Headlines

Les Wexner May Step Down from L Brands

L Brand’s billionaire CEO could step down from his position and disband the company.

Published

4 years ago

January 30, 2020

VMSD Staff

CEO of L Brands Inc. (Columbus, Ohio), Les Wexner, may be stepping down from his position. The Wall Street Journal reported the company is in talks with Sycamore Partners (New York) for a stake in Victoria’s Secret. The Wall Street Journal also reported the talks may result in a full or partial sale of the brand.

L Brands has seen decreasing stock values for four consecutive years, most recently facing a 29 percent drop in 2019, according to Fortune.com.

In recent times, L Brands have waned in performance due to competitive brands that market a body-positive approach to women’s wear, like Aerie and ThirdLove, Fortune.com reports.

Victoria’s Secret’s annual reported sales fell in 2018 and are predicted to continue their decline in 2019. Quarterly results for the company will be reported on Feb. 26.

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