As part of its plan to spin off the lingerie line, L Brands formally registered the new entity with the US Securities and Exchange Commission Monday, June 21.

The separation is expected to take place in August, after which Bath & Body Works and Victoria’s Secret will be two independent public companies. Analysts estimate the latter’s valuation to be around $5 billion.

While Victoria’s Secret has lost market share in recent years, the intimates giant is working on revamping both its business model as well as brand image to consumers. In an effort to shed its outdated oversexualised image, Victoria’s Secret got rid of its “angels” and hired a diverse group of seven women to advise and be the face of the brand, including soccer star Megan Rapinoe, model Paloma Essler and actress Priyanka Chopra Jonas.

“We believe Victoria’s Secret and Bath & Body Works will achieve new levels of success and unlock significant value for all stakeholders by pursuing growth strategies best suited to each company’s customer base and strategic objectives,” L Brands’ chief executive Andrew Meslow said in a statement.