Les Wexner: biography, net worth, Epstein scandal, and companies

If you’ve followed the Jeffrey Epstein saga, the name Les Wexner keeps surfacing. The 88-year-old billionaire behind Victoria’s Secret has spent years trying to untangle his name from a decades-long relationship with the disgraced financier. In February 2026, he sat before Congress and admitted he was “conned” — offering the most direct public accounting yet of how one of America’s richest men ended up tied to a convicted sex trafficker. Here’s what we know about his empire, his ties, and what comes next.

Full name: Leslie Herbert Wexner · Born: September 8, 1937 · Net worth: $4.4 billion (Forbes 2026) · Known for: Founder of L Brands (Victoria’s Secret, Bath & Body Works) · Role: Chairman emeritus, L Brands

The essentials of Les Wexner’s biography.

Why did Les Wexner step down?

Les Wexner stepped down as CEO of L Brands in 2020, ending a 57-year run at the helm of the retail empire he built. The decision came as investigations into his relationship with Jeffrey Epstein intensified and shareholders demanded accountability. He remained chairman emeritus, but the move marked the end of an era.

What specific charges or allegations led to his retirement?

• A Forbes investigation detailed how Epstein used his connection to Wexner to gain credibility and access to powerful figures (Forbes (business magazine)).
• In 2019, Epstein was arrested on federal sex trafficking charges, and the spotlight turned to Wexner as Epstein’s longtime benefactor (CBS News (major U.S. news network)).
• ABC News reported in 2020 that a $46 million transfer involving Wexner’s foundation came to light after Epstein’s arrest (ABC News (U.S. broadcast network)).

Bottom line: Wexner was forced to step down not because of his own criminal charges, but because his decades-long association with Epstein created an untenable liability for L Brands. For shareholders, the takeaway is clear: personal ties can become corporate risks.

The implication: Wexner’s departure did not end his legal exposure; it merely shifted the forum.

When did Les Wexner leave L Brands?

Wexner announced his departure as CEO in February 2020 and officially stepped down in May 2020. Fortune reported at the time that his stake in L Brands represented about 14% of his listed fortune (Fortune (business publication)).

How did Les Wexner make his money?

Wexner’s fortune traces back to a single idea: specialty retail. Starting with women’s apparel, he identified gaps in the market and scaled them into multibillion-dollar brands.

What was Les Wexner’s first company?

• In 1963, Wexner founded The Limited in Columbus, Ohio, with a loan from his aunt (Forbes).
• The Limited grew rapidly, becoming a chain of women’s clothing stores that eventually spawned multiple spin-off concepts (Axios (digital news outlet)).
• By the 1980s, The Limited was one of the largest specialty retailers in the United States (BBC News (UK public broadcaster)).

What is the story behind Victoria’s Secret and Bath & Body Works?

Wexner acquired Victoria’s Secret from founder Roy Raymond in 1982 for $1 million. He transformed it from a small chain into a global lingerie powerhouse, famous for its fashion shows and supermodels. In 1990, he launched Bath & Body Works, which became a dominant force in the personal care category (Forbes).

At its peak, Wexner’s net worth hit $6.8 billion in 2015, according to Bloomberg Billionaires Index (financial data service). By 2026, it had fallen to $4.4 billion, partly due to the decline in Victoria’s Secret’s valuation and his massive share sale in 2021.

The pattern: Wexner’s consumer instincts built his fortune, but the wealth that resulted made him vulnerable to exploitation.

What companies does Les Wexner own?

Wexner’s corporate holdings have shifted dramatically since the Epstein revelations. Once the controlling shareholder of L Brands, he now owns just a sliver of the empire he founded.

Does Les Wexner still own Victoria’s Secret?

Victoria’s Secret was spun off as an independent company in August 2021. Wexner no longer holds a controlling stake. The Business of Fashion reported that Wexner sold about $2.2 billion in L Brands shares in July 2021, reducing his stake to roughly 2% (The Business of Fashion (fashion industry publication)).

What is the relationship between L Brands and Les Wexner?

L Brands (formerly The Limited) was the parent company of Victoria’s Secret, Bath & Body Works, and other retail concepts. Wexner remained chairman emeritus after stepping down as CEO. But his equity has dwindled. The Bloomberg Billionaires Index values his fortune based on proceeds of investments in L Brands (Bloomberg Billionaires Index).

Three major companies tied to Wexner, each built or acquired by him, then later distanced as the Epstein scandal unfolded.

The catch: Wexner’s empire is no longer his control; the retreat from ownership mirrors the retreat from reputation.

What is Les Wexner’s political affiliation?

