(For the first time in more than two decades, there was no Victoria’s Secret Fashion Show in 2019. (The FBI and NYPD raided it in July, and discovered hundreds of nude photos of underage girls.)Īll that has opened up the opportunity for former allies like Karlie Kloss, a one-time Victoria’s Secret Angel, to candidly criticize the brand, which was attempting (and failing) to rethink its traditional Angels ethos. He also may have given Epstein his Upper East Side townhouse, where much of the abuse allegedly took place. Wexner employed Epstein as his personal adviser, allowing him to make hires and borrow significant amounts of money. What’s more, Epstein had quite the history with Wexner. At that point, attention had already shifted to another scandal: the brand’s ties to the late sex offender Jeffrey Epstein, who used to pose as a Victoria’s Secret scout to prey on women as young as 14 years old. Razek, who joined the company in 1983, eventually retired in August 2019. Shortly afterward, ratings of the company’s longtime crown jewel, the Victoria’s Secret Fashion Show, plunged to a record low. Victoria’s Secret has been under intense scrutiny since November 2018, when Ed Razek, then chief marketing officer of L Brands, gave an unabashedly discriminatory interview about why Victoria’s Secret doesn’t work with “transexuals” or plus-size models. In many ways, it’s something of an accomplishment that Wexner and the company managed to hold on for this long. Meanwhile, L Brands confirmed that it is indeed selling a majority stake in the brand, which Sycamore Partners will purchase for $525 million. As a former employee of the company recounts in the series, Wexner and Razek. Less than 12 hours later, even more major news broke: Leslie Wexner will step down from his post as CEO of Victoria’s Secret’s longtime parent company, L Brands. Victoria’s Secret, Tyrnauer told me, became about using sex to sell things you don’t need. Late on Wednesday, the New York Times reported that the company plans to go private, and will soon be sold to an equity firm. ET: This article was corrected to clarify that Les Wexner is no longer CEO of L Brands. Of course, the selling price was just a fraction of what the company is worth today. According to most recent estimates, the company’s value now exceeds $13 billion, making it a huge score for Wexner and company.After nearly a year and a half of turmoil, it seems that Victoria’s Secret as we knew it has finally met its downfall. Victorias Secret: Angels and Demons is streaming on Hulu now.
“My husband Roy had spoken to Les Wexner a few times about working together, but ultimately Roy felt he couldn’t share decision-making, and was happier getting out completely,” says Gaye. Private equity firm Sycamore Partners will acquire a 55 share in Victoria's Secret from its owner, L Brands, for 525 million, the companies announced Thursday. The couple had five shops by 1982, and then made the horrible mistake of selling the company for $5 million to Leslie Wexner, founder of The Limited. Gaye is now a 65-year old professor at Samuel Merritt University. Victoria’s Secret tried to change that,” says Gaye, Roy’s wife. It all began when Roy went shopping for me, and felt out of place in a lingerie store. “Our original idea was to have a store where men felt comfortable shopping for lingerie.
Raymond opened the first Victoria’s Secret shop in Northern California in 1977. They named the company after the Victorian period during which their home was built. The saddest part about Raymond’s life is that he killed himself after not being able to participate fully in the potential of his company. The Victoria’s Secret show costs more than $10 million to put on and is hailed as one of the most important fashion shows in the world. What is not so known about the company is the tragic story of its founder, Roy Raymond. Raymond started the company after being influenced by a shopping trip he’d just taken with his wife.
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