ColumnistsJan 22, 2025
On Data: How Did Independent Jewelers Fare in 2024? Sherry Smith shares data on the year gone by, including the breakdown between natural and lab-grown diamond sales.
MajorsFeb 21, 2020
Longtime Retail CEO Les Wexner to Step Down
Les Wexner, CEO of L Brands, will depart once the company closes a deal to sell its Victoria’s Secret brand.
A Victoria’s Secret store in New York City. L Brands, the lingerie brand’s parent company, has sold a controlling stake in the retailer to private equity firm Sycamore Partners. (Image courtesy of Wikimedia Commons/WestportWiki)
Columbus, Ohio—Fashion retailer L Brands Inc. announced Thursday that founder and longtime CEO Les Wexner will step down as it sells a controlling stake in Victoria’s Secret.
One of the company’s flagship brands, the lingerie and beauty retailer is being sold to private equity firm Sycamore Partners in a deal valued at $525 million, a move that will take the now-publicly traded company private.
Sycamore will hold a 55 percent majority interest in Victoria’s Secret’s lingerie and beauty brands and its teen-focused Pink line with L Brands retaining the remaining 45 percent.
The deal puts the retailer’s valuation at $1.1 billion.
L Brands will shift its focus to its Bath & Body Works brand, which it said represented the “vast majority” of its 2019 consolidated operating income.
The Victoria’s Secret brand has struggled in recent years as online lingerie brands like AdoreMe and ThirdLove gained popularity with more inclusive marketing and extended size ranges.
Ed Razek, the brand’s former chief marketing officer, came under fire following a 2018 interview with Vogue in which he said that “no one had any interest” in plus-size models and that the brand’s annual fashion show would not include transgender models because “the show is a fantasy.”
He issued a public apology for his “insensitive comments” and stepped down the following year.
Its televised fashion show, which began in 2001, was cancelled last year as the number of viewers dwindled.
According to the L Brands announcement, Wexner will step down when the deal is completed but remain on the board as chairman emeritus.
Wexner was the longest-tenured CEO of the S&P 500 companies, having served as head of L Brands for 57 years, as per a Business Insider report. That title will soon be held by Warren Buffet, who has led Berkshire Hathaway for 50 years.
Wexner’s departure comes at a time of financial turmoil for Victoria’s Secret.
The brand has faced public scrutiny for its failure to evolve with changing tastes in product and marketing, which was reflected in a rough holiday season.
Sales at its physical stores were down 8 percent year-over-year compared with flat sales in the previous holiday season. Same-store sales for both the in-store and online channels slipped 1 percent compared with a 4 percent increase a year ago.
Compounding Victoria Secret’s struggling performance was Wexner’s connection to a high-profile scandal.
Wexner joins a number of notable figures, including Britain’s Prince Andrew, who have stepped down from public
roles in the wake of their connection to late financier Jeffrey Epstein, a convicted sex offender.
Epstein was a trustee of the Wexner Foundation with power-of-attorney privileges. In a letter to the foundation last year, Wexner revealed that Epstein misappropriated more than $46 million in funds.
Stepping into Wexner’s role will be Andrew Meslow, chief operating officer of Bath & Body Works. He will take the reins and join L Brand’s board when the transaction closes.
In the meantime, Meslow has been promoted to CEO of Bath & Body Works.
Current Bath & Body Works CEO Nick Coe has been named vice chairman of brand strategy and new ventures at the bath products retailer.
The company will also make changes to its board, replacing three directors, including the lead independent director.
The deal will give L Brands a chance to reduce its debt using the funds as well as its $500 million in excess balance sheet cash.
Epstein was a trustee of the Wexner Foundation with power-of-attorney privileges. In a letter to the foundation last year, Wexner revealed that Epstein misappropriated more than $46 million in funds.
Stepping into Wexner’s role will be Andrew Meslow, chief operating officer of Bath & Body Works. He will take the reins and join L Brand’s board when the transaction closes.
In the meantime, Meslow has been promoted to CEO of Bath & Body Works.
Current Bath & Body Works CEO Nick Coe has been named vice chairman of brand strategy and new ventures at the bath products retailer.
The company will also make changes to its board, replacing three directors, including the lead independent director.
