Victoria’s Secret (VSCO) - Get Free Report shares rose while Bath & Body Works (BBWI) - Get Free Report fell after the two companies, formerly part of L Brands, on Tuesday had begun trading separately.
Victoria’s Secret includes Pink, which also belonged to L Brands. BBWI consists of the rest of L Brands, without Victoria’s Secret and Pink.
Victoria’s Secret stock recently traded at $59.33, up 1.9%, and BBWI at $62.55, down 5.2%.
Under final terms of Victoria Secret’s spinoff from L Brands, outlined last month, holders of L Brands received one Victoria’s Secret share for every three shares of the parent they held.
When the spinoff was first announced in May, TheStreet.com Founder Jim Cramer discussed the pros and cons.
In June, L Brands named a majority-women’s board for Victoria’s Secret. The Victoria’s Secret board consists of seven directors, six of whom are independent and six of whom are women.
They are Donna James, managing director of business advisory firm Lardon & Associates, who was tapped chairwoman; Irene Chang Britt, former president of Pepperidge Farm; Sarah Davis, former president of Loblaw Cos., a Canadian food retailer;
Jacqueline Hernández, former chief marketing officer for Hispanic enterprises and content at NBC Universal; Lauren Peters, former chief financial officer of Foot Locker;
Anne Sheehan, former chair of the Securities and Exchange Commission’s Investor Advisory Committee; and Martin Waters, chief executive of Victoria’s Secret.
The company also announced partnerships with a host of celebrity women, including Adut Akech, Amanda de Cadenet, Eileen Gu, Megan Rapinoe, Paloma Elsesser, Priyanka Chopra Jonas and Valentina Sampaio.