Early Life and Education
Les Wexner was born in Dayton, Ohio, on September 8, 1937. His parents were of Russian-Jewish origin, and they owned a small clothing store in Columbus, Ohio, named "Leslie's" after him. Wexner graduated from Ohio State University with a business administration degree in 1959 and served in the Air National Guard.
Rise to Success
Wexner's retail career started in his parents' store. In 1963, he opened the first The Limited store, focusing on women's sportswear. With a $5,000 loan from his aunt, he established a business model based on the concept of limiting merchandise to increase profits. The Limited expanded rapidly, reaching 100 stores by 1976. In 1969, Wexner took Limited Brands public. Wexner's strategic acquisitions, including Victoria's Secret in 1982 for $1 million, transformed the brand into a global leader in lingerie. Wexner built a retailing and marketing conglomerate that included Pink, Bath & Body Works, Henri Bendel, and La Senza.
Key Business Strategies
Wexner's key strategies involved focusing on fast-moving, moderately priced merchandise, which brought in rapid profits. Wexner took advantage of the trend of specialization in retail, setting his business apart from department stores. The company's success was also attributed to its emphasis on customer satisfaction and a commitment to creating a welcoming work environment. Wexner was also an early investor in AI companies.
Philanthropy
Wexner is a well-known philanthropist. He has given over $500 million to philanthropic causes over the past 25 years. He has supported educational initiatives and has made substantial gifts to the Center for Public Leadership at Harvard University, Nationwide Children's Hospital, The Columbus Jewish Federation, and many other organizations.