The L Brands board of directors has approved the spin-off of the Victoria's Secret business into an independent, publicly traded company. It was named Victoria's Secret & Co. All 100% of Victoria's Secret securities will be distributed to L Brands common stockholders. The board also approved changing the name of L Brands to Bath & Body Works and the stock ticker will change from LB to BBWI. All changes and share distributions are expected to be finalized on August 2, 2021.