L Brands Inc. announced that Victoria's Secret will separate and become its own independent, publicly-traded company on Friday.
In addition, the Board of Directors approved changing the L Brands name to Bath & Body Works, Inc. The name change will take effect on Aug. 2.
Victoria's Secret will be named "Victoria's Secret & Co."
The official separation comes a month after L Brands, which is based in Columbus, said it would separate the two companies to achieve its best opportunities for growth.
Victoria's Secret was supposed to be sold to Sycamore Partners in 2020 for $525 million, but the private equity firm sued to get out of the deal, blaming the COVID-19 pandemic.
After the sale fell through, Victoria's Secret closed stores and sales continued to decline.
Les Wexner stepped down as Chief Executive Officer and Chairman of the Board in 2020.