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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange
Commission on December 9, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.1pt 0pt 0; text-align: right"><B>Registration No. 333-________</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B>&nbsp;</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER</B></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>L BRANDS, INC. </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
its Charter)</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 28%; text-align: center"><B>Delaware<BR></B></TD>
    <TD STYLE="vertical-align: bottom; width: 44%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 28%; text-align: center"><B>31-1029810</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction of <BR>
Incorporation or Organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer <BR>
Identification Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Three
Limited Parkway</B>&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Columbus, Ohio
        43230</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Telephone: (614)
        415-7000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font-size: 1px">&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="3"></TD></TR>
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    <TD STYLE="width: 100%">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B>L BRANDS, INC. 2020 STOCK
OPTION AND PERFORMANCE INCENTIVE PLAN </B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full Title of the Plan)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD></TR>
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    <TD STYLE="width: 27%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 48%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Stuart B. Burgdoerfer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Executive Vice
        President and Chief Financial Officer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>L Brands, Inc.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Three Limited
        Parkway</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Columbus, Ohio
        43230</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Telephone: (614)
        415-7000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"></P></TD>
    <TD STYLE="width: 25%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and Address for Agent of Service)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Telephone number, including area code,
        of agent for service)</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; width: 100%"><FONT STYLE="font-size: 1px">&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center"><I>With a copy to:</I></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 33%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 34%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><B>Edmond
        T. FitzGerald, Esq.</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Davis Polk &amp; Wardwell LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>450 Lexington Avenue</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10017</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 450-4000</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P></TD>
    <TD STYLE="vertical-align: top; width: 33%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting
company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Large accelerated filer </B></FONT>&#9746;</TD>
    <TD STYLE="width: 37%; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Accelerated filer </B></FONT>&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Non-accelerated filer </B>&#9744;<B>&nbsp;(Do not check if a
    smaller reporting company)</B></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Smaller reporting company </B></FONT>&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>Emerging growth company </B></FONT>&#9744;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for </B>&#9744;</FONT> <FONT STYLE="font-size: 10pt"><B>complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities
Act.</B></FONT></P>

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    <TD COLSPAN="5" STYLE="border-top: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center"><FONT STYLE="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 4pt; width: 37%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold; padding-left: 4pt">Title Of Securities To Be Registered</TD>
    <TD STYLE="padding-right: 4pt; width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold; padding-left: 4pt">Amount To Be Registered(1)</TD>
    <TD STYLE="padding-right: 4pt; width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold; padding-left: 4pt">Proposed Maximum Offering Price Per Share(2)</TD>
    <TD STYLE="padding-right: 4pt; width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: center; font-weight: bold; padding-left: 4pt">Proposed Maximum Aggregate Offering Price(1)(2)</TD>
    <TD STYLE="padding-right: 4pt; width: 15%; border-bottom: Black 1pt solid; text-align: center; font-weight: bold; padding-left: 4pt">Amount Of<BR>
Registration Fee(1) (3)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 4pt; border-right: Black 1pt solid; border-bottom: Black 1.5pt double">L Brands, Inc. Common Stock, $0.50 par value&#9;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center">13,733,119</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center">$37.48</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1.5pt double; text-align: center">$514,717,300.12</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; text-align: center">$56,155.66</TD></TR>
</TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>This Registration Statement on Form S-8 (this &ldquo;Registration Statement&rdquo;) covers shares of common stock, $0.50 par
value per share (&ldquo;Common Stock&rdquo;), of L Brands, Inc. (the &ldquo;Registrant&rdquo;) (i) authorized for issuance under
the L Brands, Inc. 2020 Stock Option and Performance Incentive Plan (the &ldquo;Incentive Plan&rdquo;) and (ii) pursuant to Rule
416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), any additional shares of Common Stock that
may become issuable under the Incentive Plan by reason of any stock dividend, stock split or other similar transaction.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(h) and Rule 457(c) under the Securities Act. The
proposed maximum offering price per share and the proposed maximum aggregate offering price are based on the average of the high ($38.45)
