• Les Wexner, the CEO of Victoria's Secret parent company L Brands, has come under intense scrutiny for his relationship with convicted sex offender Jeffrey Epstein.
• Epstein was arrested and charged with sex trafficking of minors earlier this month, The Daily Beast reported. 
• Epstein was Wexner's financial advisor, but their relationship often went beyond the parameters of professional colleagues, a Wall Street Journal report said. A 2002 lawsuit described the two as "close personal friends."
• From their reported first meeting in the late 1980s to Wexner's decision to cut ties between the two, here is a timeline of the complicated relationship between Wexner and Epstein. 
• Visit Business Insider's homepage for more stories.

It's hard to talk about Jeffrey Epstein without mentioning Les Wexner. 

Wexner is the CEO and founder of L Brands, the parent company to Victoria's Secret. Epstein, who was arrested and charged with sex trafficking in July, was once the billionaire CEO's financial advisor. Wexner was one of Epstein's only known clients.

The two men maintained a decades-long relationship, in which Wexner reportedly handed over an unusual amount of money and power to his financier. Epstein is said to have received millions of dollars from Wexner, and a private plane and two mansions that had previously been owned by Wexner or his companies fell into Epstein's hands.

Read more:How Victoria's Secret head Les Wexner went from small-town Ohio shopkeeper to facing scrutiny for his ties to convicted sex offender Jeffrey Epstein

Epstein was even involved in the process of selecting models for Victoria's Secret, the Wall Street Journal reported.

With the charges against Epstein coming to light, Wexner's relationship with his former financier is being questioned. The two were described as "close personal friends" in a 2002 lawsuit, but Wexner has claimed recently that he regrets any association with the convicted sex offender and cut off contact over a decade ago.

The relationship between Epstein and Wexner is long and convoluted. In an effort to make sense of it all, we traced the relationship using reports about their first introduction in the late 1980s to the present day:

SEE ALSO: How Victoria’s Secret head Les Wexner went from small-town Ohio shopkeeper to facing scrutiny for his ties to convicted sex offender Jeffrey Epstein

It began in the late 1980s. Les Wexner had spent years building up his chain of stores called The Limited, which he started in 1963. In 1982 Wexner bought a small chain of San Francisco lingerie shops called Victoria's Secret for $1 million.

Source: The Telegraph

Victoria's Secret grew as Wexner formed the chain into what it is today. By the early 1990s Victoria's Secret was soaring, and sales exceeded $1 billion. It was around this time that Wexner met Jeffrey Epstein.

Source:Town and Country,The New York Times

With his massive success in Victoria's Secret, Wexner wanted to expand his business ventures outside of retail. Robert Meister, an insurance executive, reportedly introduced Wexner to Epstein in the mid-to-late 1980s. Thus began a decades-long relationship.

Source: The New York Times

Wexner and Epstein reportedly began spending a lot of time together. It would later emerge that Wexner was one of Epstein's only clients.

Source: The New York Times,Business Insider

Former colleagues and friends of Wexner told The New York Times that they noted a change in their relationship to the CEO once Epstein came into the picture. Wexner's full trust seemed to be placed in his financier.

Source: The New York Times

In the late 1980s, Epstein managed the construction and design of Wexner's 316-foot yacht, Limitless, a job that seemed beyond the bounds of his role as financial advisor.

Source: The New York Times

Epstein regularly flew to Ohio on a private plane and was often seen at Wexner's parties and events, The New York Times reported. When Wexner got involved in a real-estate development in New Albany, Ohio, Epstein became involved with the project and reportedly acquired a mansion there for $3.5 million in 1992.

Source: The New York Times

In July 1991 Wexner granted Epstein power of attorney, which included the "full power and authority to do and perform every act necessary” on behalf of Wexner, The New York Times reported.

