardwell LLP served as legal counsel to L Brands. Wachtell, Lipton, Rosen & Katz served as legal counsel to the independent directors of the Board.

About Victoria's Secret & Co. 
Victoria’s Secret is the world’s largest intimates specialty retailer offering a wide assortment of modern, fashion-inspired collections including signature bras, panties, lingerie, casual sleepwear and athleisure, as well as award-winning prestige fragrances and body care. With nearly 1,400 retail stores worldwide and a predominately female workforce of more than 25,000, Victoria’s Secret boasts the largest team of specialty trained bra fit experts worldwide. Victoria’s Secret is committed to inspiring women around the world with products and experiences that uplift and champion them and their journey while creating lifelong relationships and advocating for positive change.