and low ($36.51) prices of the Registrant's Common Stock as reported on the New York Stock Exchange on December 4, 2020.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Rounded up to the nearest penny.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The information specified in Item 1 and
Item 2 of Part I of this Registration Statement is omitted from this filing in accordance with the provisions of Rule 428 under
the 1933 Act and the introductory note to Part I of the Registration Statement on Form S-8. The documents containing the information
specified in Part I will be delivered to the participants in the Incentive Plan covered by this Registration Statement as required
by Rule 428(b)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. INCORPORATION OF DOCUMENTS BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Registrant hereby incorporates herein by
reference the following documents filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) pursuant to
the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registrant&rsquo;s Annual Report on Form 10-K for the fiscal year ended February 1, 2020 (the &ldquo;Annual Report&rdquo;), filed
with the Commission on March 30, 2020 pursuant to Section 13(a) of the Exchange Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">The
Registrant&rsquo;s Quarterly Reports on Form 10-Q for the fiscal quarters ended May 2, 2020, August 1, 2020 and October 31, 2020;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&rsquo;s current report on Form 8-K filed with the Commission on November 13, 2020; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
description of the Registrant&rsquo;s Common Stock contained in the Registrant&rsquo;s Form 8 Amendment to its Form 8-A filed with
the Commission on September 1, 1989 pursuant to the 1934 Act, including any amendment thereto or report filed for the purpose of
updating such description.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All documents filed by the Registrant pursuant
to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this Registration Statement and prior to the filing
of a post-effective amendment that indicates that all securities offered hereby have been sold or which deregisters all securities
then remaining unsold, are incorporated by reference in this Registration Statement and are a part hereof from the date of filing
of such documents; except as to any portion of any future annual or quarterly report to stockholders or document or current report
furnished under current Items 2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions. Any statement contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Item
4. DESCRIPTION OF SECURITIES</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. INTERESTS OF NAMED EXPERTS AND COUNSEL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Item
6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Registrant is a Delaware corporation.
Section 102(b)(7) of the Delaware General Corporation Law (the &ldquo;DGCL&rdquo;) enables a corporation to eliminate or limit
the personal liability of a director to the corporation or its stockholders for monetary damages for breach of the director&rsquo;s
fiduciary duty, except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>for any breach of the director&rsquo;s duty of loyalty to the corporation or its stockholders;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>pursuant to Section 174 of the DGCL (providing for liability of directors for unlawful payment of dividends or unlawful stock
purchases or redemptions); or</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>for any transaction from which the director derived an improper personal benefit.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with Section 102(b)(7) of
the DGCL, the Certificate of Incorporation of the Registrant includes a provision eliminating, to the fullest extent permitted
by the DGCL, the liability of the Registrant&rsquo;s directors to the Registrant or its stockholders for monetary damages for breach
of fiduciary as director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section 145(a) of the DGCL empowers a corporation
to indemnify any present or former director, officer, employee or agent of the corporation, or any individual serving at the corporation&rsquo;s
request as a director, officer, employee or agent of another organization, who was or is a party or is threatened to be made a
party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation), against expenses (including attorneys&rsquo; fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding
provided that such director, officer, employee or agent acted in good faith and in a manner he or she reasonably believed to be
in, or not opposed to, the best interests of the corporation, and, with respect to any criminal action or proceeding, provided
further that such director, officer, employee or agent had no reasonable cause to believe his or her conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The DGCL provides that the indemnification
described above shall not be deemed exclusive of any other indemnification that may be granted by a corporation pursuant to its
by-laws, disinterested directors&rsquo; vote, stockholders&rsquo; vote, agreement or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The DGCL also provides corporations with
the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation in a similar capacity for another corporation, partnership,
joint venture, trust or other enterprise, against any liability asserted against him or her in any such capacity, or arising out
of his or her status as such, whether or not the corporation would have the power to indemnify him or her against such liability
as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In accordance with Section l45(a) of the
DGCL, the Registrant&rsquo;s Amended and Restated By-Laws provide that every person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit, or proceeding, whether civil, criminal, administrative or investigative,
by reason of the fact that such person, or such person&rsquo;s testator or intestate, is or was serving as a director or officer
of the Registrant or is or was serving at the request of the Registrant as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust, or other enterprise, or as a member of any committee or similar body, shall be indemnified and
held harmless to the fullest extent legally permissible under the DGCL against all expenses (including attorney&rsquo;s fees),
judgments, penalties, fines and amounts paid in settlement and reasonably incurred by such person in connection with such action,
suit or proceeding (including appeals) or the defense or settlement thereof or any claim, issue, or matter therein. Expenses incurred