Les Wexner has long been a major donor to Republican candidates and conservative causes. His political activity, however, has drawn new scrutiny in light of the Epstein connections.

Does Les Wexner support Trump?

Yes. Wexner donated to Donald Trump’s campaigns and to pro-Trump super PACs. He also contributed to other GOP figures and to Ohio State University, where he served as a trustee (Axios).

Which political candidates has Les Wexner donated to?

• Donald Trump (presidential campaigns and joint fundraising committees) (Forbes)
• Mitt Romney (2012 presidential campaign) (Axios)
• Ohio gubernatorial and congressional candidates (WOSU Public Media)
• Ohio State University (philanthropic donations exceeding $100 million) (Axios)

Bottom line: Wexner’s political donations reflect his long-standing Republican alignment, but the Epstein scandal has made every contribution subject to fresh interpretation. For Ohio voters, the question is whether his legacy as a philanthropist can survive the guilt-by-association with Epstein.

The implication: Political donations become forensic evidence when scandal hits.

Everything we know about Les Wexner in the Epstein files

The Epstein files — court documents, depositions, and investigative reports — have laid bare a relationship that spanned three decades. Wexner’s February 2026 congressional testimony is the most comprehensive account from the billionaire himself.

What did Les Wexner testify before Congress?

“I was naive. I was conned. Jeffrey Epstein stole vast sums of money from me.”

— Les Wexner, testimony before the House Oversight Committee, February 18, 2026 (CBS News)

Wexner denied being Epstein’s co-conspirator and said he had been deceived. He acknowledged that Epstein managed his finances and used Wexner’s name and money to gain access to powerful circles (NBC News (national news outlet)).

How much money did Epstein allegedly steal from Wexner?

Wexner did not specify a dollar amount in his testimony, but court filings and investigative reports suggest the figure could be in the tens of millions. ABC News reported in 2020 that a $46 million transfer from Wexner’s foundation to Epstein-controlled entities became public after Epstein’s arrest (ABC News). The FBI and House Oversight Committee continue to trace financial flows.

“We are looking at how Epstein was able to maintain his lifestyle and who funded it. Les Wexner’s name appears repeatedly.”

— House Oversight Committee spokesperson, as quoted by PBS NewsHour

What to watch: The investigation is expanding, and Wexner’s testimony may be just the beginning.

Timeline: Les Wexner and Jeffrey Epstein

• 1963 – Les Wexner founds The Limited in Columbus, Ohio (Forbes)
• 1982 – Acquires Victoria’s Secret for $1 million (Forbes)
• 1990 – Launches Bath & Body Works (Forbes)
• 1990s – Develops close relationship with Jeffrey Epstein, who manages Wexner’s finances (BBC News)
• 2008 – Epstein pleads guilty to Florida state charges; Wexner publicly distances himself (CBS News)
• 2019 – Epstein arrested on federal sex trafficking charges; dies in jail (NBC News)
• 2020 – Wexner steps down as CEO of L Brands amid Epstein-related scrutiny (Fortune)
• 2021 – Victoria’s Secret spun off as independent company; Wexner sells $2.2 billion in shares (The Business of Fashion)
• February 2026 – Wexner testifies before Congress, admits being “naive” and “conned” (PBS NewsHour)

The chronology shows a pattern of association and distancing.

What’s confirmed and what’s unclear

The dividing line between known and unknown remains fuzzy.

Key voices on Les Wexner and the Epstein scandal

“I was naive. I was conned. Jeffrey Epstein stole vast sums of money from me.”

— Les Wexner, testimony before the House Oversight Committee, February 18, 2026 (CBS News)

“Wexner is one of the billionaires most responsible for Epstein’s power and profile.”

— Forbes (business magazine), in its coverage of the 2026 testimony

“Les Wexner denied being Epstein’s co-conspirator and said he had been ‘conned’ by the disgraced financier.”

— NBC News (national news outlet), reporting on the deposition

What this means going forward

Les Wexner’s story is a cautionary tale about the risks of proximity to power. For L Brands investors, the epilogue is clear: when a founder’s personal ties compromise corporate governance, the fallout is measured in billions of dollars and decades of reputational damage. For the public, the congressional testimony raises a harder question: how many other billionaires enabled Epstein’s crimes, and how many more will face accountability?

Related reading

• Larry Ellison: Net Worth, Oracle Founder, Politics & Wives – Another billionaire biography with political connections and corporate empire.
• Edward Guinness: The Real Story Behind Netflix’s Drama – A tale of wealth, scandal, and public inquiry.

These related profiles offer similar patterns of wealth and controversy.

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