Former L Brands CEO Les Wexner Sells Large Blocks of Stock

L Brands ’ former leader Les Wexner and his wife, Abigail, recently sold large blocks of the retailer’s stock through trusts they control. Shares of the parent of Bath & Body Works, Victoria’s Secret, and Pink have surged in 2021.

On June 1, Les Wexner gave 3.5 million L Brands (ticker: LB) shares from his personal account to a trust he and his wife control. On June 3, the trust sold all 3.5 million shares, while another trust controlled by the Wexners sold another 1.5 million shares. Sales totaled $326.5 million, or $65.30 per share, and the buyer was an undisclosed broker-dealer, according to a form the Wexners filed with the Securities and Exchange Commission.

A spokesman for Les Wexner, who left the company’s board in May, declined to comment on the stock sale. Les Wexner served as L Brands CEO from 1963 until early 2020, when he stepped down. In 2019, Les Wexner found himself in the spotlight on increased scrutiny over a past business relationship with Jeffrey Epstein, the financier who killed himself while in custody awaiting trial on federal sex-trafficking charges.

As of June 7, Les Wexner had overall ownership of 35 million L Brands shares, about 12.7% of the shares outstanding.

A revived Victoria’s Secret has been lifting L Brands’ earnings, and the company said it would spin off the brand later this year.

L Brands stock has surged 80.2% so far this year, far outpacing the 13.1% rise in the S&P 500 index.