Leslie Wexner is selling more than 30 million shares of L Brands Inc.— worth $2.2 billion. He will continue to own 5 million L Brands shares after a secondary offering as well as a buyback. Wexner stepped down from the company’s board in May. This comes at a time when lingerie brand Victoria’s Secret owned by L Brands prepares to step out on its own.

Wexner founded the company and was its chief executive officer.

The sale arrives just weeks before the name L Brands ceases to exist and Victoria's Secret and Bath & Body Works split into separate public companies. The split is reportedly expected on August 2.

L Brands said a secondary offering for just over 20 million shares held by Wexner and his wife, Abigail, is expected to close, after which the company plans to purchase 10 million additional shares held by the Wexners, according to US media reports.

Once the sale is complete, the Wexners will control 5 million shares, or about 1.8 per cent of the company's stock. Before the sale, the couple controlled 12.7 per cent of the shares, according to a regulatory filing.

Fibre2Fashion News Desk (DS)

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