Les Wexner, chief govt of Victoria's Secret mother or father L Brands, has by no means been beneath extra strain.The corporate, which additionally
Les Wexner, chief govt of Victoria’s Secret mother or father L Brands, has by no means been beneath extra strain.
The corporate, which additionally owns Tub & Physique Works, has seen its shares fall 37% year-to-date. Gross sales have lagged at Victoria’s Secret as buyers more and more see its merchandise as exclusionary and too provocative within the “Me Too” period.
Maybe most troubling of all of the shadows over Wexner, nonetheless, is that of late intercourse legal Jeffrey Epstein. The retail tycoon earlier this yr acknowledged his shut ties to Epstein, together with that he gave the disgraced financier energy of lawyer.
However in contrast to another rich and highly effective Epstein associates, Wexner has but to face penalties for his relationship with the accused baby intercourse trafficker, who died earlier this yr. There have been no public cries for Wexner’s resignation from board members or notable traders.
L Manufacturers is anticipated to report its third-quarter earnings after the bell on Wednesday.
Past just a few public expressions of remorse over Epstein, little has modified for Wexner, who’s 82. He stays CEO and chairman of L Manufacturers, in addition to certainly one of its largest shareholders, with an almost 17% stake, in accordance with FactSet.
The corporate’s board stays largely comprised of plenty of individuals pleasant to Wexner that one trade insider known as “the Ohio Mafia.” They embody his spouse, Abigail…