Yahoo. (Bloomberg) — Leslie Wexner is unloading about $745 million worth of shares in L Brands Inc., the retailer which includes Victoria’s Secret and Bath & Body Works, bringing his stock sales in the apparel group he founded to $1.2 billion for 2021.
The billionaire is selling stock in the Columbus, Ohio-based retailer through a secondary offering managed by JPMorgan Chase & Co., according to a regulatory filing Thursday. The sale is set to close July 19.
Wexner, 83, stepped down from L Brand’s board in May following his retirement as chief executive officer last year. Shares in the company have soared more than 700% since hitting a five-year low in early 2020 as the retailer aimed to shore up its underwear and bath products businesses in the wake of the pandemic. This week, L Brands raised guidance for second-quarter earnings and said its Bath & Body Works unit would pursue a $1.5 billion share buyback after Victoria’s Secret is spun off.
A spokesperson for L Brands and Wexner declined to comment. more
Because nothing sells sexy lingerie like obese slobs modeling it.
I thought the land whale on the cover of last year’s Sport’s Illustrated swimsuit edition was untoppable but the picture of the collection of fatties and soy boys modeling VS is a cake taker.
When you are 83 years old and you walk into one of your own locations to find out that Bearded Male Flight Attendants are buying your products to wear under their uniforms…
Its time to sell, never watch the news again, & move to an island.
They’re buying real estate.
Rats jumping ship.
if anyone is going to make money from the ‘new’ victor’s secret, if will be through selling them fabric
If the stock has soared 700% it sounds like a good time to sell.
Wild Bill
“…soared 700%” is not exactly accurate.
Agust 1/2016: $76.21
July 16/2021: %72.75
Before the Pandemic it was all the way down to $21 Feb 1/2020.
During the worst part of Covid it lowed at $11.56 Mar 1/2020.
All this was before the ridiculous inflation that Biden is causing. The current $72.75 is below 5 years ago and in newly DEVALUED Covid Dollars.
I Always Value stocks based on 1, 3, 5, 10 year trends.
Actual 5 year return is -4%.
The Old Man is GETTING THE FUCK OUT while he can!
^^^^^ source was Yahoo Finance Charts ^^^^^
Lesbians and transvestites will make real men want to buy lingerie for their ladies!
Go woke go broke!
I don’t purchase any of their products. They lost me a long time ago.
billyhall2006 ☑ July 17, 2021 at 8:54 am
if anyone is going to make money from the ‘new’ victor’s secret, if will be through selling them fabric
—————————-
And said product is made into worthless underwear that people will stop buying. Victoria is then stuck with warehouses full of unsellable product. They’ll be like Target, they’ll donate the overstock to thrift stores. Places like Big Lots might pick up some of the merchandise and sold for pennies. I think that’s about all a g-string is worth, pennies.
VS always had a great “scam” because men (and women) bought their lingerie because they had this image that wearing their goods would make the person look as (or nearly as) good as the model in the ads.
– And it did kind of work, to a degree
I don’t want my girlfriend to look like the new models
– So I’m not buying
And if I owned their stock, I’m selling
the reason I mentioned ‘fabric,’ is that they are obviously going after a ‘larger’ market, and they’ll need more fabric to cover it. If you catch my drift.
it wasn’t too many years ago, that articles like this were labeled as stock manipulation. They’re just helping this guy save his ass financially.
I hope he paid off that freaky dyke tennis player with stock in the company.
@Kcir: I agree, get out while the getting is good. VS will tank as soon as the Lori Lightfoot and Jet Blue lines hit the shelves.
Translation: Woke stupidity + fat chicks = bankruptcy.
Once you get fat it is hard to go back to thin