by a director or officer in defending such an action, suit or proceeding shall be paid by the Registrant in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such person to repay any amount
if it is ultimately determined that such director or officer is not entitled to indemnification by the Registrant as authorized
by the relevant sections of the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"><B>Item
7. EXEMPTION FROM REGISTRATION CLAIMED</B></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; border-bottom: Black 1pt solid; width: 11%; text-align: center; padding-bottom: 4pt"><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Exhibit</B></P>
                                                                               <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><B>Number</B></P></TD>
    <TD STYLE="padding-top: 4pt; width: 89%; padding-bottom: 4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/701985/000095010320009937/dp128284_ex0301.htm">4.1</A></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/701985/000095010320009937/dp128284_ex0301.htm">Amended and Restated Certificate of Incorporation of the Registrant incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Form 8-K dated May 20, 2020.*</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/701985/000070198520000022/ex31lb-20202qbylawsame.htm">4.2</A></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><A HREF="http://www.sec.gov/Archives/edgar/data/701985/000070198520000022/ex31lb-20202qbylawsame.htm">Amended and Restated Bylaws of the Registrant incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Form 8-K dated June 19, 2020.*</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt"><A HREF="dp142457_ex0501.htm">5.1</A></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><A HREF="dp142457_ex0501.htm">Opinion of Davis Polk &amp; Wardwell LLP (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt"><A HREF="dp142457_ex1501.htm">15.1</A></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><A HREF="dp142457_ex1501.htm">Letter from Ernst &amp; Young regarding Unaudited Interim Financial Statements (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt"><A HREF="dp142457_ex2301.htm">23.1</A></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><A HREF="dp142457_ex2301.htm">Consent of Ernst &amp; Young LLP (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt"><A HREF="dp142457_ex0501.htm">23.2</A></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><A HREF="dp142457_ex0501.htm">Consent of Davis Polk &amp; Wardwell LLP (included in Exhibit 5.1)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; padding-bottom: 4pt"><A HREF="#poa">24.1</A></TD>
    <TD STYLE="padding-top: 4pt; padding-bottom: 4pt"><A HREF="#poa">Power of Attorney (included on the signature pages of this Registration Statement)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 4pt; text-align: center; border-bottom: Black 1pt solid; padding-bottom: 4pt"><A HREF="dp142457_ex9901.htm">99.1</A></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 4pt; padding-bottom: 4pt"><A HREF="dp142457_ex9901.htm">L Brands, Inc. 2020 Stock Option and Performance Incentive Plan (filed herewith)</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">*Incorporated herein by reference</TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9. UNDERTAKINGS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(1)&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(i)&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(ii)&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in this registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(iii)&nbsp;&nbsp;To
include any material information with respect to the Incentive Plan not previously disclosed in this Registration Statement or
any material change to such information in this Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><I>provided</I>, <I>however</I>,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section
13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(2)&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(3)&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b)&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable,
each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated
by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c)&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant
of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered
hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit
to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Columbus, State of Ohio, on the 9<SUP>th</SUP> day of December, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><B>L BRANDS, INC.</B></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">By:</TD>
    <TD COLSPAN="2">/s/ Stuart B. Burgdoerfer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; text-align: justify">Name:</TD>
    <TD STYLE="width: 63%; border-top: Black 1pt solid">Stuart B. Burgdoerfer</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD>Executive Vice President and Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">&nbsp;</TD></TR>
</TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="poa"></A>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#9;KNOW ALL PERSONS BY THESE PRESENTS,
that each person whose signature appears below, constitutes and appoints Andrew Meslow and Stuart B. Burgdoerfer and each of them,
our true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, to do any and all acts and
things and execute, in the name of the undersigned, any and all instruments which said attorneys-in-fact and agents may deem necessary
or advisable in order to enable L Brands, Inc. to comply with the Securities Act of 1933, as amended, and any requirements of the
Securities and Exchange Commission in respect thereof, in connection with the filing with the Securities and Exchange Commission
of one or more registration statements on Form S-8 under the Securities Act of 1933, as amended, including, specifically, but without
limitation, power and authority to sign the name of the undersigned to any such registration statement, and any amendments to any
such registration statement (including post-effective amendments), and to file the same with all exhibits thereto and other documents
in connection therewith, with the Securities and Exchange Commission, to sign any and all applications, registration statements,
notices or other documents necessary or advisable to comply with applicable state securities laws, and to file the same, together
