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The founder of Victoria’s Secret parent company L Brands, Leslie Wexner, is reportedly exploring the sale of its women’s wear and beauty products brand.

The news was first reported by The Wall Street Journal (WSJ). The publication cited people familiar with the matter as saying that L Brands is in negotiations with private-equity (PE) firm Sycamore Partners.

The PE company is known for acquiring a number of struggling apparel brands.

Details of the discussion have not been disclosed but the retailer could go ahead with a full or partial sale of Victoria’s Secret, according to anonymous sources.

Wexner is also considering stepping down as chief executive officer of the company.

The 82-year-old has run the business since 1963 and is the longest-serving CEO of an S&P 500 company.

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The WSJ Report suggested he could serve as chairman of the company.

Victoria’s Secret sales have continued to decline in recent months as the company faces increased competition from other lingerie brands.

In the third quarter, sales at Victoria’s Secret stores that were open at least a year fell by 7%, compared to 2% during the same quarter last year.

L Brands also owns Bath & Body Works chains. Last year, fund Barington Capital Group bought a stake in L Brands.