EditorsDec 31, 2025
The Top 5 Stories of 2025Articles about crime, engagement rings, and a necklace worn in the World Series generated the most interest among readers.
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
SourcingDec 30, 2025
India Chosen as KP Chair for 2026It marks the third time the country has headed the Kimberley Process. Ghana will serve as vice chair.
WatchesDec 30, 2025
Bulova, Stetson Collab on Watches With Western FlairThe new Bulova x Stetson designs highlight two animals often associated with the American West—the bison and the Texas Longhorn.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
CollectionsDec 30, 2025
Rahaminov Diamonds Pops Up in FloridaIts residency at Yamron Jewelers will run through May 2026.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsDec 29, 2025
In Memoriam: Industry Friends We Lost in 2025From influential executives to innovative designers, we pay tribute to the people we said goodbye to this year.
MajorsDec 29, 2025
Nanis Opens First Flagship Store The Italian brand has opened its first flagship amid the peaks of the Dolomites in Madonna di Campiglio, Italy.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
SourcingDec 29, 2025
‘Unearthed: Raw Beauty’ Exhibition Opens at LA MuseumThe new curation at the Natural History Museum of Los Angeles County showcases rare gem and mineral specimens in their uncut, natural state.
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
