KEY POINTS

  • Les Wexner's net worth is around $4.6 billion
  • He is set to step down as Victoria's Secret CEO
  • Victoria's Secret is being sold for $525 million

Les Wexner’s net worth is still around the billions and selling Victoria’s Secret will add around half a billion more to his stack.

Wexner is the founder of the L Brands, an empire which includes Victoria’s Secret and Bath & Body Works, among others. With a net worth of $4.6 billion, Wexner placed on the 154th spot in last year’s rankings for Forbes 400.

When reports about the sale of Victoria's Secret went out in January, shares of L Brands jumped by as much as 12%. On the other hand, Wexner’s money only hiked by 2%. This is because most of his fortune is outside L Brands. 

Now, reports have come out that private-equity firm Sycamore Partners is buying VS for $525 Million. The 82-year-old billionaire is set to step down as CEO of global lingerie brand Victoria’s Secret after more than five decades. Wexner will still be part of the company’s board after the deal. CEO of Bath & Body Works Andrew Meslow is set to take over the lingerie brand.

Wexner started selling shirts and pants in 1963 and even loaned $5,000 to launch The Limited. In 1982, he purchased VS for $1 million.

Under his leadership, the brand reached global fame. However, Victoria’s Secret has faced increased scrutiny in recent years and the pressure could be one of the reasons why Wexner decided to step down. The annual Victoria’s Secret Fashion Show was cancelled in 2019 due to heightened backlash from featuring women who have non-realistic body types. Per Now This, the show, which was one of the most awaited in the fashion scene, received little love from viewers in 2018. 

The Victoria’s Secret Fashion Show helped launch the career of supermodels such as Naomi Campbell, Heidi Klum, Alessandra Ambrosio, Adriana Lima, Miranda Kerr, Tyra Banks and Gisele Bundchen, among others. 

The performance of L Brands has actually declined as early as 2015. That year, shares dipped by 75% which effectively wiped out $3 billion of Wexner’s money. Aside from L Brands, Les Wexner also owns a billion-dollar art collection and multi-million real estate assets. 

Despite this, Wexner remains one of the biggest billionaires in the world, securing the 413th spot in Forbes 2019 Richest People in the World list. He collects Picasso paintings and vintage Ferraris. He also owns a 300-foot yacht, and has donated over a quarter of a billion dollars to orgaizations and institutions in his state of Ohio.