Limited Brands/Slatkin

Limited Brands Smells Success with Acquisition of Slatkin & Co.*

COLUMBUS, OH May 16, 2005 – Limited Brands, Inc. (NYSE: LTD) announced today the acquisition of New York‑based Slatkin & Co., an industry leader in the prestige home fragrance category.  Terms of the agreement were not disclosed.

      Slatkin & Co. will operate as a wholly‑owned subsidiary of the Bath & Body Works unit and will maintain its existing home fragrance brands and separate prestige distribution channels.  Harry Slatkin, founder and President of Slatkin & Co. will hold the dual title of President of Slatkin & Co., as well as the newly‑created position of President of Home Design, Limited Brands.  He will report to Neil Fiske, Chief Executive Officer of Bath & Body Works.

      The acquisition is highly reflective of Bath & Body Works' ambition to raise the level of sophistication, quality and product innovation of our home fragrance collection.  The catalyst is based on our new customer realities.  Our best customer is trading up and looking for better brands from us.  She wants daily affordable luxuries that engage her on an emotional level, not only in her beauty rituals and routines, but also in her environment," said Fiske.

      Under the agreement, Harry Slatkin will provide innovative home fragrance and design expertise and resources to create new collections for Bath & Body Works, The White Barn Candle Company and potentially other enterprise initiatives.  In turn, Limited Brands' resources and scalability will help Slatkin & Co. expand the breadth of its wholesale product offering to their valued prestige department store customers.

      "Slatkin & Co. and Limited Brands share a philosophical barometer that never underestimates the sophistication and aspirations of our consumers", said Slatkin.  "The quality and innovations that have brought me and my company to the pinnacle of success will flourish with the reach, creativity and resources of Limited Brands, as we expand and develop whole new universes within home fragrance and home design."

      The strategic alliance with Slatkin & Co. is one in a series of key business relationships established by Limited Brands, starting with the purchase of Henri Bendel in the mid '80's.  The most recent alliance with Ian Ginsberg, owner of the venerable Greenwich Village apothecary, C.O. Bigelow, branched into an apothecary‑inspired personal care product roll‑out to all 1,600 Bath & Body Works stores and inspired a new retail store format.

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ABOUT LIMITED BRANDS

      Limited Brands, through Victoria's Secret, Bath & Body Works, Express, Limited Stores, White Barn Candle Co. and Henri Bendel, presently operates 3,835 specialty stores.

ABOUT SLATKIN & CO.

      Slatkin & Co. is an industry leader in the prestige home fragrance category and the top vendor for home fragrance at department and specialty stores such as Bergdorf Goodman, Neiman Marcus, Saks and Barney's. Slatkin & Co. is renowned for its sophisticated, exquisitely scented and beautifully designed collections of scented candles, potpourris and room sprays.  Slatkin & Co produces five distinctive signature lines:  Slatkin & Co., Oscar Home; Elton John; C.Z. Guest: and Kabbalah. Internationally, the collection is sold at Barney's Japan, Harrod's, Harvey Nichols, Joyce Hong Kong, and Liberty of London.

* Compass Advisers acted as financial advisor to Slatkin in the transaction.