with other documents in connection therewith with the appropriate state securities authorities, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and to perform each and every act and thing requisite or necessary
to be done in and about the premises, as fully and to all intents and purposes as the undersigned might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents, and any of them, or their substitutes, may lawfully
do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates
indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 31%; border-bottom: Black 1pt solid; text-align: center"><B>Signature</B></TD>
    <TD STYLE="width: 37%; border-bottom: Black 1pt solid; text-align: center"><B>Title</B></TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: center"><B>Date</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Andrew Meslow</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">Director and Chief Executive Officer<BR>
(principal executive officer)</TD>
    <TD ROWSPAN="2" STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Andrew Meslow</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Stuart B. Burgdoerfer</TD>
    <TD STYLE="text-align: center">Chief Financial Officer</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Stuart B. Burgdoerfer</TD>
    <TD STYLE="text-align: center">(principal financial and principal accounting officer)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Sarah E. Nash</TD>
    <TD STYLE="text-align: center">Director and Chair</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Sarah E. Nash</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Leslie H. Wexner</TD>
    <TD STYLE="text-align: center">Director and Chair Emeritus</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Leslie H. Wexner</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">/s/ Abigail S. Wexner</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">Abigail S. Wexner</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Patricia S. Bellinger</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Patricia S. Bellinger</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Donna A. James</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Donna A. James</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Michael G. Morris</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Michael G. Morris</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P></TD></TR>
</TABLE>

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    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt; width: 31%">/s/ Robert H. Schottenstein</TD>
    <TD STYLE="text-align: center; width: 37%">Director</TD>
    <TD STYLE="text-align: center; width: 32%">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Robert H. Schottenstein</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Anne Sheehan</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Anne Sheehan</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-indent: -9pt">/s/ Stephen D. Steinour</TD>
    <TD STYLE="text-align: center">Director</TD>
    <TD STYLE="text-align: center">December 9, 2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: center; text-indent: -9pt">Stephen D. Steinour</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
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    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
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[{"type": "S-8", "sequence": "1", "filename": "dp142457_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 62419}]
{"company-data": {"conformed-name": "L Brands, Inc.", "cik": "0000701985", "assigned-sic": "5621", "irs-number": "311029810", "state-of-incorporation": "DE", "fiscal-year-end": "0130"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-251226", "film-number": "201378011"}, "business-address": {"street1": "THREE LIMITED PKWY", "street2": "P O BOX 16000", "city": "COLUMBUS", "state": "OH", "zip": "43216", "phone": "6144157000"}, "mail-address": {"street1": "THREE LIMITED PARKWAY", "street2": "P.O. BOX 16000", "city": "COLUMBUS", "state": "OH", "zip": "43216"}, "former-company": [{"former-conformed-name": "LIMITED BRANDS INC", "date-changed": "20020613"}, {"former-conformed-name": "LIMITED INC", "date-changed": "19920703"}]}
As filed with the Securities and Exchange
Commission on December 9, 2020
Registration No. 333-________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933
L BRANDS, INC.
(Exact Name of Registrant as Specified in
its Charter)
Delaware
31-1029810
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
Three
Limited Parkway
Columbus, Ohio
        43230
Telephone: (614)
        415-7000
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)
L BRANDS, INC. 2020 STOCK
OPTION AND PERFORMANCE INCENTIVE PLAN
(Full Title of the Plan)
Stuart B. Burgdoerfer
Executive Vice
        President and Chief Financial Officer
L Brands, Inc.
Three Limited
        Parkway
Columbus, Ohio
        43230
Telephone: (614)
        415-7000
(Name and Address for Agent of Service)
(Telephone number, including area code,
        of agent for service)
With a copy to:
Edmond
        T. FitzGerald, Esq.
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, NY 10017
(212) 450-4000
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting
company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
(Do not check if a
    smaller reporting company)
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for
☐
complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities
Act.
CALCULATION OF REGISTRATION FEE
Title Of Securities To Be Registered
Amount To Be Registered(1)
Proposed Maximum Offering Price Per Share(2)
Proposed Maximum Aggregate Offering Price(1)(2)
Amount Of
Registration Fee(1) (3)
L Brands, Inc. Common Stock, $0.50 par value
13,733,119
$37.48
$514,717,300.12
$56,155.66
(1)
This Registration Statement on Form S-8 (this "Registration Statement") covers shares of common stock, $0.50 par
value per share ("Common Stock"), of L Brands, Inc. (the "Registrant") (i) authorized for issuance under
the L Brands, Inc. 2020 Stock Option and Performance Incentive Plan (the "Incentive Plan") and (ii) pursuant to Rule
416(a) under the Securities Act of 1933, as amended (the "Securities Act"), any additional shares of Common Stock that
may become issuable under the Incentive Plan by reason of any stock dividend, stock split or other similar transaction.
(2)
Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(h) and Rule 457(c) under the Securities Act. The
proposed maximum offering price per share and the proposed maximum aggregate offering price are based on the average of the high ($38.45)
and low ($36.51) prices of the Registrant's Common Stock as reported on the New York Stock Exchange on December 4, 2020.
