Les Wexner sells L Brand shares

Les Wexner, the man who made his billions off of Victoria’s Secret, is selling 745 million dollars worth of shares in parent company L Brands Inc. This brings his stock sales from L Brands to 1.2 billion dollars for the year so far.

The stocks are being sold off through a secondary offering managed by JPMorgan Chase & Co. as reported by Bloomberg. The sale is expected to close next Monday, July 19.

Wexner stepped down from L Brand’s board this past May, following his retirement as CEO of the company last year. L Brands shares have soared 700 percent after hitting a five-year low in early 2020, even before the worst of the COVID-19 pandemic lockdowns. L Brands, which also owns Bath & Body Works, has made its underwear and bath products business its core focus.

Wexner and is family still control a 10 percent stake in L Brands after the latest sale through a series of family trusts. His family’s total net worth is estimated at 10 billion dollars.