Les Wexner

Les Wexner is an American billionaire businessman and philanthropist, best known as the founder and longtime chairman of the retail conglomerate L Brands. He transformed a single store in Columbus, Ohio, into a global empire encompassing iconic brands like Victoria's Secret, Bath & Body Works, and The Limited. His career is marked by innovative retail strategies and significant philanthropic contributions, particularly in Central Ohio, though later years were shadowed by his association with financier Jeffrey Epstein.

Early life and education

Leslie Herbert Wexner was born to Russian Jewish immigrants in Dayton, Ohio. His parents, Bella (Cabakoff) Wexner and Harry Wexner, operated a small clothing store, which provided his early exposure to the retail industry. He attended Bexley High School before enrolling at The Ohio State University. Wexner initially pursued a pre-law track but shifted his focus, graduating in 1959 with a degree in business administration from the Fisher College of Business.

Business career

In 1963, using a $5,000 loan from his aunt, Wexner opened the first store of The Limited in a Columbus shopping center, focusing on affordable, fashionable women's apparel. His concept of "limited assortment" was a success, leading to rapid expansion. He took the company public in 1969. Throughout the 1980s and 1990s, Wexner engineered a series of transformative acquisitions and launches, most notably purchasing the Victoria's Secret brand in 1982 and founding Bath & Body Works in 1990. He consolidated these brands under the corporate umbrella of Limited Brands, later renamed L Brands. Under his leadership, the company became a dominant force in specialty retail, known for its elaborate Victoria's Secret Fashion Show and expansive mall presence. Wexner served as CEO for over five decades and remained chairman until stepping down in 2020 amid corporate restructuring and the sale of a controlling interest in Victoria's Secret to Sycamore Partners.

Philanthropy and civic engagement

Wexner and his wife, Abigail Wexner, have been major philanthropic forces, primarily in Central Ohio. Their giving has focused on Jewish causes, education, and the arts. Significant contributions include a landmark gift to establish the Wexner Medical Center at The Ohio State University and the founding of the Wexner Center for the Arts. He has served on the boards of institutions like The Ohio State University Board of Trustees and the Rockefeller Foundation. Wexner has also been a substantial donor to Birthright Israel and established the Wexner Foundation, which runs leadership programs such as the Wexner Heritage Program for Jewish communal leaders. His civic investments were instrumental in the development of the Easton Town Center retail complex in Columbus.

Personal life

Wexner married attorney Abigail S. Koppel in 1993. They have four children and reside primarily in New Albany, Ohio, a suburb of Columbus he helped develop. He has owned several notable properties, including a mansion in New Albany and a large estate in Jefferson, Ohio, known as the New Albany estate. Wexner is an avid art collector and has been involved in various social circles, including associations with figures like designer Michael Kors and politician John Kasich. His personal fortune has consistently placed him among the wealthiest people in Ohio.

Controversies and legal issues

Wexner's legacy became intertwined with scandal due to his lengthy professional and personal relationship with financier Jeffrey Epstein. Wexner was Epstein's only publicly acknowledged financial client for years, granting him sweeping power of attorney and hiring him as a personal money manager. Following Epstein's 2008 conviction for soliciting prostitution from a minor, Wexner severed ties. The relationship came under intense scrutiny after Epstein's 2019 arrest on new federal sex trafficking charges; Wexner stated he was "embarrassed" by his past association. In 2020, L Brands faced lawsuits from shareholders alleging the board failed to properly oversee the connection with Epstein. Furthermore, Wexner and L Brands have been subject to criticism and legal challenges regarding the corporate culture at Victoria's Secret, including allegations of misogyny and complicity in Epstein's activities through his former role as a modeling scout.

Category:American billionaires Category:American businesspeople Category:American philanthropists Category:L Brands Category:1937 births Category:Living people