Source: The New York Times

By the time Wexner married his wife, Abigail, in 1993, Epstein was already deeply entrenched in the CEO's personal life, according to The New York Times. It was not uncommon for Epstein to be involved in the Wexners' personal family matters.

Wexner paid Epstein millions of dollars in fees over the years. And there were other perks as well. In 1998, Epstein bought Wexner's New York townhouse for around $20 million, The Wall Street Journal reported. L Brands also reportedly sold Epstein a plane for $10 million at some point as well.

Source: The Wall Street Journal

In 2002 Epstein attempted to gift Wexner with a $339,000 portrait of the Wexner family. This move led to a lawsuit between Epstein and the artist regarding the payment for the painting. In the lawsuit Wexner and his wife were described as Epstein's "clients and close personal friends."

Source: Business Insider

Epstein was also involved in Wexner's personal charities and served on some of Wexner's charity boards. In 2004 the Wexner Foundation reportedly gave Epstein's foundation over $10 million, according to tax returns reported on by the Wall Street Journal.

Source: The Wall Street Journal

Through his connection to Wexner, Epstein reportedly meddled in the model selection process for Victoria's Secret. His bond with Wexner put him in a powerful position among young women hoping to model for the company. Around the mid-to-late 1990s, a woman filed a police report against Epstein alleging sexual assault in Wexner's Ohio mansion.

Source: The New York Times

In 2006 Epstein was charged with multiple counts of molestation and unlawful sexual activity with a minor in Florida. A plea deal kept Epstein from federal prosecution, but he pleaded guilty to the state charges of solicitation of prostitution and procurement of minors for prostitution. Wexner didn't immediately cut ties with Epstein in 2006, reports say.

Source: Business Insider, The New York Times

In July, Epstein was arrested and charged with sex trafficking. He pleaded not guilty to the charges.

Wexner spoke up about the charges after the arrest and said he didn’t know about any potential wrongdoing during his two-decades-long relationship with Epstein. In a memo to company employees. Wexner reportedly wrote, "I have searched my soul... reflected...and regretted that my path ever crossed his." He also claimed to have cut ties with Epstein 12 years ago.

Source: The Wall Street Journal

Following the arrest, L Brands said it hired an outside law firm to investigate the company's relationship to Epstein. An L Brands spokeswoman told Business Insider that the company does "not believe he was ever employed by nor served as an authorized representative of the company."

Source: Business Insider

• Victoria's Secret has reportedly hired its first openly transgender model.
• Valentina Sampaio shared an Instagram photo on Thursday tagging the Victoria's Secret Pink lingerie line alongside the hashtags "campaign,""vspink," and "diversity."
• She then shared a video with the caption: "Never stop dreaming."
• If true, the news comes less than a year after the brand's CMO controversially said transgender models should not star in the brand's runway shows.
• Visit INSIDER's homepage for more stories.

Valentina Sampaio has reportedly become Victoria's Secret's first openly transgender model.

On Thursday, Sampaio shared a photograph on Instagram which shows her sitting on a chair in a dressing gown.

The Brazilian model tagged Victoria's Secret's Pink lingerie line in the picture and the caption, adding hashtags including "#campaign", "vspink" and "diversity".

Read more:A transgender woman responded to a Victoria's Secret executive's controversial comments with her own lingerie ad

A day later, Sampaio shared a close-up video of her face on Instagram, using the same hashtags in the caption and writing, "Never stop dreaming gente".

Many people have interpreted the 22-year-old's posts to mean she is taking part in a campaign for the lingerie label, which would make her the first openly transgender model to do so.

"Wow finally!" Orange Is The New Black star Laverne Cox commented on Instagram.

"First transgender to shoot with VS! This makes me so happy!"tweeted Victoria's Secret model Lais Ribeiro.

In November 2018, the chief marketing officer of Victoria's Secret came under fire when he expressed his belief that transgender models should not star in the brand's runway shows.

