An American billionaire businessman known for founding and serving as the chairman emeritus of Bath & Body Works, Inc., Leslie Herbert Wexner (born September 8, 1937). (formerly Limited Brands).
It wasn’t long after establishing up The Limited, a clothing store with a limited selection of successful products, before expanding his interests into Victoria’s Secret, Abercrombie & Fitch, Express and Bath & Body Works to build his commercial empire.
In February 2020, Wexner announced that he will be stepping down as CEO of L Brands and taking on the role of chairman emeritus. Beginning in the 1980s and lasting until Epstein’s death, Wexner enjoyed a strong friendship with him. A property owned and occupied by Wexner, the CEO of Victoria’s Secret, allowed Jeffrey Epstein to run his company out of the house.
Also read:
Christine Quinn Net Worth 2022: Is Christine Quinn’s Spouse Worth a Billion Dollars?
Bruce Weber Net Worth : How Much Money Does Photographer Have?
Mike Jeffries Net Worth: How Much Money Does the Entrepreneur Have?
Early Life
In 1937, Laslie Wexner was born on September 8, 1937, in the Ohio city of Dayton, to a family of Russian-Jewish ancestry. In his family, his parents were Bella and Harry Louis Wexner, who had two children and who used to manage the family cheerfully and calmly, with no serious concerns relating to finances or emotional well-being.
While this well-known and wealthy businessman has a younger sister named Susan, the fact that his mother was born in Brooklyn but subsequently moved to Columbus as a toddler indicates that he is of first-generation American origin.
From that point on, this family became the permanent occupants of this particular territory. During the early years of this successful businessman’s life, his parents enrolled him in a prestigious elementary and secondary school in the wealthy enclave of Bexley, which provided him with an excellent foundation and primary education.
When he graduated from high school, he went on to attend Ohio State University for his postsecondary studies. His interest in the fields of art and architecture was piqued during this period of his life, which was a favorable development.
The completion of his graduation in central business administration in 1959 paved the way for him to better comprehend the theories and fundamental laws of business that were in effect at the time of his graduation.
Personal Life
In 1993, at the age of 55, this well-known and extremely wealthy businessman tied the knot with Abigali S. Koppel, who was 31 at the time. Despite the fact that they have four children, this happily married couple wishes to end their lives in peace.
Because he was so intensely focused on his job and business, this businessman never had the time to become involved with any other ladies throughout his entire life. As a result, there are no controversies concerning this ladder or about the chairman of L Brands’ personal life that can be located.
Career
In his parents’ clothes store, “Leslie’s,” Wexner got his start in retail. After he graduated from law school, his parents asked him to run the store while they went on vacation. Wexner examined the profit and loss margins of the women’s clothes line while on vacation and discovered that, despite selling less frequently than blouses, the higher-priced apparel line was less profitable. However, it had little effect on his father’s stock.
In 1963, his aunt Ida loaned him $5,000 and a bank matched it, allowing him to launch The Limited. A year after the opening of the Kingsdale Shopping Center on August 10, 1963, Wexner opened its first store there.
A year later, Wexner’s parents sold their business and joined him at The Limited. When he established the second Limited store in August of that year, the company went public on the New York Stock Exchange in 1969.
According to rumor’s, A. Alfred Taubman served as a mentor to Wexner beginning in the mid-1960s and worked with him on numerous transactions involving Taubman’s shopping centres.
By 1976 Wexner had opened the 100th store and in 1978 took on a significant debt to acquire Mast Industries, an importer and manufacturer, which was later viewed as providing him with important advantages over his competitors.
Wexner increased his retail holdings by purchasing many companies in the 1980s, and he became well-known as a major American mall owner.
Wexner bought Victoria’s Secret in 1982 because of the outstanding quality of the products and the shop’s Victorian-era design, which included red-velvet sofas. “Angels,” as they came to be known, were supermodels who appeared in an annual fashion show to promote Victoria’s Secret products.
Sadly, sales had dropped by 2015, and the 2018 Victoria’s Secret Fashion Show was the final one. From Victoria’s Secert to Pink to The White Barn Candle Company, from Bath & Body Works to Henri Bendel, Wexner amassed a retail and marketing empire.
According to Harvard Business Review, Wexner was the 11th best performing CEO in 2015 and the 34th best performing CEO in 2016. He was described as the longest-serving CEO of a Fortune 500 business in 2012.
Wexner’s career path suggests that he has done well and is therefore deserving of an award. He was ranked #11 on Harvard Business Review’s Top 100 Best Performing CEOs of 2015 and #34 in 2016, making him the longest-serving CEO of a Fortune 500 business.
More:
Emma Hernan Net Worth 2022: Does Emma Hernan Have a Child?
Joe Francies Net Worth : How Much Money Does the Entrepreneur Makes?
Frequently Asked Question
How did Les Wexner start his business?
Les Wexner speaks onstage at the 2016 Fragrance Foundation Awards. In 1963, though, Wexner started the business with a $5,000 loan from his aunt, opening a single store called the Limited, which bucked the department store model by carrying only a relatively small selection of merchandise, focusing on fast-moving pieces like pants and blouses.
Who are Wexner’s business partners?
Another close business partner of Wexner’s mentioned in the Shapiro Murder File, Francis J. “Frank” Walsh, similarly had ties to organized crime, specifically the “Genovese crime family.”
Net Worth of Les Wexner
L Brands, formerly known as Limited Brands, is the primary source of Wexner’s wealth. For 2019, he held more than 47 million shares of the business personally, through trusts, and a 401(k).
An insider transaction, dividend analysis, taxation, charity giving, and market performance all go into determining the value of his cash interests. As of April 2022, Wexner’s net worth is expected to be $7 billion.
Wexner’s journey through life has been remarkable. He doesn’t seem to understand the concept of going to bed hungry. Wexner was born into a well-to-do family; both of his parents had already built successful enterprises before he was even born. It was a leg up for him as far as his career was concerned. Because of his age, it is less likely that he will continue to rise in the value stakes.
Conclusion
The super PAC of Mitt Romney, Restore Our Future, received a $250,000 donation from Wexner as a result of a 2012 fundraiser he threw for Romney. Right to Rise USA Super-Pac, which backed Jeb Bush’s 2016 presidential campaign, received a donation of $500,000 from Wexner in 2015.
As of September 14, 2018, the Columbus Dispatch reported that on September 14, 2018, Wexner had resigned his Republican Party allegiance. Ex-President Obama spoke at the same Columbus Partnership panel as Wexner at the time of Wexner’s comment. Since the beginning of this year, he has declared himself an independent of any political party.