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Les Wexner sells L Brand shares

By Kristopher Fraser

Jul 16, 2021

Les Wexner, the man who made his billions off of Victoria’s Secret, is selling 745 million dollars worth of shares in parent company L Brands Inc. This brings his stock sales from L Brands to 1.2 billion dollars for the year so far.

The stocks are being sold off through a secondary offering managed by JPMorgan Chase & Co. as reported by Bloomberg. The sale is expected to close next Monday, July 19.

Wexner stepped down from L Brand’s board this past May, following his retirement as CEO of the company last year. L Brands shares have soared 700 percent after hitting a five-year low in early 2020, even before the worst of the COVID-19 pandemic lockdowns. L Brands, which also owns Bath & Body Works, has made its underwear and bath products business its core focus.

Wexner and is family still control a 10 percent stake in L Brands after the latest sale through a series of family trusts. His family’s total net worth is estimated at 10 billion dollars.