Sycamore Partners has agreed to buy 55% of Victoria's Secret and L Brands will retain 45%.
Also, the company's founder and billionaire Leslie Wexner will no longer be the company's president.
The sale of the legendary brand comes after the uproar over the scandals surrounding Voctoria's Secret and the big drop in its sales.
Victoria's Secret is the largest retailer of its kind with multi-billion dollar annual sales.
Victoria's Secret lingerie has been worn on the catwalks by modeling goddesses such as Adriana Lima, Alessandra Ambrosio, Gisele Bündchen, Irina Shayk, Gigi Hadid, Bella Hadid,
Kendall Jenner, Sarah Sampaio, Josephine Scriver and Lice Ribeiro.