Wexner Is Expected to Step Down as Victoria’s Secret Goes Private

News of the expected sale was first reported by The Wall Street Journal.

Mr. Wexner’s business savvy and sharp eye for the tastes of American consumers made him a billionaire and a retail industry icon. Over the years, he has been described as “one of the great merchant princes of the late 20th century,” a “rag-trade revolutionary” and the “Merlin of the mall.”

But the executive’s legacy has been tainted by his connection to Mr. Epstein, who died in a Manhattan jail cell in August while facing federal sex-trafficking charges. Mr. Wexner has sought to distance himself from the financier and emphasized that he had no knowledge of Mr. Epstein’s suspected activities.

Mr. Wexner employed Mr. Epstein as a personal adviser for years, handing him sweeping powers over his finances, philanthropy and private life. Mr. Epstein was empowered to borrow money on behalf of Mr. Wexner and sign Mr. Wexner’s tax returns, as well as hire people and make acquisitions. Over the years, Mr. Epstein obtained a mansion in Manhattan, a luxury estate in Ohio and a private plane — possessions worth roughly $100 million today — that had previously been owned by Mr. Wexner or his companies.

Details of the relationship added to the challenges of L Brands, where Victoria’s Secret has been struggling to keep up with changing notions of female beauty and representation in advertising. Victoria’s Secret is the company’s crown jewel. It is the world’s dominant specialty retailer for lingerie, with billions of dollars in revenue every year, and a pop-culture phenomenon. The supermodels selected to represent the brand — known as “Angels” — had long helped shape the ideals of beauty and sexiness for many Americans.

But it canceled its famous annual fashion show last year after a nearly two-decade run on broadcast television and conducted layoffs. The largely male management of L Brands has come under fierce criticism, especially as Victoria’s Secret has struggled.

Article source: https://www.nytimes.com/2020/02/19/business/victorias-secret-leslie-wexner-l-brands.html