This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. https://www.barrons.com/articles/activist-hedge-fund-gets-a-chance-to-make-over-victorias-secret-51582323795 After years of declining sales and nearly a year of activist intervention, L Brands (ticker: LB) sold a 55% stake of the lingerie retailer to private equity powerhouse Sycamore Partners in a transaction that values Victoria’s Secret at $1.1 billion. By holding onto the remaining 45% stake, L Brands and its shareholders reap the upside if Sycamore can enact a turnaround.