LB

Discussion in 'Stocks' started by dealmaker, Feb 28, 2019.

  1. dealmaker

    dealmaker

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    L Brands profits take a hit in 2018
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    The Victoria’s Secret parent company reported dips in fourth-quarter and full-year 2018 earnings and announced a disappointing outlook for 2019. Part of this decline was due to the fact that L Brands’ fourth-quarter earnings in 2018 were negatively impacted by $99.24 million in expenses related to the company’s sale of La Senza. (Fashion Network)
     
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  2. dealmaker

    dealmaker

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  3. vanzandt

    vanzandt

    Shares in parent company of Victoria’s Secret plunge by 5 percent after its CEO's ties to his 'trusted confidant' disgraced Jeffrey Epstein resurface
    • L Brands shares slid Tuesday after its CEO's ties with Jeffrey Epstein resurfaced
    • The financier charged with sex trafficking once managed Les Wexner's fortune
    • Wexner reportedly allowed Epstein to take an active role in his L Brands empire, which includes Victoria's Secret, Bath & Body Works, Pink and Express
    • Wexner also reportedly gifted the alleged pedophile a $13m Manhattan mansion
    • The underwear mogul – worth $6.7bn – has not been accused of any wrongdoing
    • He claimed he cut ties with Epstein over 'a decade ago' as suspicions swirled
    • But news of their special relationship has weighed on Wexner's conglomerate, already burdened by weak sales and calls to evolve in the #MeToo era

    Shares of Victoria's Secret parent company L Brands slid as much as 5 percent on Tuesday as it emerged that Jeffrey Epstein was a 'trusted confidant' of its CEO.

    Epstein – the shady financier charged with sex trafficking – managed the fortune of billionaire Leslie Wexner, who has not himself been accused of any wrongdoing.

    But the retail magnate's ties with the alleged pedophile go back a long way – Epstein started managing Wexner's money in the 1980s, according to a 2003 Vanity Fair profile.

    The underwear mogul – estimated to be worth $6.7 billion – is Epstein's only confirmed client.

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    L Brands CEO Les Wexner (pictured in 2016 with a Victoria's Secret model) is sex offender Jeffrey Epstein's only confirmed client. The retail magnate's links to Epstein are weighing on his lingerie empire's image, already tarnished by calls to evolve in the #MeToo era


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    Shares of Victoria's Secret parent company L Brands Inc slid on Tuesday as it emerged that Epstein was a 'trusted confidant' of its CEO Wexner


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    The Epstein controversy is just the latest for L Brands - its Victoria's Secret brand is already burdened by weak sales and disenchanted socially-conscious consumers

    The magazine reported that Wexner allowed Epstein to take an active role in his L Brands empire, which includes Bath & Body Works, Pink, Express and Victoria's Secret.

    In 1989, Wexner used a trust to buy an Upper East Side mansion that is believed to be the largest private residence in Manhattan for $13.2 million.

    Epstein moved in after Wexner and his wife moved to Ohio in 1996.

    Wexner's trust transferred ownership of the house to Epstein in 2011 for $0, Bloomberg reported.
     
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