Shares of Victoria's Secret parent company L Brands Inc. jumped 15% in the pre-market Wednesday following The Wall Street Journal report that Leslie Wexner, the billionaire founder of Victoria’s Secret, is considering to step aside and sell the brand.
Sources familiar with the talks told the Journal that a full or partial sale of Victoria’s Secret is expected.
The brand has suffered declining sales in recent years, sending the L Brands stock down 84% in four years.
A succession plan for Wexner and a sale of the company could come next month, though the sources said there’s nothing in writing at the moment.
Last summer, it was made public that Wexner had business relationships with Jeffrey Epstein.
We noted how Epstein managed Wexner's wealth for nearly two decades.
Wexner said in an internal email that he was "NEVER aware of the illegal activity," Epstein is accused of committing. "As you can imagine, this past week I have searched my soul ... reflected ... and regretted that my path ever crossed his."
Wexner told Vanity Fair in 2003 that "I think we both possess the skill of seeing patterns. But Jeffrey sees patterns in politics and financial markets, and I see patterns in lifestyle and fashion trends."
There was no clear indication via the sources that suggested the potential sale of the brand was tied to Wexner's dealing with Epstein, made public last year.