L Brands may sell Victoria’s Secret to Sycamore Partners. Victoria’s Secret is an intimate apparel brand selling bras, pajamas, perfumes and other accessories. For years the retailer has faced criticisms for an out-of-date focus on sexy styles while competitors prioritized comfort. This November, it canceled its once-annual fashion show as viewers increasingly shunned the provocative show.

For the past five years, L Brands has focused on the diversification of its supply chain over the past five years. The company has been in negotiations with Chinese suppliers to take costs out of the production chain to offset the increases. Sycamore has a history of taking bets that its peers eschew. The private equity firm is one of the few to continue to invest in retail. Many of these bets have been accompanied by bold and creative strategies. Sycamore financed its acquisition of beleaguered office retailer Staples in a way that allowed it the flexibility to wind down its retail business while retaining its stronger business-to-business segment. Sycamore has past ties with L Brands’ predecessor, Limited Brands. The firm took a 51 per cent interest in Limited Brands’ sourcing business, Mast Global Fashions, in 2011. The company, now known as MGF Sourcing, has helped Sycamore put together a retail and apparel empire that also includes Talbots and Torrid.