Businessweek

L Brands, Inc. operates in the specialty retail business. The company focuses on women’s intimate and other apparel, personal care, and beauty categories. The company sells its merchandise through company-owned specialty retail stores in the United States, Canada, and the United Kingdom, which are primarily mall-based, and through Websites, catalogue and international franchise, license, and wholesale partners. Victoria’s Secret Victoria’s Secret, including Victoria’s Secret Pink, is the specialty retailer of women’s intimate and other apparel with fashion-inspired collections, prestige fragrances and cosmetics, celebrated supermodels and world-famous runway shows. The company sells its Victoria’s Secret products at approximately 1,000 Victoria’s Secret stores in the United States, Canada and the United Kingdom, through the Victoria’s Secret catalogue and online at www.VictoriasSecret.com. Additionally, Victoria’s Secret brand products are also sold in stores operated by partners under a franchise or wholesale model worldwide. Bath & Body Works Bath & Body Works is a specialty retailer of home fragrance and personal care products including shower gels, lotions, soaps and sanitizers. The company sells its Bath & Body Works products at approximately 1,600 Bath & Body Works stores in the United States and Canada and online at www.BathandBodyWorks.com. Additionally, Bath & Body Works brand products are available at franchise locations worldwide. Other Brands La Senza is a specialty retailer of women’s intimate apparel. The company sells its La Senza products at approximately 150 La Senza stores in Canada and online at www.LaSenza.com. Additionally, La Senza has approximately330 stores in 32 countries operating under franchise and licensing arrangements. Henri Bendel sells upscale accessory products through its New York primary and 28 other stores, as well as online at www.HenriBendel.com. Seasonal Business The company’s operations are seasonal in nature and consist of two principal selling seasons: spring (the first and second quarters (year ended February 2, 2013)) and fall (the third and fourth quarters). The fourth quarter, including the holiday season, accounted for approximately one-third of the company’s net sales for 2012 and is typically its most profitable quarter. Accordingly, cash requirements are highest in the third quarter as the company’s inventories build in advance of the holiday season. Trademarks and Patents The company’s trademarks and patents, which constitute its primary intellectual property, have been registered or are the subject of pending applications in the United States Patent and Trademark Office and with the registries of many foreign countries and/or are protected by common law. History The company was founded in 1963. It was formerly known as Limited Brands, Inc. and changed its name to L Brands, Inc. in March 2013.