Following a dip in sales and criticism about its billionaire founder, Victoria's Secret will be sold and have its founder step down as it seeks to move forward and find profit.
H/T: Fox News
"We believe the separation of Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK into a privately held company provides the best path to restoring these businesses to their historic levels of profitability and growth," CEO Les Wexner said in the statement.
Wexner is facing increasing scrutiny over his ties to the late financier Jeffrey Epstein, who was indicted on sex-trafficking charges, and for the he internal culture under his leadership at Victoria's Secret.
Leslie Wexner, the 82-year-old CEO of L Brands, which owns Victoria's Secret, will step down as the lingerie brand is taken private. He was a retail legend but has recently come under scrutiny for his ties to Jeffrey Epstein & the internal culture at VS: https://t.co/zjhE1simGT— Sapna Maheshwari (@sapna) February 20, 2020
Hiring a criminal defense attorney is a curious move when claiming to be the victim of a crime.— MaReQ🌟🌟🌟 (@Mareq16) February 20, 2020
Wexner claimed Epstein “misappropriated” over $46 million from him in a letter to his charitable foundation.https://t.co/xr7KAkpWlk
Les Wexner is out at L Brands following months of scrutiny over his ties to Jeffrey Epstein.— Mark Remillard (@MarkJRemillard) February 20, 2020
There's been great reporting by the NY Times, WSJ, as well as our own work on $1.3B in Limited Stock sales by Epstein on behalf of Wexner just a few weeks ago: https://t.co/hLY9tgYKR9