Investment Thesis
L Brands (LB) is a conflicting story, with half of its business embroiled in controversy and declining sales, and the other half producing record-breaking growth. In November of 2018, L Brands Chief Marketing Officer Ed Razek made some contentious comments about the plus-size and LGBTQ community that alienated a good majority of customers and damaged Victoria's Secret's reputation. For a while, Victoria's Secret ((VS)) has been struggling against new competitors such as Aerie, ThirdLove, Savage x Fenty, etc. who celebrate inclusivity and promote body positivity. As Victoria's Secret continues to push