(3)
Rounded up to the nearest penny.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS
The information specified in Item 1 and
Item 2 of Part I of this Registration Statement is omitted from this filing in accordance with the provisions of Rule 428 under
the 1933 Act and the introductory note to Part I of the Registration Statement on Form S-8. The documents containing the information
specified in Part I will be delivered to the participants in the Incentive Plan covered by this Registration Statement as required
by Rule 428(b)(1).
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. INCORPORATION OF DOCUMENTS BY REFERENCE
Registrant hereby incorporates herein by
reference the following documents filed with the Securities and Exchange Commission (the "Commission") pursuant to
the Securities Exchange Act of 1934, as amended (the "Exchange Act"):
(a)       The
Registrant's Annual Report on Form 10-K for the fiscal year ended February 1, 2020 (the "Annual Report"), filed
with the Commission on March 30, 2020 pursuant to Section 13(a) of the Exchange Act;
(b)
The
Registrant's Quarterly Reports on Form 10-Q for the fiscal quarters ended May 2, 2020, August 1, 2020 and October 31, 2020;
(c)        The Registrant's current report on Form 8-K filed with the Commission on November 13, 2020; and
(d)       The
description of the Registrant's Common Stock contained in the Registrant's Form 8 Amendment to its Form 8-A filed with
the Commission on September 1, 1989 pursuant to the 1934 Act, including any amendment thereto or report filed for the purpose of
updating such description.
All documents filed by the Registrant pursuant
to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this Registration Statement and prior to the filing
of a post-effective amendment that indicates that all securities offered hereby have been sold or which deregisters all securities
then remaining unsold, are incorporated by reference in this Registration Statement and are a part hereof from the date of filing
of such documents; except as to any portion of any future annual or quarterly report to stockholders or document or current report
furnished under current Items 2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions. Any statement contained
in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes
of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which
also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or
superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item
4. DESCRIPTION OF SECURITIES
Not applicable.
Item 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
Not applicable.
Item
6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
The Registrant is a Delaware corporation.
Section 102(b)(7) of the Delaware General Corporation Law (the "DGCL") enables a corporation to eliminate or limit
the personal liability of a director to the corporation or its stockholders for monetary damages for breach of the director's
fiduciary duty, except:
·
for any breach of the director's duty of loyalty to the corporation or its stockholders;
·
for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;
·
pursuant to Section 174 of the DGCL (providing for liability of directors for unlawful payment of dividends or unlawful stock
purchases or redemptions); or
·
for any transaction from which the director derived an improper personal benefit.
In accordance with Section 102(b)(7) of
the DGCL, the Certificate of Incorporation of the Registrant includes a provision eliminating, to the fullest extent permitted
by the DGCL, the liability of the Registrant's directors to the Registrant or its stockholders for monetary damages for breach
of fiduciary as director.
Section 145(a) of the DGCL empowers a corporation
to indemnify any present or former director, officer, employee or agent of the corporation, or any individual serving at the corporation's
request as a director, officer, employee or agent of another organization, who was or is a party or is threatened to be made a
party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative
(other than an action by or in the right of the corporation), against expenses (including attorneys' fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding
provided that such director, officer, employee or agent acted in good faith and in a manner he or she reasonably believed to be
in, or not opposed to, the best interests of the corporation, and, with respect to any criminal action or proceeding, provided
further that such director, officer, employee or agent had no reasonable cause to believe his or her conduct was unlawful.
The DGCL provides that the indemnification
described above shall not be deemed exclusive of any other indemnification that may be granted by a corporation pursuant to its
by-laws, disinterested directors' vote, stockholders' vote, agreement or otherwise.
The DGCL also provides corporations with
the power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the
corporation, or is or was serving at the request of the corporation in a similar capacity for another corporation, partnership,
joint venture, trust or other enterprise, against any liability asserted against him or her in any such capacity, or arising out
of his or her status as such, whether or not the corporation would have the power to indemnify him or her against such liability
as described above.