"Shouldn't you have transsexuals in the show? No. No, I don't think we should. Well, why not? Because the show is a fantasy,"Ed Razek told Vogue Runway.

Following the backlash he received online, Razek issued an apology.

"My remark regarding the inclusion of transgender models in the Victoria's Secret Fashion Show came across as insensitive," he said in a statement released on Twitter by the brand.

"I apologise. To be clear, we absolutely would cast a transgender model for the show. We've had transgender models come to castings … and like many others, they didn't make it … But it was never about gender. I admire and respect their journey to embrace who they really are."

In February 2017, Sampaio became the first openly transgender model to be featured on the cover of a Vogue magazine when she graced the cover of Vogue Paris.

The model later appeared on the covers of Brazilian Vogue and German Vogue.

Read more:Former Angel Karlie Kloss reveals why she left Victoria's Secret: 'I didn't feel it was an image that was truly reflective of who I am'

Victoria's Secret has been contacted for comment.

For all the latest fashion news, click here.

Join the conversation about this story »

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• Victoria's Secrethas reportedly hired its first openly transgender model.
• Brazilian model Valentina Sampaio recently shared an Instagram photo of herself tagging the Victoria's Secret Pink lingerie line alongside the hashtags "campaign,""vspink," and "diversity."
• If true, this would mark an important shift in direction at Victoria's Secret, which has long been accused of lacking inclusivity and diversity in its ad campaigns.
• This came to a head last year, after the chief marketing officer of its parent company, L Brands, made controversial commentsabout featuring transgender and plus-size models in its annual runway show.
• Here's everything we know about Sampaio.
• Visit Business Insider's homepage for more stories.

Victoria's Secret has reportedly hired its first openly transgender model, and it could signal that the brand is finally listening to some of its most critical customers.

Three days ago, Brazilian transgender model Valentina Sampaio, shared a photograph of herself on Instagram and tagged the Victoria's Secret Pink brand along with the hashtags: "campaign,""vspink," and "diversity."A day later, she shared a video of herself with the caption: "Never stop dreaming."

Victoria's Secret has not yet confirmed publically whether it has hired Sampaio and a spokesperson for L Brands did not immediately respond to Business Insider's request for comment. But if true, this would mark a significant shift in its strategy.

Read more: People slammed Victoria's Secret after its marketing chief made controversial comments about transgender models, but he didn't resign. This could be why, according to former executives.

The brand has long been accused of lacking inclusivity and diversity in its ad campaigns. This came to a head last year after the chief marketing officer of its parent company, L Brands, said that he didn't think its annual fashion show should feature "transsexuals" because the show is a "fantasy."

Now, the company is reportedly "rethinking" and possibly even canceling its fashion show.

Here's everything we know about 22-year-old Sampaio:

If you're a current or former employee of Victoria's Secret and have a story to share, contact this reporter at mhanbury@businessinsider.com or on Signalat +1 (646) 768-4716 using a non-work phone.

SEE ALSO: The rise and fall of Victoria's Secret, America's most famous lingerie retailer

Sampaio was born in the north of Brazil in a fishing town called Aquiraz.

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Sources: The New York Times and i-D

She was eight years old when a psychologist identified her as transgender, but it wasn't until she was 12 years old that she started calling herself Valentina.

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Source: Diario do Nordeste

Sampaio has said in multiple interviews that she wasn't bullied for this as a child. She said that she didn't struggle as her parents (a fisherman and a teacher) along with her schoolmates were always accepting of her decision. They were "proud" and "supportive," she said.

Source: The New York Times.

She made her first foray into fashion at the age of 16 when she went to study at a fashion college. It was here that she was discovered by a makeup artist, who signed her up with a São Paulo modeling agency.

Sources: Diario do Nordeste, Vogue. and The New York Times.

In November 2016, she first graced the runway at São Paulo fashion week.

Later that year, L’Oréal produced a short film about her, which was released on International Women’s Day. She then became one of the brand’s ambassadors.

