L Brands Inc. is parting with La Senza.
The Canada-born lingerie brand, bought by the Columbus-based retailer in 2007 for $609 million, is being acquired by an affiliate of Regent LP, a global private equity firm.
The buyer will assume all of La Senza’s operating liabilities, but also could provide L Brands “future consideration” upon the sale or monetization of the brand, according to the release from L Brands. If, for example, La Senza were to one day go public, L Brands could receive some sort of compensation.
The buyer is getting 100 percent of La Senza, including the home office staff, the 126 company-owned North American stores, e-commerce and international partnerships. L Brands this fall said it was looking at its options for the brand.
La Senza will stay housed in is current Columbus offices in the near term as Regent looks for new office space with the expectation the operation will stay local. The brand has 150 employees in its home office.
The portfolio of California-based Regent also includes Supercuts, Regis Salons and Lillian Vernon among other brands.
La Senza never made much of an impact in the United States. The first stores opened in 2016 and grew to just eight, including stores at Easton Town Center and Polaris Fashion Place.
It has a notable international presence, though. There are 116 stores in its home country of Canada as well as 188 franchised shops around the world. The company attempted to position La Senza as a lower-priced, edgier option between its core Victoria's Secret and Pink brands.
L Brands estimates La Senza’s 2018 revenues at $250 million with a $40 million operating loss.