L Brands, Inc. operates in the specialty retail business. The Company is a specialty retailer of women’s intimate and other apparel, beauty and personal care products and accessories. The Company sells its merchandise through company-owned specialty retail stores in the United States, Canada and the United Kingdom, which are mall-based. It also sells its products through websites, catalogue and international franchise, license and wholesale partners. The Company operates in three reportable segments: Victoria’s Secret, Bath & Body Works and Victoria's Secret and Bath & Body Works International. The Company operates the retail brands: Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri Bende.