<SEC-DOCUMENT>0001140361-15-003365.txt : 20150130
<SEC-HEADER>0001140361-15-003365.hdr.sgml : 20150130
<ACCEPTANCE-DATETIME>20150130185107
ACCESSION NUMBER:		0001140361-15-003365
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150128
FILED AS OF DATE:		20150130
DATE AS OF CHANGE:		20150130

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			L Brands, Inc.
		CENTRAL INDEX KEY:			0000701985
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-WOMEN'S CLOTHING STORES [5621]
		IRS NUMBER:				311029810
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0131

	BUSINESS ADDRESS:	
		STREET 1:		THREE LIMITED PKWY
		STREET 2:		P O BOX 16000
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43216
		BUSINESS PHONE:		6144157000

	MAIL ADDRESS:	
		STREET 1:		THREE LIMITED PARKWAY
		STREET 2:		P.O. BOX 16000
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIMITED BRANDS INC
		DATE OF NAME CHANGE:	20020613

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIMITED INC
		DATE OF NAME CHANGE:	19920703

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WEXNER ABIGAIL S
		CENTRAL INDEX KEY:			0001250041

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08344
		FILM NUMBER:		15564552

	MAIL ADDRESS:	
		STREET 1:		C/O L BRANDS, INC.
		STREET 2:		THREE LIMITED PARKWAY
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43216

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Wexner Leslie H.
		CENTRAL INDEX KEY:			0000901359

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08344
		FILM NUMBER:		15564553

	MAIL ADDRESS:	
		STREET 1:		C/O L BRANDS, INC.
		STREET 2:		THREE LIMITED PARKWAY
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43216

	FORMER NAME:	
		FORMER CONFORMED NAME:	WEXNER LESLIE H
		DATE OF NAME CHANGE:	19930420
</SEC-HEADER>
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<DESCRIPTION>FORM 4
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    <documentType>4</documentType>

    <periodOfReport>2015-01-28</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000701985</issuerCik>
        <issuerName>L Brands, Inc.</issuerName>
        <issuerTradingSymbol>LB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000901359</rptOwnerCik>
            <rptOwnerName>Wexner Leslie H.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O L BRANDS, INC</rptOwnerStreet1>
            <rptOwnerStreet2>THREE LIMITED PARKWAY</rptOwnerStreet2>
            <rptOwnerCity>COLUMBUS</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>43216</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chairman and CEO</officerTitle>
            <otherText></otherText>
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        <reportingOwnerId>
            <rptOwnerCik>0001250041</rptOwnerCik>
            <rptOwnerName>WEXNER ABIGAIL S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O L BRANDS</rptOwnerStreet1>
            <rptOwnerStreet2>THREE LIMITED PARKWAY</rptOwnerStreet2>
            <rptOwnerCity>COLUMBUS</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>43216</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chairman and CEO</officerTitle>
            <otherText></otherText>
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    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock option (right to buy</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>84.93</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2015-01-28</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>118933</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2025-01-28</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>118933</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>118933</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
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            </postTransactionAmounts>
            <ownershipNature>
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                    <value>D</value>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
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            </ownershipNature>
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    <footnotes>
        <footnote id="F1">Stock option granted to Leslie H. Wexner (&quot;Mr. Wexner&quot;).</footnote>
        <footnote id="F2">The option vests in installments as follows: 1/28/2017 - 23,786 shares; 1/28/2018 - 23,787 shares; 1/28/2019 - 35,680 shares; and 1/28/2020 - 35,680 shares, subject to earlier forfeiture or acceleration.</footnote>
        <footnote id="F3">Not applicable.</footnote>
        <footnote id="F4">Mr. Wexner and Abigail S. Wexner (&quot;Mrs. Wexner&quot;) disclaim beneficial ownership of all indirectly owned securities reported on this Form in excess of their respective pecuniary interests therein.</footnote>
        <footnote id="F5">Owned by Mr. Wexner directly. Owned by Mrs. Wexner indirectly, through Mr. Wexner.</footnote>
    </footnotes>

    <remarks>Remarks  Exhibit 99.1:  Joint Filer Information, incorporated herein by reference.</remarks>

    <ownerSignature>
        <signatureName>/s/ Leslie H. Wexner</signatureName>
        <signatureDate>2015-01-30</signatureDate>
    </ownerSignature>
</ownershipDocument>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>mm01-3015wexner_4e991.htm
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<font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; TEXT-DECORATION: underline">/s/ <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Abigail S. Wexner&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</font></font></font><br>
</font></font><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Abigail S. Wexner</font></div>

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