Victoria's Secret's CEO Is Reportedly Stepping Down
Les Wexner is also reportedly in talks to sell the brand.
Victoria's Secret seems to be facing more controversy as Les Wexner, leader of the retail empire that includes the brand, is reportedly in talks to step down.
According to the Wall Street Journal, Wexner is in talks to step aside as the CEO of L Brands, Victoria's Secret's parent company. The outlet reports Wexner is currently in discussions for a full or partial sale of the brand, a decision that will be made in the coming few weeks.
In recent years, the brand has undergone a period of decline through both its sales and reputation. In addition to closing stores closing and decreasing profits over the past few years, the annual fashion show has been criticized for a lack of diversity, and ultimately canceled.
The brand's image has also declined in the public eye recently — in 2018, Ed Razek, the man behind the brand's marketing at the time, told Vogue that transgender models wouldn't be used in a show because they didn’t fit the "fantasy." Razek has since stepped down from his post. In 2018, then-CEO Jan Signer also resigned from her job, just a week before that year's Victoria's Secret show.
Wexner has also been criticized for his ties to Jeffrey Epstein. He has since stated that his trust in Epstein was "grossly misplaced," adding that he "deeply regret[s] having ever crossed his path."
Victoria's Secret has not commented on the rumors.