<SEC-DOCUMENT>0001225208-21-010579.txt : 20210712
<SEC-HEADER>0001225208-21-010579.hdr.sgml : 20210712
<ACCEPTANCE-DATETIME>20210712185750
ACCESSION NUMBER:		0001225208-21-010579
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210708
FILED AS OF DATE:		20210712
DATE AS OF CHANGE:		20210712

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Sheehan Anne
		CENTRAL INDEX KEY:			0001776285

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08344
		FILM NUMBER:		211086388

	MAIL ADDRESS:	
		STREET 1:		THREE LIMITED PARKWAY
		CITY:			COLUMBUS
		STATE:			OH
		ZIP:			43230

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:			0129

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc4.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0306</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2021-07-08</periodOfReport>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001776285</rptOwnerCik>
            <rptOwnerName>Sheehan Anne</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>THREE LIMITED PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>COLUMBUS</rptOwnerCity>
            <rptOwnerState>OH</rptOwnerState>
            <rptOwnerZipCode>43230</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock, $0.50 par value</value>
            </securityTitle>
            <transactionDate>
                <value>2021-07-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>23733.0000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>26690.0000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2021-07-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>23733.0000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.0000</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, $0.50 par value</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>23733.0000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0.0000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Each share of phantom stock has the economic equivalent of one share of Issuer's common stock. On July 8, 2021, the reporting person's phantom stock units were settled for an equal number of shares of Issuer's common stock.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Robert J. Tannous, Attorney-in-Fact</signatureName>
        <signatureDate>2021-07-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
