Rihanna with Bernard Arnault of LVMH. Source: Forbes
When it rains it pours for L Brands (LB). Its revenue is in decline amid a protracted slump at its Victoria's Secret brand. S&P recently downgraded the company's debt to BB- (non-investment grade, speculative):
S&P Ratings downgraded L Brands ((ticker: LB)) and Gap (GPS) by one notch each. L Brands' new credit rating is BB- and Gap's is BB, three and two tiers below investment grade, respectively...
"Customers are continuing to move away from purchasing at [Victoria's Secret] in favor of other retailers