Victoria’s Secret owner L Brands announced on Thursday that it will sell a 100% stake in lingerie brand La Senza to an affiliate of private equity firm Regent LP.

The deal will see La Senza’s ownership and operating control transferred to Regent LP, along with the La Senza home office; North American stores and e-commerce global partnerships.

Ohio-based L Brands announced in October that it was "pursuing all alternatives" for La Senza as it prioritises its core brands, including Bath & Body Works and ailing lingerie label Victoria’s Secret. The decision comes three months after the company’s decision to shutter loss-making women’s accessories chain Henri Bendel.

In 2018, La Senza is expected to record revenues of approximately $250 million and an operating loss of $40 million, the company said. The brand, which was founded in Canada in 1990, has 300 stores worldwide, including 120 that it operates in North America, while the rest are franchised via global partnerships.

The transaction is expected to be completed in January.  Financial terms of the deal were not disclosed.