Bath & Body Works, Inc. BBWI → Victoria's Secret & Co. VSCO
| Parent | Bath & Body Works, Inc. BBWI |
|---|---|
| Spinco | Victoria's Secret & Co. VSCO |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 Victoria's Secret share for every 3 L Brands shares |
| Ratio note | L Brands renamed itself Bath & Body Works at separation; holders of record held L Brands stock under the ticker LB. |
| Checked against EDGAR | 2026-08-22 |
Data trap
Two ticker traps in one deal. EDGAR records this registrant's ticker as VSXY, but the stock traded on the NYSE as VSCO — every filing says so, and any screener keyed on the EDGAR symbol prices the wrong security or nothing at all. On the other side, the parent changed ticker mid-deal: it was L Brands under LB through the July 22 record date and Bath & Body Works under BBWI from separation, so a parent price series keyed on a single symbol breaks across day zero. Note also that the distribution was effective at 11:59 p.m. Eastern on August 2, after the close, so August 2 still traded when-issued at roughly 216,000 shares against 25.2 million the next session.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2021-05-11Separation announced
- 2021-06-21Form 10 filed
- 2021-07-09Form 10 last amended
- 2021-07-19Form 10 effective
- 2021-07-22Record date
- 2021-07-21When-issued trading opens
- 2021-08-02Distribution
- 2021-08-18First standalone earnings
- —Index inclusion announced
Performance since separation
| Victoria's Secret & Co. since separation | +49.06% |
|---|---|
| Bath & Body Works, Inc. over the same window | -69.59% |
| S&P 500 (SPY) over the same window | +74.27% |
| Russell 2000 (IWM) over the same window | +35.34% |
| Excess over the S&P 500 | -25.21% |
| Excess over the Russell 2000 | +13.72% |
Measured from the first regular-way close on or after the distribution — 2021-08-03 at 58.23 — to 2026-08-20 at 86.80. Window: 5.0 years. The 2021-08-02 session was skipped: it traded on when-issued volume, not regular-way, and pricing from it would measure the return against a market that no longer existed the next day. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | price history starts after the separation |
|---|---|
| Combined (Bath & Body Works, Inc. + Victoria's Secret & Co.), pre-distribution to now | -24.94% |
| Combined excess over the S&P 500 | -98.85% |
| Combined excess over the Russell 2000 | -59.60% |
Combined treats a pre-spin holding as 1 Victoria's Secret share for every 3 L Brands shares valued at the parent's last close before regular post-spin trading resumed — 2021-07-30 at 64.71 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2021-06-21 · 0001140361-21-021565Initial Form 10 registration statement
- 10-12B/Afiled 2021-07-09 · 0001140361-21-023930Final amendment; Ex-99.1 information statement carries the 1-for-3 ratio, the July 22 record date, the August 2 distribution, the July 21 when-issued start and the VSCO ticker
- 8-Kfiled 2021-08-03 · 0001140361-21-026649Item 5.01 completion: separation completed August 2, 2021 after the NYSE close, effective 11:59 p.m. Eastern; cover page shows the traded symbol VSCO
- 8-Kfiled 2021-08-18 · 0001856437-21-000004Item 2.02 first results release as an independent company
Notes
L Brands split itself in two, spinning off Victoria's Secret and renaming the remaining Bath & Body Works business. Unusually, the entity that kept the original CIK is the parent, and it is the one that changed its name and ticker. Classified focus-increasing: two distinct retail concepts with different customers, different economics and different four-digit SIC codes.