'Limited Brands' Shedding 'Express' Stores
After years of failed attempts to rejuvenate the brand, Limited Brands is selling a 67 percent stake in the clothing chain Express to private-equity firm Golden Gate Capital.
The company has also said that it is exploring strategic options for its Limited stores, writes the Washington Post. The retailer has been shifting focus away from the two chains in order to focus on its intimate apparel, personal care and beauty brands.
Martyn Redgrave, chief administrative officer of Limited Brands, has said that those areas account for about 70 percent of the company's revenue. The company has invested heavily in remodeling many of its Victoria's Secret stores, creating boutiques within the store. It plans to increase the size of its Victoria's Secret stores by 50 percent over the next five years and is considering launching Victoria's Secret sportswear, accessories and swimsuits lines. The company also plans to expand its Bath & Body Works to locations outside of malls.
Express operates 743 stores and did a total of $1.7 billion in sales last year, while Limited has 292 stores and had $493 million in sales last year.