Who Owns Bath & Body Works, LLC Company?

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Who Owns Bath & Body Works, LLC?

The ownership of Bath & Body Works, Inc. is a key factor in its strategic decisions and governance. A significant shift occurred on August 3, 2021, when Victoria's Secret was spun off from its parent company, L Brands, which then became Bath & Body Works, Inc., establishing it as an independent public company.

Bath & Body Works, Inc. is a publicly traded company, meaning its ownership is distributed among its shareholders. As of August 21, 2025, the company had a market capitalization of approximately $6.22 billion. Understanding the shareholder base is crucial for grasping the company's direction. For instance, a Bath & Body Works, LLC PESTEL Analysis can shed light on external factors influencing its operations and, consequently, its ownership considerations.

Bath & Body Works was established in 1990 in New Albany, Ohio. It was not a typical startup with multiple co-founders; instead, it was an incubated brand within Leslie 'Les' Wexner's retail conglomerate, The Limited, Inc. This means Leslie Wexner was the sole founder, utilizing his existing company's resources and retail expertise to launch the personal care and home fragrance concept.

Corporate Incubation Model

Bath & Body Works began as a wholly-owned subsidiary of The Limited, Inc., later known as L Brands. This structure meant its development was funded and managed internally by the parent company.

No Independent Founders

There was no equity split among a founding team at inception. Early operational agreements or buy-sell clauses among independent founders were not applicable due to this corporate incubation model.

Strategic Vision

The founding vision, driven by Wexner, was to expand The Limited's market presence into the personal care sector. This strategy was reflected in the centralized control and funding from the parent entity.

Early Ownership Changes

Any ownership changes in the early phase of Bath & Body Works would have occurred internally within The Limited, Inc. or L Brands. External angel investments or founder-level equity transactions were not part of this initial structure.

Parent Company's Role

The Limited, Inc. provided the foundational capital and strategic direction for Bath & Body Works. This allowed for rapid expansion and brand development from its inception.

Market Expansion Strategy

The launch of Bath & Body Works was a deliberate move to diversify The Limited's retail portfolio. It aimed to capture a significant share of the growing personal care and home fragrance market.

The initial ownership of Bath & Body Works was entirely within The Limited, Inc., which later became L Brands. This corporate structure meant that Leslie Wexner, as the founder of The Limited, Inc., was the ultimate owner through his parent company. The brand's inception was a strategic expansion rather than an independent startup, with all initial funding and operational control stemming from the established retail conglomerate.

Bath & Body Works Ownership Evolution

Initially, Bath & Body Works was a fully integrated part of The Limited, Inc. Its ownership was thus tied directly to the parent company's structure and any subsequent corporate reorganizations or divestitures.

• The Limited, Inc. was the sole owner at inception.
• Leslie Wexner was the founder of the parent company.
• Bath & Body Works operated as a subsidiary.
• Ownership changes were internal to the parent corporation.

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The ownership structure of Bath & Body Works, Inc. underwent a significant shift with its separation from L Brands on August 3, 2021. This divestiture marked the end of Bath & Body Works' tenure as a division within L Brands, a company with roots tracing back to 1963.

Following the spin-off, Bath & Body Works, Inc. (BBWI) emerged as an independent, publicly traded entity. This strategic maneuver allowed both Bath & Body Works and Victoria's Secret & Co. (VSCO) to chart distinct growth trajectories. As of August 21, 2025, Bath & Body Works, Inc. commands a market capitalization of approximately $6.22 billion. The company's shareholder base is heavily dominated by institutional investors, who collectively hold 95.14% of its stock. This high degree of institutional ownership signifies substantial influence from major asset management firms and financial institutions in the company's strategic direction and corporate governance. Beyond the top three holders, other notable institutional investors include Victory Capital Management Inc., FMR LLC, State Street Global Advisors, Inc., JP Morgan Asset Management, and AllianceBernstein L.P., underscoring a broad base of institutional backing for Bath & Body Works' operations and future prospects. Understanding the Brief History of Bath & Body Works, LLC provides context for its current corporate structure and ownership.

