L Brands is a women's intimate, personal-care, and beauty retailer operating under the Victoria's Secret, Pink, and Bath & Body Works brands. The company generates the majority of its business in North America, with about 5% of sales coming from international markets in fiscal 2019. Distribution channels include more than 2,600 stores and online, which represented about 20% of total sales in 2019. The company still plans to break Bath & Body Works into a stand-alone business, which we expect to be executed in 2021.
Jaime M. KatzSenior Equity Analyst