Leslie Wexner, the billionaire behind Victoria’s Secret, is in discussions to step aside as chief executive officer of his retail empire and is exploring strategic alternatives for the lingerie brand, according to people familiar with the matter.

The parent company, L Brands Inc., is in discussions with Sycamore Partners, a private-equity firm that has scooped up several troubled apparel brands, some of the people said. The discussions are ongoing and could result in a full or partial sale of Victoria’s Secret, some of the...