Key Institutional Stakeholders in Bath & Body Works

Institutional investors play a dominant role in the ownership of Bath & Body Works, Inc. Their significant holdings influence the company's strategic decisions and overall market perception.

• The Vanguard Group, Inc. is the largest institutional shareholder.
• BlackRock, Inc. holds the second-largest stake in the company.
• T. Rowe Price Group, Inc. is also a major institutional investor.
• A high percentage of institutional ownership is typical for large, publicly traded corporations.

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The Board of Directors for Bath & Body Works, Inc. is instrumental in guiding the company's strategic path and ensuring accountability to its shareholders. As of April 25, 2025, the Board comprises ten directors, a number that has been optimized for effectiveness. Sarah Nash holds the position of Chair of the Board, bringing extensive leadership experience since her initial appointment as an independent director in May 2019.

The Board's composition reflects a commitment to refreshment and diverse expertise, with a strategic aim in 2024 for approximately 90% of directors to have joined since 2019, resulting in an average director tenure of 4.2 years. While specific details regarding dual-class shares or special voting rights are not typically highlighted in public disclosures for companies like Bath & Body Works, the standard practice for publicly traded entities is a one-share-one-vote system for common stock. This structure generally ensures that voting power is proportional to equity ownership. Shareholders exercise their voting rights on significant company matters, such as the election of directors and the approval of the independent registered public accounting firm, as demonstrated in the procedures for the 2024 Annual Meeting, where voting could be conducted via the internet, telephone, or mail, with a deadline of June 12, 2024, for internet and telephone submissions.

Board Governance and Shareholder Influence

The Board of Directors is central to Bath & Body Works' corporate governance. Shareholders have the power to influence key decisions through their votes.

• Board composition emphasizes recent appointments and varied experience.
• Voting power typically aligns with common stock ownership.
• Shareholders vote on director elections and auditor ratification.
• Voting can be done through multiple channels, including online and telephone.

Understanding the Board's structure and the voting power of shareholders is essential for comprehending the overall Revenue Streams & Business Model of Bath & Body Works, LLC. The Board's decisions directly impact the company's strategic direction, financial performance, and ultimately, its market share. The governance framework ensures that the company operates with a focus on long-term value creation for its stakeholders. The recent changes in Board composition reflect a dynamic approach to leadership and oversight, aiming to bring fresh perspectives and specialized knowledge to the company's challenges and opportunities. This proactive approach to governance is a key factor in how Bath & Body Works navigates the competitive retail landscape.

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Bath & Body Works, Inc. has undergone significant shifts in its ownership structure over the last three to five years, notably its separation from L Brands in August 2021. This event established Bath & Body Works as an independent entity, allowing it to focus on its capital allocation and shareholder value strategies.

The company's commitment to enhancing shareholder value is evident in its active share repurchase programs. In fiscal 2024, Bath & Body Works repurchased approximately 10.4 million shares for $400 million. Further demonstrating this strategy, the company authorized a new repurchase program of up to $500 million in February 2025. Between February 27, 2025, and April 30, 2025, under this new program, 3,864,891 shares, representing 1.79% of outstanding stock, were bought back for $117.79 million. These actions underscore a proactive approach to capital management. The company projects net sales growth between 1% and 3% for fiscal 2025, building upon its fiscal 2024 net sales of $7.307 billion. Institutional investors continue to be the primary holders of Bath & Body Works stock, with 95.14% ownership, reflecting a stable and mature public company profile.

Shareholder Value Focus

The company's recent share buybacks highlight a strategy to boost shareholder value. These repurchases manage outstanding shares and can positively impact earnings per share.

Institutional Dominance

A significant majority of Bath & Body Works stock is held by institutional investors. This level of ownership influences corporate governance and market perception.

Fiscal Performance Outlook

The company anticipates modest net sales growth in fiscal 2025. This forecast follows a solid performance in fiscal 2024, indicating a steady business trajectory.

Strategic Independence

The spin-off from L Brands in 2021 marked a pivotal moment, establishing Bath & Body Works as an independent public company. This independence allows for tailored strategic decisions, including those detailed in this Mission, Vision & Core Values of Bath & Body Works, LLC article.

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