Leslie Wexner :
In major news retail giant L Brands plans to sell 55% majority control of Victoria’s Secret to private equity firm Sycamore Partners, making it a private company with a $1.1 billion valuation. L Brands stock wobbled Thursday morning after the company said it selling a controlling stake in Victoria’s Secret to a private-equity firm.
Billionaire Leslie Wexner, the CEO of L Brands for nearly six decades — the longest-serving chief executive in the S&P 500 — will also step down as CEO and chairman after a challenging period, with executive Andrew Meslow due to take over. L Brands will be left running just the Bath & Body Works chain.
Mr. Wexner is a legend in the retail industry and his company has, at times, overseen Abercrombie & Fitch, Express, the Limited, Lane Bryant, Henri Bendel and more. But in the past few years, he’s come under pressure as Victoria’s Secret has been viewed as out of touch, the L Brands stock has cratered and, significantly, a spotlight has been put on his close relationship with Jeffrey Epstein.
This deal comes after years of falling sales, criticisms from customers about its product selection and scandals at the company.
Leslie Wexner 𝗧𝗵𝗶𝘀 𝗻𝗲𝘄𝘀 𝗶𝘀 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗶𝗻𝗴 𝗼𝗻 𝘁𝘄𝗼 𝗳𝗿𝗼𝗻𝘁𝘀:
👉 Business needs to innovate and keep the brand(s) relevant. Victoria’s Secret has lost its appeal. Being perceived as an object no longer interests women.
👉 Do you plan your succession as business owner? Yes, even small businesses should think about its legacy.
Andrew Meslow joined the company in 2003, and is the chief operating officer of its Bath & Body Works chain.
Even brands are at risk and need to adapt to changing consumer tastes. L Brands once valued at $29 billion, today $7 billion with $5 billion in debt. There only so much vanilla scented candles and room deodorizers one can buy!
Moreover, after the cancellation of the annual fashion show, this expected.
But, can Victoria’s Secret turn it around under new ownership? Also, some fundamental changes are needed to occur for them to be relevant to consumers in this day in age. But!
But! But! In conclusion, what do you think? But! But! Also, do write your comments below.