Les Wexner facts for kids
Quick facts for kids
Les Wexner
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Wexner in 2004
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| Born |
Leslie Herbert Wexner
September 8, 1937 Dayton, Ohio, U.S.
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| Other names | Les Wexner |
| Education | Ohio State University (BBA) |
| Occupation | Businessman |
| Known for | Chairman |
| Political party | Republican (before 2018) Independent (since 2018) |
| Spouse(s) |
Abigail S. Koppel
(m. 1993) |
| Children | 4 |
Leslie Herbert Wexner (born September 8, 1937) is an American businessman. He is known for co-founding and leading Bath & Body Works, Inc., which used to be called Limited Brands. He built a huge retail company that included famous brands like Victoria's Secret.
Contents
Early Life and Education
Leslie Wexner was born in Dayton, Ohio, on September 8, 1937. His parents, Bella and Harry Louis Wexner, were of Russian-Jewish background. His mother was born in Brooklyn, New York, and moved to Columbus, Ohio, when she was very young. Leslie has a younger sister named Susan.
He went to Bexley High School and later attended Ohio State University. Even though he was interested in architecture, he graduated in 1959 with a degree in business. While at Ohio State, he joined the Sigma Alpha Mu fraternity. Wexner also served in the Air National Guard and briefly studied law.
Building a Business Empire
Starting His Own Store
Wexner started his career working in his parents' clothing store, "Leslie's." He helped out so his parents could take a vacation. While working there, he noticed which clothes sold well and which didn't. When his father didn't want to change the store's inventory, Wexner decided to open his own business.
In 1963, Wexner borrowed $5,000 from his aunt and got another $5,000 from a bank. He used this money to start his first store, called The Limited. The store focused on selling popular, affordable items like skirts, sweaters, and shirts. This helped the store make money quickly. The first Limited store opened on August 10, 1963, in Upper Arlington, Ohio. A year later, his parents closed their store and joined him. In 1969, Wexner made Limited Brands a public company, meaning its shares could be bought and sold on the New York Stock Exchange.
Growing the Company
Wexner expanded The Limited a lot in the 1970s. By 1976, he had opened 100 stores. In 1978, he took on a lot of debt to buy Mast Industries, a company that imported and made clothes. This gave him a big advantage over his competitors.
In the 1980s, Wexner bought many other companies, doubling his retail business. He became a major owner of stores in shopping malls across America. One of his most famous purchases was the lingerie company Victoria's Secret in 1982. He bought Victoria's Secret for $1 million. By 1992, the company was worth about $1 billion!
Over the years, Wexner built L Brands into a huge company. It included popular brands like Victoria's Secret, Pink (Victoria's Secret for teens), Bath & Body Works, and The White Barn Candle Company. Some brands that were once part of L Brands but later became separate companies include Lane Bryant and Abercrombie & Fitch.
In 2012, CNN Money called Wexner the longest-serving CEO of a Fortune 500 company. He was also recognized as one of the top-performing CEOs in the world by Harvard Business Review. In February 2020, Wexner announced he was stepping down as CEO of L Brands and became chairman emeritus.
Helping Others (Philanthropy)
Supporting Communities
Les Wexner and his mother Bella were the first people to donate $1 million to the United Way of America in 1989. Their names are written in marble at the United Way Headquarters in Virginia.
Wexner is one of the wealthiest people in Ohio. He has given a lot of money to the Wexner Center for the Arts at Ohio State University, which is named after his father.
Jewish Community Leadership
Wexner felt he didn't have a strong Jewish education growing up. So, in 1985, he helped create the Wexner Foundation. This foundation helps educate Jewish community leaders about Jewish history, traditions, and challenges.
In 1991, Wexner and another billionaire, Charles Bronfman, started a group called the Mega Group. This group brought together wealthy and influential businesspeople who cared about Jewish issues. They met to discuss how to help the Jewish community. This group inspired many important projects, like Birthright Israel, which sends young Jewish adults on free trips to Israel.
Ohio State University
Wexner served on the board of trustees at Ohio State University for many years, from 1988 to 1997, and again from 2005 to 2012. He was even elected chairman of the board in 2009.
On May 11, 2004, Wexner received the Woodrow Wilson Award for Corporate Citizenship. This award recognized his leadership and contributions to society.
In 2011, Wexner made the largest donation in Ohio State University's history, pledging $100 million. This money went to the university's Medical Center and James Cancer Hospital, as well as the Wexner Center for the Arts. Because of his strong support for over 30 years, the Ohio State University Medical Center was officially renamed the Ohio State University Wexner Medical Center in 2012.
Personal Life
On January 23, 1993, Les Wexner married Abigail S. Koppel, who is an attorney. They have four children together.
Wexner lives in New Albany, Ohio, in a large, beautiful estate built in 1990. For 20 years, his estate hosted the Annual New Albany Classic, a horse riding show that raised money for The Center for Family Safety and Healing. In 2018, the event ended. He also owns a historic house in England.
In 2008, George W. Bush chose Wexner to be part of an honorary group that traveled to Jerusalem to celebrate Israel's 60th anniversary.
Political Involvement
Wexner has supported different political campaigns. In 2012, he hosted a fundraiser for Mitt Romney and donated to his political action committee. In 2015, he also donated to a group supporting Jeb Bush's presidential campaign.
However, in 2018, The Columbus Dispatch reported that Wexner had decided to no longer be associated with the Republican Party. He said this was because of changes in the party.
Images for kids
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Wexner receives Woodrow Wilson award in 2004
See also
