The company will have three business units: Lingerie Victoria Secret Beauty Victoria's Secret and PINK, a brand that presents itself as a "destination where college girls should go shopping to find the best bras, panties, underwear and clothing to be at home".
The company, which has more than 3,000 stores in the US, UK and Canada, said it will close 200 stores associated in the city of New York and headquartered in Columbus, Ohio. It has 85,000 employees worldwide.
L Brands parent company also reported that net sales increased 5% and sales of chain stores grew 3% during the five weeks ended April 2, compared with the same period last year.
"After a record year, now is the best time to make changes," said Leslie Wexner, a multimillionaire of 77 years founded the company in 1963 and Sharen Jester Turney replaced as executive director less than two months ago.
"We are making these changes to accelerate our growth and strengthen the long-term business by reducing our focus and simplify our operating model."
The company also will integrate its business "as a primarily digital channel" in order to "align with how customers interact with brands."
L Brands CNNMoney contacted to ask about the future of his famous catalog, which has had supermodels like Gigi Hadid, Adriana Lima and Laetitia caste but have received no answer yet.
Turney, who led the company for 16 years, resigned in February "to give priority to his family and personal life and consider other career options", but plans to continue working as a consultant with L Brands