Source: The New York Times.

But it wasn't until the spring of 2017 that she made a name for herself globally after becoming the first transgender model to appear on the cover of French Vogue.

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Source: BBC

The news was widely reported and applauded by many online.

Source: The New York Times.

The editor-in-chief of Vogue France, Emmanuelle Alt, introduced Sampaio's cover in the March edition, writing: "When she arrived in the studio wearing jeans and a simple t-shirt, Valentina Sampaio, this issue’s cover girl, had beauty striking enough to stun on the cover of Vogue. She is the absolute equal of Gisele, Daria, Edie or Anna. Apart from one small detail: Valentina, the femme fatale, was born a boy."

Source: Vogue

She continued: "It's a detail one would prefer not to have to mention, a ubiquitous detail in these women's lives that they didn't ask for and a detail one imagines they want to forget. But Valentina is on the cover of Vogue this month, not just for her looks or her sparkling personality, but because despite herself she embodies an age-old, arduous struggle to be recognized and not to be perceived as something Other, a gender exile."

Source: Vogue

Later that year, she was featured on both the covers Vogue Brazil and Vogue Germany.

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Source: Allure

In the summer of 2018, Sampaio was spotted making her way to the casting for the 2018 Victoria's Secret Fashion Show. But she wasn't hired.

And to its detriment, sales at Victoria's Secret were slowing at the time and the brand was increasingly accused of losing relevance with shoppers and criticized for its lack of diversity and inclusivity.

This came to a height in November 208 after a controversial interview with its chief marketing officer went viral just weeks before its annual fashion show aired on TV.  

L Brands CMO, Ed Razek, said in the interview that he didn't think Victoria's Secret's annual fashion show should feature "transsexuals" because "the show is a fantasy."

His comments sparked an outcry online, and critics called for his resignation. 

Since then, Victoria's Secrets' shareholders and critics have urged the brand to make changes to keep up with the times.

Read more: An activist shareholder is urging Victoria's Secret parent to update 'tone-deaf' brand image to boost sales

But this may be changing.

Three days ago, Sampaio shared a photograph of herself on Instagram, tagging Victoria's Secret's Pink lingerie line with a series of hashtags that said: "#vspink #diversity." 

A day later, she shared a video of herself with the caption: "Never stop dreaming."

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Width: 540px

Sampaio would be the first openly transgender model to work with Victoria's Secret and it's an indication that Victoria's Secret may finally be listening to its customers.

The news is already being celebrated online.

"First transgender to shoot with VS! This makes me so happy!" Victoria's Secret model Lais Ribeiro tweeted.

"Wow finally!" Orange Is The New Black star Laverne Cox commented on Instagram.

• Ed Razek, the controversial chief marketing officer of Victoria's Secret's parent company, L Brands, is stepping down.
• The news comes less than a year after Razek faced backlash for saying Victoria's Secret's annual fashion show should not feature "transsexuals" because "the show is a fantasy."
• On Monday morning, Valentina Sampaio appeared to announce via Instagram that she had been hired as the brand's first openly transgender model.
• Visit Business Insider's homepage for more stories.

Ed Razek, the chief marketing officer of Victoria's Secret's parent company, L Brands, is stepping down, according to an internal memo shared with Business Insider.

The Wall Street Journal was first to report the news. 

In an internal memo sent to employees by L Brands chairman and CEO Les Wexner on Monday, Razek wrote that he had shared with Wexner his "desire to retire sometime around mid August."

An L Brands representative did not comment beyond the memo. 

The news comes less than a year after a Vogue interview with Razek sparked massive backlash. In the interview, Razek said he didn't think the lingerie brand's annual fashion show should feature "transsexuals" because "the show is a fantasy." 

Many people called for Razek's resignation. The executive apologized two days later but did not signal plans to leave the company at the time. 