In accordance with Section l45(a) of the
DGCL, the Registrant's Amended and Restated By-Laws provide that every person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit, or proceeding, whether civil, criminal, administrative or investigative,
by reason of the fact that such person, or such person's testator or intestate, is or was serving as a director or officer
of the Registrant or is or was serving at the request of the Registrant as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust, or other enterprise, or as a member of any committee or similar body, shall be indemnified and
held harmless to the fullest extent legally permissible under the DGCL against all expenses (including attorney's fees),
judgments, penalties, fines and amounts paid in settlement and reasonably incurred by such person in connection with such action,
suit or proceeding (including appeals) or the defense or settlement thereof or any claim, issue, or matter therein. Expenses incurred
by a director or officer in defending such an action, suit or proceeding shall be paid by the Registrant in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such person to repay any amount
if it is ultimately determined that such director or officer is not entitled to indemnification by the Registrant as authorized
by the relevant sections of the DGCL.
Item
7. EXEMPTION FROM REGISTRATION CLAIMED
Not applicable.
Item 8. EXHIBITS
Exhibit
Number
4.1
Amended and Restated Certificate of Incorporation of the Registrant incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K dated May 20, 2020.*
4.2
Amended and Restated Bylaws of the Registrant incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K dated June 19, 2020.*
5.1
Opinion of Davis Polk & Wardwell LLP (filed herewith)
15.1
Letter from Ernst & Young regarding Unaudited Interim Financial Statements (filed herewith)
23.1
Consent of Ernst & Young LLP (filed herewith)
23.2
Consent of Davis Polk & Wardwell LLP (included in Exhibit 5.1)
24.1
Power of Attorney (included on the signature pages of this Registration Statement)
99.1
L Brands, Inc. 2020 Stock Option and Performance Incentive Plan (filed herewith)
*Incorporated herein by reference
Item 9. UNDERTAKINGS
(a)   The
undersigned Registrant hereby undertakes:
(1)   To
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i)    To
include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)   To
reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table in this registration statement; and
(iii)  To
include any material information with respect to the Incentive Plan not previously disclosed in this Registration Statement or
any material change to such information in this Registration Statement;
provided
,
however
,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section
13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
(2)   That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial
bona fide
offering thereof.
(3)   To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.
(b)   The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable,
each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated
by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c)   Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant
of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered
hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit
to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the City of Columbus, State of Ohio, on the 9
th
day of December, 2020.
L BRANDS, INC.
By:
/s/ Stuart B. Burgdoerfer
Name:
Stuart B. Burgdoerfer
Title:
Executive Vice President and Chief Financial Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS,
that each person whose signature appears below, constitutes and appoints Andrew Meslow and Stuart B. Burgdoerfer and each of them,
our true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, to do any and all acts and
things and execute, in the name of the undersigned, any and all instruments which said attorneys-in-fact and agents may deem necessary
or advisable in order to enable L Brands, Inc. to comply with the Securities Act of 1933, as amended, and any requirements of the
Securities and Exchange Commission in respect thereof, in connection with the filing with the Securities and Exchange Commission
of one or more registration statements on Form S-8 under the Securities Act of 1933, as amended, including, specifically, but without
limitation, power and authority to sign the name of the undersigned to any such registration statement, and any amendments to any
such registration statement (including post-effective amendments), and to file the same with all exhibits thereto and other documents
in connection therewith, with the Securities and Exchange Commission, to sign any and all applications, registration statements,
notices or other documents necessary or advisable to comply with applicable state securities laws, and to file the same, together
with other documents in connection therewith with the appropriate state securities authorities, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and to perform each and every act and thing requisite or necessary
to be done in and about the premises, as fully and to all intents and purposes as the undersigned might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents, and any of them, or their substitutes, may lawfully
do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates
indicated.
Signature
Title
Date
/s/ Andrew Meslow
Director and Chief Executive Officer
(principal executive officer)
December 9, 2020
Andrew Meslow
/s/ Stuart B. Burgdoerfer
Chief Financial Officer
December 9, 2020
Stuart B. Burgdoerfer
(principal financial and principal accounting officer)
/s/ Sarah E. Nash
Director and Chair
December 9, 2020
Sarah E. Nash
/s/ Leslie H. Wexner
Director and Chair Emeritus
December 9, 2020
Leslie H. Wexner
/s/ Abigail S. Wexner
Director
December 9, 2020
Abigail S. Wexner
/s/ Patricia S. Bellinger
Director
December 9, 2020
Patricia S. Bellinger
/s/ Donna A. James
Director
December 9, 2020
Donna A. James
/s/ Michael G. Morris
Director
December 9, 2020
Michael G. Morris
/s/ Robert H. Schottenstein
Director
December 9, 2020
Robert H. Schottenstein
/s/ Anne Sheehan
Director
December 9, 2020
Anne Sheehan
/s/ Stephen D. Steinour
Director
December 9, 2020
Stephen D. Steinour