L Brands, an American fashion retailer, completed the spin off of Bath & Body Works, a retailer of personal products, and Victoria’s Secret, a lingerie, clothing, and beauty retailer, in a $4.13bn deal. The companies will be separated into two independent, public companies. The spin-off enables each company to maximize management focus and financial flexibility to thrive in an evolving retail environment and deliver profitable growth. “Both Bath & Body Works and Victoria’s Secret are leaders in their respective markets, and, as separate businesses, each will be ideally positioned to benefit from a sharpened focus on pursuing growth strategies best suited to each company’s customer base and strategic objectives," Sarah Nash, L Brands Chair of the Board.