The deal will give L Brands a chance to reduce its debt using the funds as well as its $500 million in excess balance sheet cash.
More on Majors
The Latest
Policies & IssuesJan 22, 2025
Jewelers Mutual Steps Up Aid for LA Jewelry BusinessesThe company also is matching donations made to Jewelers of America and the Diamond Council of America’s Jewelers Relief Fund.
Events & AwardsJan 22, 2025
JA Seeking Nominations for Its Next ‘20 Under 40’ ClassNow in its fourth year, the program is expanding to include a list of “20 Under 40” for jewelry suppliers.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
SurveysJan 22, 2025
Holiday Sales Hit Record High, Says NRFCore retail sales during the 2024 holiday season surpassed the National Retail Federation’s forecast.
Weekly QuizJan 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJan 22, 2025
Foundrae’s New Collection Channels the Power of NowThe “Reach for Life” collection uses feather and arrow motifs to invite growth and inner curiosity.
ColumnistsJan 21, 2025
Peter Smith: Sales Training’s Dirty Little SecretPeter Smith pulls back the curtain on the often misinterpreted, and sometimes maligned, world of sales training.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
TrendsJan 21, 2025
Amanda’s Style File: Decadent Mocha MoussePantone’s 2025 Color of the Year takes the form of jewelry through gemstones and enamel that look just as delicious as mocha mousse.
Policies & IssuesJan 21, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
SourcingJan 21, 2025
Diamonds Do Good Adds 2 Board MembersJulia Hackman Chafé and Monica Elias have joined the organization’s board of directors.
FinancialsJan 17, 2025
Richemont’s Jewelry Sales Rise 14% in Holiday QuarterThe company, which owns Cartier and Van Cleef & Arpels, had a record Q3, with sales topping $6 billion.
CollectionsJan 17, 2025
Piece of the Week: Picchiotti’s Transformable ‘Classic Blue and Green’ NecklaceThe necklace features a sapphire drop weighing more than 9 carats that detaches to transform into a ring.
IndependentsJan 16, 2025
Lux Bond & Green to Open Sixth LocationThe 127-year-old jeweler is planning to open a new store in Mystic, Connecticut.
WatchesJan 16, 2025
Timex Launches Collection of National Park WatchesThe watches’ dials feature artwork celebrating the vibrant energy and unique landscapes of six of America’s national parks.
AuctionsJan 16, 2025
Elizabeth Taylor’s Diamond Line Bracelet Going up for Auction Offered by U.K. auction house Woolley & Wallis, the yellow diamond bracelet was a gift from Taylor’s good friend Michael Jackson.
Events & AwardsJan 16, 2025
JCK Las Vegas 2025 Open for RegistrationThe jewelry trade show returns to The Venetian Expo and The Venetian Resort in Las Vegas from June 6 to 9.
EditorsJan 15, 2025
The Jewelry I’d Bid On in Christie’s Iris Apfel AuctionAssociate Editor Natalie Francisco highlights her favorite fashion jewelry pieces from the upcoming “Unapologetically Iris” auction.
Policies & IssuesJan 15, 2025
JVC Debuts Guide to Americans with Disabilities Act ComplianceThe online guide is available for free and written with the jewelry industry in mind.
Events & AwardsJan 15, 2025
Jose Hess Design Awards Open for SubmissionsThe awards honor the late Jose Hess, a founding member of AJDC and an award-winning jewelry designer.
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025The grading lab said the search for her successor is underway.
ColumnistsJan 14, 2025
Jules Kim: Building Bridges Between Creators and IndustryIn this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni DiesA pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
FinancialsJan 14, 2025
Signet Jewelers Lowers Q4 Guidance After Holiday Sales Fall ShortThe peak selling days leading up to Christmas did not meet the jewelry retailer’s expectations.
MajorsJan 14, 2025
Edouard Schneider Joins Messika as Chief Brand OfficerSchneider brings over 20 years of luxury and fashion industry experience to his role as a key member of the brand’s global leadership team.
SourcingJan 13, 2025
Zambia Reinstates 15% Export Duty on Precious Gemstones, Shocking GemfieldsGemfields said the Zambian government revoked the 2019 suspension of the tax with no warning.
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart RingWith versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
