NEW YORK (CNNMoney) — You have probably never heard of Les Wexner.
Say the name to Gen X-ers and baby boomers and they might right this moment Les Nessman from the TV sitcom "WKRP in Cincinnati. " (Google it, millennials. The first season could be on Hulu. )
Les Wexner is real though. And he comes from Ohio. He rarely does selection interviews. But the 77-year-old founder and TOP DOG of Columbus-based Victoria's Secret driver L Brands is worth $7. 9 billion, according to Forbes.
That makes you the richest person in the Buckeye State. LeBron James has a good job before he can claim that title.
Truthfully Wexner — like King Louis — remains at the top of his endeavor. Shares of L Brands have been near their all-time high.
Profits rose 15% last year and visit a record in the process.
Victoria's Secret is a huge part of the company's success. Sales and profits rose nearly 5% in 2014.
And the brand is a pop modern society phenomenon. Fashion shows featuring "angel" models wearing little more than skidt and panties tend to attract gaze. Who knew?
Still, L Varieties is more than just Victoria's Secret. One of the company's Bath & Body Specializes stores are growing more rapidly.
Gains at that division were up 7 percent last year and now account for nearly thirty percent of the overall sales at Addition Brands. (My mom constantly buzzing in the ears these stores as Bath Head & Beyond. Does anyone else accent them up? I wonder if Wexner has ever thought to acquire BBBY. )
L Brands shares increased 42% in 2014 thanks to the sturdy results. It's a big reason why Wexner made my list of top Entrepreneurs last year.
And the stock is up yet another 9% this year as sales will continue to increase head higher.
Wexner, who made the company with one store the Limited in a Columbus mall by using 1963, has much of his capital tied up in the company's shares. Your lover owns a more than 15% position in the firm and that is currently valued at about $4. 2 billion.
Practical ideas on how has he stayed on top? With never being complacent and always establishing to new trends.
The company actually has morphed a lot in the past 52 time. It was known as Limited Brands demand 2013. The company sold off The Minor in 2007. It's now have by private equity firm Sun Funding Partners.
L Brands sold Acte to another PE firm — Amber colored Gate Capital Partners — by using 2007. Express is once again a meaningful public company. L Brands similarly owned (and subsequently sold) Barry Bryant, Lerner (now part of California & Co. ) and Galyans, a sporting goods retailer that finished up merging with Dick's.
The company including once owned Abercrombie & Fitch. L Varieties bought it in 1988 and spun understand it off in 1996.
Wexner requires to be tickled PINK (a franchise here is part of the current L Brands portfolio) that he's no longer involved with and the struggling teen retailer.
But evidently the best thing that Wexner ever did was going to acquire Victoria's Secret, which so now operates more than 1, 000 web shops and generated more than $7. just billion in sales last year.
As you are Wexner bought the six Victoria's Secret stores and catalog more than 20 years ago (coincidentally the last year "WKRP" was located on the air) he paid a mere one million dollars for it. Not billion. Million.
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