Les Wexner: From Retail Mogul to Philanthropic Leader

Les Wexner is a name synonymous with the success of retail empires, most notably for building L Brands, the parent company of Victoria’s Secret and Bath & Body Works. As one of the wealthiest individuals in America, his career spans decades of remarkable business decisions, controversial moments, and impactful philanthropy. This article delves into his early life, education, business ventures, strategic growth, wealth, philanthropy, and the challenges he’s faced over the years.

Personal Background & Family

The Early Years of Les Wexner

Leslie Herbert Wexner was born on September 8, 1937, in Dayton, Ohio, into a Jewish family of Russian descent. His parents, Harry Louis Wexner and Bella Cabakoff, were hardworking immigrants who instilled in him a strong sense of business acumen from a young age. He was the oldest of two children, with a younger sister named Susan. Growing up in Ohio, Wexner attended Bexley High School before moving on to Ohio State University.

Education & Early Life

The Foundation for Success

Wexner’s interest in business was sparked during his high school years when he worked in his family’s clothing store, “Leslie’s.” He later attended Ohio State University, where he earned a Bachelor of Business Administration degree. His time at university was marked by his involvement in the Sigma Alpha Mu fraternity, which played a significant role in shaping his network and business mindset. Although Wexner briefly attended the Moritz College of Law at Ohio State University, he ultimately decided to focus on entrepreneurship, setting the stage for a long and fruitful career in retail.

Business Ventures & L Brands

The Beginning of a Retail Empire

In 1963, with a $5,000 loan from his aunt and a matching loan from a bank, Wexner opened his first retail store, The Limited, in Columbus, Ohio. The store’s success was immediate, thanks to Wexner’s innovative approach to fashion retail—offering quality clothing at affordable prices. By 1969, The Limited went public and began expanding its portfolio of brands, including the iconic Victoria’s Secret, which Wexner acquired in 1982.

As his business empire grew, Wexner expanded into multiple other retail ventures, including Bath & Body Works, Express, and Lane Bryant. Through strategic acquisitions, L Brands became a giant in the global retail market, with a portfolio that includes brands catering to various consumer segments. The company’s success led to Wexner’s recognition as a visionary in retail.

Business Growth & Strategy

A Visionary Leader

Wexner’s strategic brilliance was key to the growth of L Brands. He embraced a vertical integration model, which allowed him to control production and distribution, ultimately reducing costs and increasing efficiency. By focusing on the fast-fashion model, Wexner was able to quickly adapt to shifting consumer tastes and ensure that his stores remained relevant in the competitive retail landscape.

In addition, Wexner introduced store design innovations and experiential retailing, such as the flagship Victoria’s Secret fashion shows. These strategic moves not only bolstered brand identity but also attracted significant media attention. Wexner’s ability to diversify L Brands’ portfolio with well-positioned acquisitions, including Henri Bendel, La Senza, and Pink, helped cement his company’s dominance in the retail industry.

Net Worth & Wealth

The Fruits of His Labor

As of 2025, Les Wexner’s net worth is estimated to be approximately $7.84 billion. His fortune stems from his savvy retail investments and business acumen. Wexner’s wealth is not just from the retail industry; he has invested in art collections, real estate holdings, and private jets. He also owns the superyacht “Limitless” and a Boeing 737 private jet, further reflecting his lavish lifestyle.

His ownership of L Brands stock, coupled with lucrative real estate developments, has made Wexner one of the richest individuals in Ohio. His financial strategies, which include diversified investments in both physical assets and philanthropic endeavors, have played a significant role in building his wealth.

Philanthropy & Legacy

Giving Back to the Community

Les Wexner’s philanthropy is as significant as his business accomplishments. Wexner and his family have made substantial donations to numerous charitable causes. He founded The Wexner Foundation in 1985, which focuses on providing Jewish leaders with advanced education and training. In addition to his foundation, Wexner has donated millions of dollars to Ohio State University, including a $100 million gift in 2011, which resulted in the renaming of its medical center to Ohio State University Wexner Medical Center.

Wexner’s philanthropic work extends beyond Jewish leadership. He has supported initiatives such as Birthright Israel, Hillel International, and the Columbus Partnership, and contributed to institutions like Nationwide Children’s Hospital and the National Veterans Memorial and Museum. His contributions to education, healthcare, and the Jewish community have solidified his legacy as a philanthropist of the highest order.

Controversies & Criticisms

The Epstein Connection and Public Scrutiny

While Wexner’s career is celebrated for its business successes, it is also marred by controversies. One of the most significant of these is his long association with financier Jeffrey Epstein, who was convicted of sex trafficking minors. Wexner employed Epstein as his financial manager for several years, granting him substantial control over his finances. This connection has drawn widespread criticism and scrutiny, particularly following Epstein’s arrest in 2019.

In addition to the Epstein connection, L Brands, particularly Victoria’s Secret, has faced criticisms related to workplace harassment, misogyny, and a toxic corporate culture. These allegations, compounded by public backlash, led to Wexner stepping down from his role as CEO in 2020 and transitioning to Chairman Emeritus of L Brands.

Recent Developments & Current Status

Stepping Back from the Spotlight

In recent years, Wexner has distanced himself from the day-to-day operations of L Brands, announcing his retirement from the company in 2020. He also resigned from the board of L Brands in 2021 following shareholder claims and scrutiny over corporate governance issues. Despite his reduced role in the company, Wexner remains involved in real estate development through the New Albany Company and continues to support philanthropic initiatives.

As of 2025, Wexner has focused on emerging industries, including investments in AI and medtech, while maintaining his involvement in various community development projects. Although his retirement from L Brands marks the end of an era, Wexner’s influence remains felt through his continued investments and philanthropic efforts.

FAQs

1. What is Les Wexner’s net worth?

Les Wexner’s net worth is estimated at $7.84 billion as of 2025, primarily from his retail empire L Brands and other investments.

2. What is the Wexner Foundation?

The Wexner Foundation, established by Les Wexner in 1985, focuses on providing Jewish leaders with advanced education and leadership training.

3. Why did Les Wexner step down as CEO of L Brands?

Wexner stepped down in 2020 as part of a larger restructuring at L Brands and amid growing public scrutiny over his association with Jeffrey Epstein and internal company issues.

4. How did Les Wexner become wealthy?

Wexner amassed his wealth through his retail business, particularly L Brands, which includes iconic brands like Victoria’s Secret and Bath & Body Works. His investments in art, real estate, and private jets have also contributed to his fortune.

5. What controversies has Les Wexner been involved in?

Wexner has faced controversy due to his ties with Jeffrey Epstein, who managed his finances for years. Additionally, L Brands has faced criticism for workplace harassment and a toxic corporate culture.

Les Wexner’s journey is a fascinating tale of entrepreneurial success, strategic growth, and controversy. His business acumen helped him build one of the most influential retail empires in the world, while his philanthropic efforts solidified his place as a key figure in both business and charitable circles. However, his legacy will be forever linked to the challenges he faced in the public eye.

Ok Magazine