What is Les Wexner’s Net Worth?

Leslie Wexner is a billionaire businessman who founded The Limited and expanded his retail empire to include Victoria’s Secret, Express, Abercrombie & Fitch, and Bath & Body Works.

However, Wexner’s reputation was severely damaged due to his long-standing relationship with convicted sex offender Jeffrey Epstein. Epstein reportedly used his connection to Wexner to lure young women, and for unknown reasons, Wexner gave Epstein power of attorney over his affairs.

During their years working together, Wexner paid Epstein $200 million in fees, but later claimed that Epstein “misappropriated vast sums of money from me and my family.”

The scandal caused Wexner to step down from his company in February 2020, turning him from a lauded billionaire and philanthropist to a somewhat disgraced former mogul.

Early Life and Education

Leslie Wexner was born on September 8, 1937 in Dayton, Ohio to Harry and Bella. He was educated at Bexley High School, and then at the Ohio State University, from which he graduated in 1959 with a degree in business administration. Wexner subsequently attended the Moritz College of Law at OSU for a brief time.

His father was a Russian-born Jew, while his mother, also of Russian-Jewish descent, was born in the Brooklyn borough of New York City. Wexner has a younger sister named Susan.

Wexner’s Start in Retail

Leslie Wexner began his career in retail working for his parents’ clothing store, Leslie’s. He gained valuable experience by analyzing profit and loss margins on the women’s apparel that was being sold while running the store when his parents were away on vacation.

Leslie Wexner’s Business Empire

In 1963, Leslie Wexner founded the clothing retail company, the Limited, with a loan of $5,000 from his aunt Ida. The company focused on moderately priced merchandise and opened its first store in Ohio in 1963. Wexner expanded the company throughout the 70s, reaching 100 stores by 1976. In the 80s, he acquired numerous other companies, including lingerie retailer Victoria’s Secret, which he took from a $1 million purchase to an estimated worth of $1 billion by the 90s.

Wexner continued to expand his business empire in the 90s, founding the retail chain Bath & Body Works, which eventually became L Brands. The conglomerate also operated brands such as Henri Bendel, Abercrombie & Fitch, Express, and La Senza.

Jeffrey Epstein’s Association with Leslie Wexner

Leslie Wexner hired Jeffrey Epstein as his financial manager in the 80s, and Epstein became Wexner’s main billionaire client until 2007. Wexner granted Epstein power of attorney and appointed him as a trustee to the Wexner Foundation in the early 90s. However, Wexner has been accused of failing to take action when employees complained about Epstein’s lewd and abusive behavior. Many of Epstein’s crimes reportedly took place at Wexner’s property, where he was allowed to run his business. The relationship between the two is explored in the 2022 documentary “Victoria’s Secret: Angels and Demons.”

Philanthropy

Leslie Wexner and his mother were the first people to donate $1 million to the United Way in 1989. He has also made significant donations to his alma mater, Ohio State University, including a $100 million gift in 2011 to establish the Wexner Center for the Arts, which is the university’s largest gift to date. Wexner has also founded the Wexner Foundation, which aims to support Jewish professionals and community leaders, and is a member of the Mega Group, a group of wealthy businessmen focused on Jewish issues.

Les Wexner’s $16.5 Million Ferrari Purchase

Les Wexner bought a 1954 Ferrari 375 Plus at auction for $16.5 million in 2013. However, he soon discovered that there was a dispute over the car’s ownership history. It took three years and an additional $12 million in legal fees for the situation to be resolved. Eventually, Wexner was allowed to keep the Ferrari with a clean title.

Wexner’s Personal Life and Properties

Leslie Wexner, at the age of 55, married attorney Abigail S. Koppel who is 31 years old. The couple has four children and resides in a 30-room, $47 million estate in New Albany, Ohio. The estate spans around 336 acres and was the site of the Annual New Albany Classic Invitational Grand Prix & Family Day for 20 years. The event attracted professional show-jumping riders to benefit charity, but it was announced to have ended in early 2018.

Wexner also owns the 18th-century Foxcote House in Warwickshire, England, and the 315-foot superyacht Limitless, one of the largest privately owned yachts in the world.

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