Billionaire Les Wexner is considering options for the sale of the cult American lingerie brand Victoria’s Secret. Over the past years, the profits of a business magnate is rapidly diminishing, which led to his eventual resignation of the Director General.
According to the publication The Wall Street Journal, according to trusted insiders, the owner of the fashion house Victoria’s Secret is considering several options for the sale of the brand. The deal could take place in the coming weeks.
It is known that last year was for Victoria’s Secret one of the most difficult. The company even had to cancel the annual legendary show due to significant financial problems and significant decline in the rating of the show. Then chief financial officer of the company Stuart Burgdoerfer assured that the brand must pause and stabilize the situation.
However, now 82-year-old American billionaire Les Wexner talks about a full or partial sale L Brands – the company that manages brand Victoria’s Secret and chain Bath&Body Works.
Previously, the annual profit of the fashion house was Victoria’s Secret at least seven billion dollars and he remained a leader in the American lingerie market. However, its shares have fallen 28% since the beginning of 2019. According to Forbes, Les Wexner ranked 413 in the list of richest people in the world with a fortune of $ 4.5 billion.
Billionaire Les Wexner / Business Insider
I suppose that the main problem that became an obstacle to further development Victoria’s Secret, lies in the fact that the company was unable to adapt to the modern world trends. So, the marketing Director ed Razek has said publicly that the show will never be transsexual models, or models plus-size category because they would spoil the fabulousness of the show.
Buxom mannequins urged all women to boycott Victoria’s Secret, accusing the company of discrimination. After a wave of naked strikes the user decided to deviate from the standards and to invite the “angels” models with a much more curvaceous and transgender girls.