Les Wexner

Leslie Wexner
Leslie Wexner
Born	September 8, 1937 (age 89); Dayton, Ohio, U.S.
Occupation(s)	Entrepreneur, businessman
Known for	Founder and chairman emeritus of Bath & Body Works, Inc. (formerly Limited Brands)
Notable work	Founder of The Limited, Victoria's Secret acquisition

Leslie Herbert Wexner (born September 8, 1937) is an American billionaire entrepreneur, known as the co-founder and chairman emeritus of Bath & Body Works, Inc. (formerly Limited Brands).

From 1987 until 2007, Wexner employed Jeffrey Epstein as his financial manager. According to Bloomberg, he was initially the primary client of Epstein's wealth management firm. Epstein conducted his business operations from a residence owned by Wexner and sometimes lived there.

Early life and education

Born on September 8, 1937, in Dayton, Ohio, Wexner is the son of Bella née Cabakoff (1908–2001) and Harry Louis Wexner (1899–1975), both of whom were of Russian-Jewish descent. His father originated from Russia, while his mother was born in Williamsburg, Brooklyn before relocating to Columbus, Ohio. He has a younger sister named Susan. Wexner attended Bexley High School and later enrolled at Ohio State University, initially pursuing architecture but ultimately earning a degree in business administration in 1959. During his time at Ohio State, he became a member of the Sigma Alpha Mu fraternity and served with the Air National Guard. He also briefly studied at the Ohio State University Moritz College of Law.

Career

Wexner's retail journey began in his family’s clothing store called "Leslie's," named after him. After reviewing sales data and inventory, and encountering reluctance from his father regarding changes, he opted to establish his own venture. In 1963, backed by $5,000 from his aunt matched by a bank loan, he launched The Limited, which specialized in affordable, fast-turnover apparel. The inaugural store was opened on August 10, 1963, at Kingsdale Shopping Center in Upper Arlington, Ohio. His parents shuttered their own store a year later to join his business. The second Limited location debuted in August 1964, and in 1969 Limited Brands went public on the NYSE under the ticker symbol LTD.

Guided by mentor A. Alfred Taubman from the mid-1960s onward, Wexner collaborated on numerous projects related to Taubman's shopping mall ventures. By 1976, The Limited had grown to encompass 100 stores. In 1978, Wexner acquired Mast Industries—a manufacturer and importer—through substantial borrowing, securing strategic advantages.

During the 1980s, Wexner expanded through acquisitions and emerged as a leading mall retailer. A notable purchase was the lingerie company Victoria's Secret in 1982 for $1 million after its founder declared bankruptcy. By 1992, Victoria's Secret had reached an estimated valuation near $1 billion. Under Wexner's leadership, the brand gained prominence through marketing campaigns featuring supermodels and an annual fashion extravaganza. However, declining sales led to the event's final show in 2018 before its revival in 2024.

In 1993, Wexner brought on Harvard Business School professor Len Schlesinger as a consultant who later joined the company’s board.

Wexner transformed L Brands into a diversified retail group that included Victoria's Secret, Pink, Bath & Body Works, Henri Bendel, The White Barn Candle Company, and La Senza. Past brands that were divested include Lane Bryant, Abercrombie & Fitch, and The Limited (which closed its physical outlets but continued online).

By 2012, CNN Money acknowledged Wexner as the longest-tenured CEO among Fortune 500 firms. He was ranked number 11 on Harvard Business Review’s Top 100 Best Performing CEOs list in 2015 and number 34 in 2016. In February 2020, Wexner stepped down as CEO of L Brands to assume the role of chairman emeritus.

Shapiro murder investigation

In 1985, Arthur Shapiro, a lawyer and partner at a leading Columbus law firm responsible for managing Les Wexner's account, was scheduled to testify before a grand jury regarding an illicit tax fraud case unrelated to Wexner. Shortly before his planned testimony, Shapiro was murdered in a fashion witnesses compared to a Mafia-style execution. The subsequent police inquiry examined possible connections between Shapiro, organized crime, and Wexner, revealing faint links between Wexner’s enterprises—such as a trucking firm—and the Mafia. Nevertheless, local officials regarded these suspicions as largely conjectural. The investigation primarily focused on Shapiro’s business associate Berry Kessler—who had no ties to Wexner—known for commissioning Mafia hits on partners and collaborating with Shapiro in unlawful tax activities. Kessler died incarcerated in 2005 without admitting guilt, leaving the homicide unresolved.

Jeffrey Epstein association

Leslie Wexner hired Jeffrey Epstein as his financial advisor from 1987 until 2007. Epstein, who professed to serve only clients with net assets exceeding one billion dollars, counted Wexner as his foremost client. In 1989, Wexner acquired the Herbert N. Straus House in New York and later sold it to Epstein during the mid-1990s following his marriage to Abigail. By July 1991, Wexner had granted Epstein power of attorney and designated him trustee of the Wexner Foundation.