Read more:People slammed Victoria's Secret after its marketing chief made controversial comments about transgender models, but he didn't resign. This could be why, according to former executives.

Razek has been responsible for organizing Victoria's Secret's annual fashion show since 1995 and became chief marketing officer of L Brands in the late 1990s. Victoria's Secret employees told Business Insider's Mary Hanbury earlier this year that Razek didn't resign in large part because of his close relationship with Wexner. 

"Ed ... is just very untouchable in Les' eyes," a former executive who worked at Victoria's Secret's New York office for nine years and was laid off in mid-2017 told Business Insider.

"He considers Ed to be like a brainchild of the brand with him," they added. "He is the golden child and does whatever he wants."

In March, L Brands' shareholders also stepped in by writing a fiery letter to Wexner, urging him to, among other things, update the brand's image and switch up its predominantly male board of directors. Razek was also called out in the shareholder letter.

"In our view, Mr. Razek has done a poor job of stewarding Victoria's Secret's brand by failing to communicate a compelling, up-to-date image that resonates with today's consumers," Barington Group CEO James A. Mitarotonda wrote.

He added: "While we recognize that Victoria's Secret cannot be all things to all people, we believe that the Company should be delivering a more inclusive marketing message that promotes a more expansive view of beauty."

Recently, Wexner has been in the spotlight for his ties to the convicted sex offender Jeffrey Epstein. Former L Brands executives told The Wall Street Journal that Epstein attempted to meddle in L Brands' business, buying a plane from the company for $10 million and trying to offer input on which women should be Victoria's Secret models.

In July, the Victoria's Secret model Shanina Shaik told The Daily Telegraph that the annual show — long Razek's responsibility — would be canceled this year. Earlier this year, Wexner said to employees in an internal memo that the company didn't think "network television is the right fit" for the show.

On Monday morning, Valentina Sampaio seemingly announced via Instagram that she had been hired as the company's first openly transgender model.

Read Wexner's full memo: 

Dear associates –

I received the note below that Ed sent to his team. After my conversations with him, and with his permission, I am sharing it with all of you. There are few with Ed's passion and talent in this industry, but I have faith in our incredible teams, talent and product, and I look forward to the future as we grow and change.

While we review how to best transition Ed's work, SVP of Brand and Creative, Ed Wolf will serve as interim head of Brand and Creative reporting to me, and Bob Campbell, VP, Creative for VS, will serve as interim head of VS Creative reporting to John Mehas. In the meantime, I ask everyone to continue their maniacal focus on fall and holiday.

Regards,

Les

 

SO LONG PARTNERS 

With the exception of Les, I've been with L Brands longer than anyone. I've loved every minute of it, and every one of you. I've appreciated your partnership, your energy, your teamwork, and your enthusiasm. You are, every one of you, a joy to work with, and a joy to be with. The best partners anyone could ever hope for. And I've loved coming to work here, every single day, for many, many years. 

But all good things must and do, inevitably, come to an end.  

A few weeks ago, I shared with Les my desire to retire sometime around mid August. It was a tough conversation to have because, as some of you must know, we have shared so much together for so many years. Including a deep love of this business. Still, it's time. 

I want to thank all of you for the smiles, the hellos, the laughs, the mission. I could not be more lucky than to have been with all of you at this extraordinary and quite singular organization. I truly hope you know, deep in your hearts, how very special this place is. I do - more than ever.  

Much love and respect to you all. 

Ed Razek 

Got tips? Email retail@businessinsider.com.

SEE ALSO: Victoria's Secret has reportedly hired its first openly transgender model. Here's everything we know about her.

Join the conversation about this story »

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• More than 100 models have signed a petition asking Victoria's Secret to take action on sexual misconduct after the firm's links to convicted sex offender Jeffrey Epstein were revealed.
• The signatories want Victoria's Secret to commit to an initiative that would require its employees and contractors to follow a code of conduct that protects model safety on the job.
• The petition has been signed by several high profile models including former Victoria's Secret Angels, Christy Turlington and Doutzen Kroes.
• Epstein reportedly used his ties to Victoria's Secret's parent company's CEO to coerce victims into sexual acts by promising them modeling jobs.
• Visit Business Insider's homepage for more stories.

