Victoria's Secret to Be Sold? "Parent Company CEO Resigning Under Discussion"

[Image source=AP Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] Leslie Wexner, CEO of L Brands, the parent company of the famous lingerie brand Victoria's Secret, is reportedly considering stepping down after 57 years and selling Victoria's Secret, according to sources cited by the Wall Street Journal (WSJ) on the 29th (local time).

According to the report, L Brands is known to be discussing the full or partial sale of Victoria's Secret with private equity firm Sycamore Partners. Victoria's Secret, a well-known lingerie brand generating approximately $7 billion (about 8.2733 trillion KRW) in annual sales, has recently been struggling with declining revenue.

Wexner holds the title of the longest-serving CEO among companies listed on the S&P 500 index. He started his business in 1963 and took it public in 1969. Beginning with a small store in Columbus, Ohio, he founded the apparel company Abercrombie & Fitch and created the retail group L Brands, which includes Victoria's Secret and the body care brand Bath & Body Works.

However, L Brands' market capitalization peaked at $29 billion in 2015 and has since declined, recently falling below $6 billion. Last year alone, L Brands' stock price dropped by 29%.

Wexner also attracted attention due to his relationship with billionaire Jeffrey Epstein, who caused a scandal in U.S. politics over underage sex crimes. Epstein was a director of the Wexner Foundation and managed Wexner's assets for nearly 20 years, reportedly also being involved in decisions regarding the hiring of Victoria's Secret models, according to the WSJ.

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