Another nail in Victoria Secret’s coffin
Photo: Dimitrios Kambouris/Getty Images for Victoria’s Secret Here’s another nail in Victoria Secret’s coffin: The Wall Street Journal reported today that Les Wexner, the billionaire behind the brand, is in talks to step down as its CEO. The Journal reports that Wexner is in discussions for a full or partial sale, a decision that will be made in coming weeks.
Wexner, who is 82, has been the chief executive of L Brands, Victoria’s Secret’s parent company, for 57 years. He brought the lingerie empire to its peak in 2015, when its market value was $29 billion, and he’s stuck around for the last five years as the brand has collapsed. All things considered, Wexner’s escape makes sense. The Victoria’s Secret Fashion Show was officially canceled last year, a symbolic death for a brand that has been bleeding out for some time now. The show’s viewership has been slipping for years, and V.S.’s sales started declining in 2017, as customers turned to new labels that focused on comfort and inclusive marketing, Rihanna’s Savage x Fenty lingerie line being chief among them.
Then there’s the PR problem: In 2018, the man behind the brand’s molto sexy marketing, Ed Razek, told Vogue that transgender models would never be used in a show because they didn’t fit the “fantasy.” He has since quit. And last year, Wexner himself came under scrutiny for his ties to the late financier and sex trafficker Jeffrey Epstein. Wexner has since said that his trust in Epstein was “grossly misplaced” and that he ”deeply regret[s] having ever crossed his path.
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