Victoria’s Secret Exposed: Run By Misogynists?
L Brands, Inc. is a famous American fashion retailer based in Columbus, Ohio. Les Wexner, the man behind the company, founded it in 1963 and has been the CEO ever since. The most famous subsidiaries of the company include Victoria’s Secret and Bath & Body Works. After 2015, the company’s stock price has decreased by 75%. Reasons attributed to this decline are many – ranging from harassment to non-inclusivity.
Victoria’s Secret exposed
The New York Times released a detailed report on the misconduct that has been going on in the famous company for many years. Based on the interviews of thirty current and former employees as well as court filings, the report has exposed it all. Firstly, Ed Razek, President and chief marketing officer of L Brands, has a ton load of allegations by the people who have worked with him. However, he has always gotten away with them because the complainant was fired in most cases or resigned in others.
Not only did Les Wexner ignore Ed Razek’s behavior, he wholeheartedly supported him and gave him a free hand in running the company as his proxy. Apart from this, Wexner came under the microscope when his ties with the sex offender Jeffrey Epstein came to the front. As a result of all the complaints that were made public after the incidents of the 2018 Victoria’s Secret fashion show, Ed Razed resigned. The same year, the continuity of the show was also being questioned. The CEO and chairman, Les Wexner will step down soon. In a statement, he announced that the annual show is canceled.
Fashion is a business of change. We must evolve and change to grow. With that in mind, we have decided to rethink the traditional Victoria’s Secret Fashion Show. Going forward we don’t believe network television is the right fit.
Selling the shares of the lingerie brand
Currently, the lingerie brand is valued at $1.1 billion. Sycamore Partners will buy 55% of Victoria’s Secret shares and will make it private. L Brands will keep a 45% stake in the company.