Trusts controlled by Les Wexner, former L Brands head, and his wife, Abigail, sold $326.5 million of shares of the parent of Victoria’s Secret and Bath & Body Works.
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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.
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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.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow @BarronsEdLin.
