In 2002 Victoria's Secret announced the launch of PINK, a brand that was aimed to appeal to teenagers. The 1990s saw the company's further expansion throughout shopping malls along with the introduction of the 'miracle bra', the new brand Body by Victoria, and the development of a line of fragrances and cosmetics. įrom 1995 through 2018, the Victoria's Secret Fashion Show was a major part of the brand's image featuring an annual runway spectacle of models promoted by the company as fantasy Angels. Wexner rapidly expanded into American shopping malls, growing the company into 350 stores nationally with sales of $1 billion by the early 1990s when Victoria's Secret became the largest lingerie retailer in the United States. Founded in 1977 by Roy and Gaye Raymond, the company's five lingerie stores were sold to Leslie Wexner in 1982. © 2023 NYP Holdings, Inc.Victoria's Secret is an American lingerie, clothing, and beauty retailer. “We are so excited to move forward with the company’s next chapter and our plans to create two businesses in the future,” Nash said. Nash joined the board in 2019 and was named chairman a year ago on March 12. L Brands is in the process of looking for a buyer for Victoria’s Secret, which after years of struggle has seen its value surge during the pandemic. Wexner’s “thoughtful approach to developing brands and building dedicated and talented teams have enabled L Brands to evolve and succeed as a leading speciality retailer for nearly 60 years,” chairman Sarah Nash said in a statement. L Brands is looking to separate the lingerie giant from Bath & Body Works chain, which meanwhile has been growing by leaps and bounds. In a March 2019 letter to Wexner, Barrington said, “a majority of these directors have strong ties to you and your wife (and to each other)”. The median age of the directors at the time was 71. Barrington had griped that several board members were local business moguls in Ohio, and that three of the 12 members had sat on the board for more than three decades. Just two years ago, activist investor Barrington Capital had criticized the lack of diversity on the board and Wexner’s cozy ties to several directors. Les Wexner (L) and Stella Maxwell pose at the 2016 Fragrance Foundation Awards presented by Hearst Magazines in June 2016. Now is an ideal time for Abigail’s and my transition from the Board,” Wexner said in a statement. “I am more confident than ever that we have very positive momentum as we approach the planned separation into two businesses. Two independent female directors have been appointed to replace Wexner and his wife on the board: Danielle Lee, chief fan officer for the National Basketball Association and Francis Hondal, president of loyalty and engagement at Mastercard. He had remained on the board after retiring as chief executive of the Columbus, Ohio-based company last year. ![]() ![]() Wexner became a retail legend in the 1980s for building The Limited into a mall-based powerhouse, then creating and spinning off other successful chains including Abercrombie & Fitch. The 83-year-old billionaire retail icon - whose business ties to the late pedophile Jeffrey Epstein have long stirred controversy - said he and his wife Abigail will not stand for reelection to the board of L Brands at the company’s annual shareholder meeting in May. Les Wexner is finally cutting ties for good with his decades-old retail empire, which currently controls the Victoria’s Secret and Bath & Body Works chains. We were Victoria’s Secret models - everything you saw was fake ![]() Victoria’s Secret taps ex-‘Angels’ Gisele Bündchen, Adriana Lima rescue brandĮscaped convict holds mother, daughter hostage before he’s shot dead in Victoria’s Secret store Victoria’s Secret shifts from sexy fashion catwalk to celebrating all body types
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