Does Les Wexner Still Own Victoria Secret

So picture this: you’re scrolling through Insta at 2 AM, half-asleep, and a Victoria’s Secret ad pops up—some angel in a sequin bra and wings. You think, “Huh, I wonder if the creepy old billionaire guy is still running this show.” You know the one—Les Wexner, the man who built a lingerie empire out of Ohio, then somehow got tangled up with a certain disgraced financier. Let’s untangle that thread, shall we?

Here’s the short answer: No, Les Wexner no longer owns Victoria’s Secret. He stepped down as chairman in 2020, and the brand was officially spun off from his company, L Brands, in August 2021. But, like, how did we get here? And what’s he doing now? Grab your coffee—or your wine, no judgment—and let’s dive in.

The Fall of the Lingerie King

Les Wexner was the guy for decades. He took a small lingerie store in San Francisco and turned it into a global pink-and-black behemoth. By the 2010s, Victoria’s Secret was everywhere—mall throne, supermodel runway, the whole fantasy. But then the cracks started showing. The brand got slammed for being out of touch, too skinny, and not inclusive. Sales tanked.

And then—oh boy—there was the Jeffrey Epstein connection. Wexner had this weird, decades-long relationship with Epstein, even giving him a mansion and a private plane. When Epstein’s crimes came to light, Wexner claimed he was “deceived.” But the damage was done. Shareholders were furious. The brand’s image—already shaky—got a final kick in the teeth. By 2020, Wexner was out.

What Happened After the Split?

L Brands sold a controlling 55% stake in Victoria’s Secret to a private equity firm called Sycamore Partners in 2020. The deal valued the brand at about $1.1 billion—a fraction of its former glory, by the way. (Side note: that’s like selling your Beemer for a used Prius. Ouch.) Wexner officially resigned as chairman and board member that same year. Poof—gone.

Lès WEXNER. PDG DE VICTORIA SECRET. USA.

Now, Victoria’s Secret is a standalone public company, trading under the ticker VSCO. It’s run by a new CEO, Martin Waters, who’s trying to pivot to body positivity and inclusive sizing. They’ve even brought back the catwalk show—but with more diverse models. Les Wexner? He’s sitting on his billions, reportedly retired, and probably watching from his Columbus, Ohio mansion. He still holds a tiny sliver of shares, sure, but he doesn’t own the company. Not even close.

Wait, So He’s Completely Out?

Legally? Yes. Practically? Mostly. Wexner’s net worth is still estimated around $6 billion—mostly from real estate and other investments. But he’s got zero decision-making power at Victoria’s Secret. The board even filed a lawsuit against him in 2024, claiming he enriched himself at the company’s expense during the Epstein mess. Talk about a messy exit—like leaving a party just before the cops show up.

You might ask: “Could he ever buy it back?” I mean, technically, yeah—if he wanted to. But the brand’s trying to scrub every trace of him. They changed the logo, the store designs, even the angels (now called “VS Collective”). Bringing back the guy who oversaw the whole Epstein saga? That’s not happening in a million years. The new Victoria’s Secret desperately wants to be clean.

Jeffrey Epstein’s Shadowy Ties to Billionaire Founder of Victoria’s

The Ironic Twist

Here’s the kicker: Wexner still owns a ton of L Brands real estate—including the Easton Town Center in Ohio, where Victoria’s Secret used to have its headquarters. So he still profits indirectly from the brand’s legacy. It’s like selling your house but keeping the front yard. Weird, right? He also sits on the board of another retail firm, but Victoria’s Secret is now a ghost of his past.

So, next time you wander into a Victoria’s Secret store (if you still do—no judgment, the sales are decent), remember: Les Wexner’s name is gone. The pink signs, the tacky scented sprays, the push-up bras—they’re all someone else’s problem now. The brand is trying to find its way in a world that’s all about authenticity and flaws. And honestly? That’s kind of poetic—a king deposed by the very culture he helped shape.

So, does Les Wexner still own Victoria’s Secret? Nope. He’s out. But the ghosts of his decisions? They’re still floating around—thin as a supermodel’s airbrush.