L Brands’ Les Wexner is one of America’s longest-serving CEOs.
With an estimated net worth of $5.6 billion, he was one of America’s longest-serving CEOs, according to Forbes.
Wexner’s relationship with Epstein was deep-rooted and problematic to those around him, according to a report from The Wall Street Journal. Throughout the two-decades-long relationship, Wexner reportedly paid Epstein millions of dollars in fees and involved the financier in his family matters.
Epstein died by suicide in his cell on August 10, 2019 while awaiting his trial. Wexner has since severed his ties with L Brands, stepping down as chairman and CEO in 2020 and selling his majority stake in the company.
Wexner wasn’t always a billionaire, however. He was born in Dayton, Ohio, to Russian immigrants, attended The Ohio State University, and served in the Air National Guard. He then went to work in his parents’ business, a small store called Leslie’s, starting him on the path to retail.
This is the story of how Wexner went from his first serious go at retail with The Limited to his leap to billionaire CEO of L Brands — and ultimately to his entanglement with Epstein.
Leslie “Les” Wexner was born in Dayton, Ohio, in 1937 to Russian immigrants. Wexner attended The Ohio State University and served in the Air National Guard. He then went to work in his parents’ business, a small store called Leslie’s.
AP Photo/Matt Sullivan
Source: L Brands
In 2013, Wexner donated $100 million to his alma mater. He would serve on the university’s Board of Trustees for two terms throughout his life.
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Source: Jewish Business News
Though Wexner initially planned to pursue a career in law, he decided to enter the field of fashion retail. In 1963, he took a $5,000 loan from his aunt to open his own store called The Limited, which focused on selling only a few types of inexpensive clothing and competed with his parents’ store.
L Brands
Source: Jewish Business News, Town and Country
Wexner made $20,000 in profit in his first year running the store. In the next decade, Wexner opened 41 stores, and he was selling $26 million worth of merchandise by 1973. He decided to focus on the female customer and launched Express in 1980.
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Source: Forbes
In 1982, Wexner became interested in a small lingerie chain, Victoria’s Secret. He bought the failing chain of San Francisco shops for $1 million and began to revitalize the chain into what would become the largest lingerie retailer in the US.
L Brands
Source: Forbes
Victoria’s Secret was soaring by the early 1990s. It had over 350 stores, and its sales were more than $1 billion.
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Source: The Telegraph
In the 1980s, Wexner was looking to expand his interests beyond retail. He was specifically interested in developing luxury homes in New Albany, Ohio. He bought land for his own mansion there in the late 1980s and eventually designed the entire 10,000-acre town through his development firm, The New Albany Co.
Vimeo/The New Albany Company
Source: The New York Times, Business Insider, Bloomberg
In the mid-to-late-1980s, a mutual acquaintance introduced Wexner to Jeffrey Epstein, a financial advisor, to assist Wexner in his new business ventures. After they met, the two reportedly began to spend a lot of time together.Billionaire Jeffrey Epstein in Cambridge, MA on 9/8/04. Epstein is connected with several prominent people including politicians, actors and academics. Epstein was convicted of having sex with an underaged woman.
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Source: The New York Times
Wexner married Abigail S. Koppel on January 23, 1993 in New Albany. Koppel, a lawyer, graduated from Barnard College and New York University’s law school. By this time, Epstein was already enmeshed in Wexner’s personal and financial affairs, according to The New York Times.
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Source: The New York Times
In July 1991, Wexner signed a document that gave Epstein power of attorney, which granted Epstein the “full power and authority to do and perform every act necessary” on behalf of Wexner, The New York Times reported.Jeffrey Epstein was arrested Saturday evening on charges of sex trafficking of minors.
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Source: The New York Times
Over the next 16 years, Epstein proceeded to meddle in various aspects of Wexner’s business and personal affairs. In these years, Epstein acquired mansions in New York and Ohio, as well as a private plane that had been owned by Wexner or his companies previously. Wexner is one of Epstein’s only known clients. Wexner and Epstein
Astrid Stawiarz and Patrick McMullan/Getty Images
Source: The New York Times, Business Insider, Vanity Fair
In 2002, Epstein attempted to give Wexner a $339,000 portrait — a move that led to a lawsuit. In the lawsuit over payment for the painting, between Epstein and the artist, Wexner and his wife were described as Epstein’s “clients and close personal friends.”
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Source: Business Insider
In 2018, Wexner began to vocalize criticism against President Donald Trump. In January of that year, Wexner criticized the president’s rhetoric on immigration via an online video.L Brands’ Les Wexner is one of America’s longest-serving CEOs.
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Source: Business Insider
Eventually, Wexner announced he no longer considered himself a Republican, claiming he had experienced enough of the “nonsense” of that party.
AP Photo/Jay LaPrete
Source: Business Insider
Meanwhile, Victoria’s Secret has been criticized by people both inside and outside the fashion industry for its lack of diversity and unrealistic portrayals of women.
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Source: Business Insider
Everything came to a head in July 2019. Epstein was arrested and charged with sex trafficking of minors. He pleaded not guilty to the charges.Epstein’s home, where many of the alleged sexual encounters occurred, is pictured above in Palm Beach.
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Source: Business Insider
After Epstein was arrested, Wexner came under scrutiny for his close relationship with the financier. The Wall Street Journal reported that Epstein had an unusual amount of influence in matters that should have been considered outside of his jurisdiction, such as his attempts to meddle in the selection of Victoria’s Secret models.
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Source: The Wall Street Journal, Business Insider
Wexner wrote in a company memo after Epstein’s arrest that he had been unaware of the charges that were being brought against his former financier. He also said he regretted that his “path ever crossed” Epstein’s, and that he cut all ties with Epstein 12 years ago.
L Brands
Source: The Wall Street Journal, Business Insider
L Brands hired an outside law firm to investigate Epstein’s ties to the company. A spokeswoman for L Brands told Business Insider that the company does not believe that Epstein ever “served as an authorized representative of the company.”
Getty/Astrid Stawiarz
Source: Business Insider
In a letter to the Wexner Foundation, Wexner said that Epstein had misappropriated vast amounts of money from him and his family when Epstein was his financial advisor. Though Wexner didn’t specify an amount, The Wall Street Journal estimated a sum of more than $46 million.Les Wexner and Ed Razek pose backstage at the 2016 Fragrance Foundation Awards presented by Hearst Magazines – Show on June 7, 2016 in New York City.
Astrid Stawiarz/Getty Images for Fragrance Foundation
Source: The Wall Street Journal, Business Insider, Wexner Foundation
After six decades with the company, Wexner stepped down as chairman and CEO of L Brands in 2020. He later sold his majority stake, $2 billion in shares, and essentially severed all ties with L Brands.Les Wexner
Jay LaPrete/AP
Source: Business Insider, Forbes
Victoria’s Secret now operates as an independent company and has since tried to rebrand into a lingerie retailer that’s more inclusive.Victoria’s Secret in London.
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Source: Business Insider
