The Limited
| Company type | Private |
|---|---|
| Industry | Apparel |
| Founded | 1963 |
| Founder | Leslie Wexner |
| Headquarters | New Albany, Ohio , United States |
Area served | United States |
Key people | Diane Ellis (former CEO), John Buell (interim CEO) |
| Owner | Sycamore Partners |
The Limited is a U.S.-based apparel label currently retailed exclusively through Belk. Initially, it operated physical stores from the 1960s until the late 2010s before becoming a brand under the ownership of private equity firm Sycamore Partners in 2017.
History
Bella Cabakoff, originally from Williamsburg, Brooklyn, relocated to Columbus, Ohio and became the youngest buyer at age 21 for the Lazarus department store chain. After dedicating two decades to Lazarus, she and her husband Harry Wexner launched a women's apparel shop called Leslie's in 1951. Their son, Leslie Wexner, secured a $10,000 loan in 1963 to establish The Limited at Kingsdale Shopping Center in Upper Arlington, Ohio. The Limited targeted younger female consumers, distinguishing itself from his parents’ broader merchandise business. Bella and Harry eventually joined Leslie in this enterprise.
The founding board consisted of Bella Wexner (secretary until 2001), Harry Wexner (chairman until 1975), Leslie Wexner (chairman and subsequently CEO), and family associate Jim Waldron (senior vice president). The Wexner family continues to hold a 17% stake in LTD. In 1969, Limited Brands went public on the NYSE under the ticker LTD. The company headquarters relocated from Columbus’s Morse Road facility (1977) to New Albany, Ohio in 2009.
During the 1980s, The Limited pursued an assertive acquisition strategy: purchasing Victoria's Secret and its catalog business in 1982 for $1 million; acquiring 207 Lane Bryant outlets that same year; adding Henri Bendel on Fifth Avenue along with 798 Lerner stores in 1985; and buying 25 Abercrombie & Fitch locations in 1988 for $46 million. Abercrombie & Fitch was later spun off as a separate public entity in 1996. Additionally, The Limited introduced Limited Express (which became Express) in 1980.
The following decade brought diversification with new brands such as Limited Too (later rebranded as Justice), Bath & Body Works, Structure, and Victoria's Secret Beauty. The company also acquired sporting goods retailer Galyan’s and converted some Bath & Body Works outlets into The White Barn Candle Company stores to expand into home fragrance products.
On August 3, 2007, Limited Brands divested a 75% stake of The Limited chain to Sun Capital Partners; by 2010, Sun Capital had acquired full ownership. Diane Ellis, formerly president and COO at Brooks Brothers, was appointed CEO in 2013. She managed the closure of The Limited’s New York design office in 2016 before leaving for Chico's, with CFO John Buell stepping in as interim CEO.
In early 2017, The Limited began exploring potential sales while maintaining online retail operations. Sycamore Partners acquired the brand in February of that year for $26.75 million. Subsequently, The Limited’s merchandise became exclusively available through Belk’s physical stores and e-commerce platform.
On February 23, 2021, Belk filed for Chapter 11 bankruptcy protection as part of a restructuring plan enabling Sycamore Partners to transfer equity stakes to lenders while retaining control. Belk emerged from bankruptcy proceedings the following day, with The Limited continuing to be offered via Belk as of 2023.