Wexner faced criticism for allegedly disregarding reports of Epstein’s abuse of authority during the mid-1990s when executives at L Brands reported Epstein impersonating a Victoria's Secret talent scout. Artist Maria Farmer accused Epstein and Ghislaine Maxwell of assaulting her at Wexner’s Ohio estate in 1996; within the following year, actress Alicia Arden made similar allegations. In 2006, Epstein was charged in Florida with multiple counts of molesting minors. Approximately eighteen months later, Wexner terminated his association with Epstein.

Following renewed attention after Epstein’s arrest and death in August 2019, Wexner publicly acknowledged that Epstein had "misappropriated vast sums of money" from him and his family. He engaged criminal defense attorney Mary Jo White for investigations related to the matter.

Public demands escalated in late 2019 and early 2020 when survivors from the Ohio State University abuse scandal urged authorities to probe claims connected to the Wexner property. These advocates sought accountability for the Wexners’ involvement and emphasized their ongoing status as significant university benefactors.

In January 2021, shareholders of L Brands filed a lawsuit in Delaware’s Court of Chancery accusing Wexner and others of cultivating an "entrenched culture of misogyny, bullying and harassment," alleging awareness of Epstein’s misconduct that violated fiduciary responsibilities and damaged brand reputation. The suit also implicated Wexner’s wife, current chair Sarah E. Nash, and former marketing executive Ed Razek for facilitating improper behavior within the corporation.

In the media

Wexner was featured in an August 1985 profile by New York Magazine, portraying a ruthless drive behind his achievements. In 2022, he was mentioned in the pop track "Victoria's Secret" for exploiting women and promoting harmful body image standards, with lyrics referring to him as "an old man who lives in Ohio making money off of girls like me." His association with Jeffrey Epstein was also explored in the 2022 Hulu documentary Victoria's Secret: Angels and Demons.

Philanthropy

In 1989, Wexner and his mother Bella contributed $1 million from their personal funds to the United Way of America, with their names prominently displayed at the organization's main office. In 2017, Forbes recognized him as Ohio's wealthiest billionaire. He played a crucial role in financing the Wexner Center for the Arts at Ohio State University, which honors his father through its name.

Recognizing shortcomings in his own Jewish education, Wexner co-established the Wexner Foundation in 1985 to cultivate leadership within Jewish communities. In 1991, together with billionaire Charles Bronfman, he launched the Study Group (Mega Group), a collective of prominent businessmen dedicated to advancing Jewish philanthropic efforts. This group was instrumental in launching programs such as the Partnership for Excellence in Jewish Education, Birthright Israel, and reforms within national Hillel organizations.

Wexner was a member of Ohio State University's Board of Trustees from 1988 until 1997, rejoined in 2005, assumed the chairmanship in 2009, and resigned before his term ended in 2012. He was honored with the Woodrow Wilson Award for Corporate Citizenship in 2004.

In 2011, he committed $100 million to Ohio State University’s Medical Center and James Cancer Hospital—the largest donation in the university’s history—alongside further gifts to the Wexner Center for the Arts. Through the L Brands Foundation, both he and L Brands contributed $163.4 million to the Columbus Foundation.

To recognize Wexner’s more than three decades of guidance and philanthropy, Ohio State University renamed its Medical Center the Ohio State University Wexner Medical Center in 2012.

Personal life

On January 23, 1993, Wexner wed attorney Abigail S. Koppel. Together, they have four children.

Formerly residing in Bexley, Ohio, Wexner currently lives in New Albany, located northeast of Columbus. His residence is a Georgian-style mansion featuring 30 rooms on nearly 336 acres, constructed in 1990 at a cost of $47 million. For two decades, this estate was the venue for the Annual New Albany Classic Invitational Grand Prix & Family Day—an equestrian event supporting The Center for Family Safety and Healing. However, Abigail Wexner announced its discontinuation in February 2018 due to the rising number of elite horse competitions.

Since 1997, he has owned Foxcote House, a mid-18th century property situated in Warwickshire, England.

In May 2008, President George W. Bush appointed Wexner to an Honorary Delegation accompanying him on a visit to Jerusalem for Israel’s sixtieth anniversary celebrations.

On May 7, 2010, Wexner was inducted as an honorary member of Ohio State University’s 104th Sphinx Senior Class.

Political activities

Wexner organized a fundraiser for Mitt Romney during the 2012 presidential campaign and donated $250,000 to Romney's super PAC, Restore Our Future. In 2015, he gave $500,000 to Right to Rise USA, a super PAC supporting Jeb Bush's bid for the presidency in 2016.

On September 14, 2018, The Columbus Dispatch reported that Wexner had disaffiliated from the Republican Party due to shifts in its character. This announcement came shortly after a Columbus Partnership forum where former President Barack Obama also delivered remarks.

Additional resources

External links

Official website of the Wexner Foundation