Les Wexner Quits Control of Victoria’s Secret

Les Wexner Quits Control of Victoria’s Secret

For more than five decades, Les Wexner brought fashion to the masses through shopping mall shops across America, but the 82- year-old billionaire’s decision to part ways with Victoria’s Secret is an admission that he could not revive the distressed lingerie brand name he had actually constructed on shopping mall and allure.

L Brands Inc., Mr. Wexner’s company, agreed on Thursday to offer a controlling stake in the garments chain to private-equity firm Sycamore Partners for $525 million, and he agreed to step down as chairman and president. The …

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