You've smelled it before you even see the store. That unmistakable, sugary scent of Cucumber Melon or Sweet Pea wafting through the mall corridors like a neon sign for your nose. For decades, Bath and Body Works has been the undisputed heavyweight champion of American fragrance, surviving the "retail apocalypse" that claimed so many of its neighbors. But if you’ve been paying attention to the stock market or your receipts lately, things look a little different.
People always ask me if Victoria's Secret still owns the place. Or if some massive, shadowy conglomerate like Unilever or Procter & Gamble pulled the strings from behind a curtain. Honestly, the answer used to be "sort of," but now it’s a hard "no."
As of right now, Bath & Body Works, Inc. is a standalone, publicly traded company. It owns itself. Or, more accurately, its shareholders own it. It’s no longer the little sister to a lingerie giant. It's the main event.
The Messy Breakup with Victoria’s Secret
To understand who owns Bath and Body Works today, you have to look at the wreckage of L Brands. For years, L Brands was the mothership. Founded by Leslie "Les" Wexner—a man who basically invented the modern American mall experience—L Brands was a retail empire that included everything from Abercrombie & Fitch and The Limited to Henri Bendel.
But things got complicated. By 2019 and 2020, Victoria’s Secret was struggling with its image and declining sales, while Bath and Body Works was absolutely printing money. It was carrying the whole family.
In August 2021, the cord was officially cut. L Brands didn't just sell off a piece; they performed a "spin-off." They rebranded L Brands as Bath & Body Works, Inc. and sent Victoria’s Secret packing as its own independent company. If you owned stock in the old company, you suddenly found yourself holding shares in two different businesses.
It was a survival move. Investors wanted to bet on the candles and soaps without being dragged down by the drama surrounding the lingerie side of the house. Today, the company trades on the New York Stock Exchange under the ticker symbol BBWI.
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So, Who Actually Pulls the Strings?
Since it’s a public company, "ownership" is spread across thousands of entities. If you have a 401(k) or an index fund, there’s a decent chance you own a microscopic sliver of a Wallflower plug-in yourself.
But the big players? They’re the institutional investors. We’re talking about the giants of Wall Street. According to recent SEC filings, the heavy hitters usually include:
- The Vanguard Group: They typically hold the largest stake, often hovering around 10-12%.
- BlackRock, Inc.: Another massive asset manager that usually owns a significant chunk.
- State Street Corporation: They are frequently in the top three.
Then there are the activist investors. These are the guys who buy a bunch of stock and then start writing angry letters to the board of directors because they think the company could be making more money. A firm called Third Point LLC, run by billionaire Daniel Loeb, made waves recently by pushing for changes in how the company is governed. When people like that start buying in, they don't "own" the company in the way a founder does, but they sure as heck have a say in who gets hired as CEO.
Is Les Wexner Still Involved?
This is where it gets sticky. Les Wexner was the king of this empire for over 50 years. He is the reason you know what "Japanese Cherry Blossom" smells like. However, following intense scrutiny over his past ties to Jeffrey Epstein and shifting retail trends, Wexner stepped down as Chairman and CEO in 2020.
He and his wife, Abigail, have been selling off their shares steadily. While he was once the majority owner, his influence has evaporated. He's effectively out. The era of the "retail visionary" founder has been replaced by the era of the "professional board of directors" and "data-driven CEOs."
The Financial Engine: Why Everyone Wants a Piece
Why does Wall Street care so much about who owns Bath and Body Works? Because the margins are insane. Think about it. It’s mostly water, alcohol, and fragrance housed in plastic. The "loyalty" people have to these scents is bordering on cult-like.
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I’ve talked to retail analysts who point out that BBW (as it's known in the industry) has one of the highest "attachment rates" in retail. You don't just buy a soap; you buy the matching lotion, the candle, and the hand sanitizer. During the pandemic, when everyone was terrified of germs and stuck at home, the company’s hand sanitizer and "home fragrance" sales went through the roof.
They’ve also managed to do something most mall brands failed at: they made their website actually work. A huge portion of their revenue now comes from direct-to-consumer shipping, meaning they aren't as terrified of the "death of the mall" as, say, a Foot Locker or a Macy's might be.
Recent Shakeups in Leadership
Ownership is one thing, but leadership is who actually steers the ship. In late 2022, the company brought in Gina Boswell as CEO. This was a big deal. She came from Unilever and brought a "big beauty" pedigree to a company that had previously been run like a family boutique.
Under Boswell, the focus has shifted. They are looking at:
- Expanding the Men’s Line: Men’s grooming is a billion-dollar industry, and BBW finally realized guys want to smell like "Mahogany Teakwood" too.
- The Loyalty Program: They finally launched a nationwide app-based loyalty program that tracks every single thing you buy. That data is gold to the shareholders.
- International Growth: While they are everywhere in the US and Canada, there’s a whole world of malls in the Middle East and Southeast Asia they are aggressively moving into.
Common Misconceptions About the Brand
People get confused because the branding is so consistent. You might see a "White Barn" candle shop attached to a Bath and Body Works. Is that a different owner? Nope. White Barn is just a sub-brand owned entirely by Bath & Body Works, Inc. It’s meant to look a bit more "upscale" and "homey" compared to the bright, checkered-apron vibe of the main store, but the money goes into the same pocket.
Another weird one: "Does L'Occitane own them?" No. They just both have "French-ish" sounding names and sell soap. L'Occitane is a completely separate French company.
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What about Estée Lauder? Also no. While Estée Lauder owns almost every high-end makeup brand you can think of (MAC, Clinique, Too Faced), they haven't touched the mid-market body care world where BBW lives.
What This Means for You
If you’re a consumer, the "ownership" change from a conglomerate to a standalone company mostly means you'll see more aggressive sales and a wider variety of products. They have to keep those stock prices up, which is why we’re seeing "Body Care Day" and "Candle Day" become practically national holidays for fans.
If you’re an investor or looking into the business side, keep an eye on the "activist" pressure. The current owners are under a microscope to cut costs. This sometimes leads to changes in product formulas—something long-time fans are very quick to notice and complain about on Reddit and TikTok.
Actionable Takeaways
If you are tracking this company for business or personal reasons, here is what you need to do:
- Check the Ticker: Follow BBWI on any finance app. If you see big swings, it’s usually because of a quarterly earnings report or an activist investor making a move.
- Watch the CEO's Moves: Gina Boswell is the one to watch. Her background is in global expansion. If she starts opening hundreds of stores in Europe, the company's valuation could shift dramatically.
- Don't Fall for the "Going Out of Business" Rumors: You’ll see these every time a mall closes. Remember, the company is profitable and independent. A mall closing in Ohio doesn't mean the brand is dying; it usually just means they are moving to a "standalone" location in a strip center near a Target.
- Monitor "Ingredient Cleanliness": New ownership often means new standards. As consumers demand fewer parabens and sulfates, watch how the company reformulates its core products to stay competitive with "clean" brands like Sephora's in-house lines.
The era of Victoria's Secret calling the shots is over. Bath and Body Works is a standalone titan now, and its ownership reflects a modern, shareholder-driven corporate reality. It's a long way from Les Wexner's first store in a New Albany mall, but that’s the nature of retail. It evolves, or it dies. And right now, Bath and Body Works is very much alive.
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