Les Wexner: From One Store to a Billion-Dollar Empire

There aren’t many retail billionaires who started with a single store and a $5,000 loan from an aunt. Les Wexner did exactly that in 1963, and over the next five decades he built an empire that included Victoria’s Secret and Bath & Body Works. But his story doesn’t end with boardroom triumphs — it’s also a cautionary tale about a friendship that would eventually overshadow his legacy. Here’s how he made his fortune, why he stepped away, and what he’s doing now.

Net worth: $8.8 billion (2025) ·
Age: 87 (born 1937) ·
Companies founded: L Brands (Bath & Body Works, Victoria’s Secret) ·
Years as CEO: Over 50 years ·
Residence: Columbus, Ohio

Six key facts, one pattern: a self-made billionaire whose wealth and influence were built on specialty retail, but whose legacy is now tied to a controversial adviser.

How did Les Wexner make his billions?

What was the first store he opened?

• In 1963, Wexner opened the first Limited store in Columbus, Ohio, with a $5,000 loan from his aunt (The Guardian (UK news outlet)).
• The store focused on women’s apparel and quickly expanded into a chain (Wikipedia (community encyclopedia)).

How did L Brands grow?

• Wexner built L Brands (formerly Limited Brands) into a global retail empire with Victoria’s Secret and Bath & Body Works (Bloomberg Billionaires Index (financial data)).
• Key strategies included mall-based retail, brand building, and private equity-like management (Wikipedia (community encyclopedia)).

What role did Victoria’s Secret play in his wealth?

• Wexner acquired Victoria’s Secret in 1982 for about $1 million in stock and cash-equivalent terms (Wikipedia (community encyclopedia)).
• Victoria’s Secret grew into a $7 billion annual sales lingerie retailer before its later troubles (WSB-TV citing The Wall Street Journal (regional news)).
• His net worth peaked at over $8 billion according to Bloomberg (Bloomberg Billionaires Index (financial data)).

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What is Les Wexner famous for?

What is his connection to Jeffrey Epstein?

• Wexner employed Jeffrey Epstein as a close adviser and cut ties in 2007 (BBC News (public broadcaster)).
• Epstein was for at least a decade Wexner’s only publicly known client (Vox (digital news outlet)).
• A New York Times investigation, summarized by Vogue, reported that Wexner authorized Epstein to borrow money on his behalf, sign tax returns, hire people, and make acquisitions (Vogue (fashion and culture publication)).

Why is he known as a retail pioneer?

• Wexner revolutionized specialty retail with Victoria’s Secret and Bath & Body Works, creating destination brands that dominated mall foot traffic (Wikipedia (community encyclopedia)).
• He also acquired Lane Bryant in 1982 for $105 million, inheriting about $30 million in debt (Wikipedia (community encyclopedia)).
• His philanthropic contributions to Ohio State University are notable (Wikipedia (community encyclopedia)).

Why did Les Wexner leave Victoria’s Secret?

When did he step down as CEO?

• Wexner stepped down as CEO of Victoria’s Secret in 2020 (The Guardian (UK news outlet)).
• L Brands sold a majority stake of Victoria’s Secret to Sycamore Partners in 2020 (BBC News (public broadcaster)).

What were the circumstances?

• Declining sales, changing consumer tastes, and the Epstein scandal fallout triggered the exit (The Guardian (UK news outlet)).
• Wexner remained chairman emeritus of Bath & Body Works after the split (Bloomberg Billionaires Index (financial data)).

What is Les Wexner doing now?

Is he still involved in business?

• Wexner serves as chair emeritus of Bath & Body Works (formerly L Brands) (Bloomberg Billionaires Index (financial data)).
• He focuses on philanthropy and personal investments (Wikipedia (community encyclopedia)).

What is his current net worth?

• Bloomberg estimates his net worth at $8.8 billion as of 2025 (Bloomberg Billionaires Index (financial data)).
• He lives in Columbus, Ohio, with his family (Wikipedia (community encyclopedia)).

Does Les Wexner support Donald Trump?

What is his political affiliation?

• Wexner is a registered Republican who has donated to both Republican and Democratic candidates (Wikipedia (community encyclopedia)).
• He donated to Donald Trump’s campaigns and hosted fundraisers, but also contributed to Hillary Clinton and other Democrats (Wikipedia (community encyclopedia)).

Has he donated to political campaigns?

• His donations are a mix of strategic giving rather than strict party loyalty (Wikipedia (community encyclopedia)).
• Wexner’s political spending reflects his business interests, supporting candidates on both sides of the aisle who align with retail and corporate policies (Wikipedia (community encyclopedia)).

The consequence for Les Wexner is clear: a lifetime of retail innovation is now permanently linked to a scandal that ended his tenure at Victoria’s Secret. For investors and retail watchers, the lesson is that even the most successful brand builder can’t outrun a personal association gone wrong. The trade-off between loyalty and judgment will define his legacy.