More than 100 models have signed a petition asking Victoria's Secret to take action on sexual misconduct and commit to an initiative that would require its employees and contractors to follow a code of conduct that protects model safety on the job.

The petition comes as the brand comes under intense scrutiny over its connections to convicted sex offender Jeffrey Epstein. A New York Times report revealed that Epstein used his connection to Les Wexner, the CEO of Victoria's Secret's parent company L Brands, as a way to coerce victims into sexual acts by promising them modeling jobs. L Brands has now hired an outside law firm to review its relationship with Epstein.

Read more:Jeffrey Epstein reportedly tried to meddle in selecting Victoria's Secret models, and now the firm is investigating

The petition and open letter, which has been spearheaded by Model Alliance – a nonprofit advocacy organization for people that work in the fashion industry that was set up by former model Sara Ziff, who recently wrote about her experience meeting Epstein – has been signed by several high profile models. These include former Victoria's Secret Angels, Christy Turlington and Doutzen Kroes.

"We are writing today to express our concern for the safety and wellbeing of the models and young women who aspire to model for Victoria's Secret," said the letter, which was addressed to the CEO of Victoria's Secret lingerie, John Mehas.

"In the past few weeks, we have heard numerous allegations of sexual assault, alleged rape, and sex trafficking of models and aspiring models. While these allegations may not have been aimed at Victoria's Secret directly, it is clear that your company has a crucial role to play in remedying the situation.

"From the headlines about L Brands CEO Leslie Wexner's close friend and associate, Jeffrey Epstein, to the allegations of sexual misconduct by photographers Timur Emek, David Bellemere, and Greg Kadel, it is deeply disturbing that these men appear to have leveraged their working relationships with Victoria's Secret to lure and abuse vulnerable girls."

In a statement emailed to Business Insider, a spokesperson for L Brands said that the company is "always concerned" about the welfare of its models. "[We] want to continue to have dialogue with the Model Alliance and others to accomplish meaningful progress in the industry," it said. 

According to Model Alliance board member Agatha Schmaedick Tan, the two parties have been in conversations for several months about signing the "Respect" program, Business of Fashion reported.

If Victoria's Secret were to sign on to "Respect," it would be required to make any of its employees or contractors follow a certain code of conduct.

Not all models seem to be in agreement with this, however. Portuguese supermodel Sara Sampaio, who is currently a Victoria's Secret Angel and has walked several runway shows, disagreed with the brand being called out by Model Alliance.

"Most of the sexual harassment happens before the photo shoots to models that have never worked with vs [Victoria's Secret] by people pretending they work for companies they don't work [at]!... If you actually want to protect models against sexual harassment go after the agents and agencies! Cause they are the main reason models get harassed!!!" she wrote on Instagram.

SEE ALSO: Jeffrey Epstein reportedly lived the life of a billionaire thanks to hand-me-downs from Victoria's Secret head Les Wexner

Join the conversation about this story »

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• Victoria's Secret billionaire Leslie Wexner said convicted sex offender Jeffrey Epstein "misappropriated vast sums of money" from his fortune while Epstein was his financial advisor.
• Wexner was one of Epstein's only known clients, and observers say that Epstein's decades-long relationship to the high-powered billionaire contributed to his success. 
• While the two had previously been described as "close personal friends,"Wexner last month said he "regretted" ever crossing paths with Epstein and said he "completely severed" all ties with Epstein 12 years ago.
• Epstein was arrested last month and charged with sex trafficking and conspiracy to commit sex trafficking. He has pleaded not guilty. If convicted, he faces up to 45 years in prison.

• Visit Business Insider's homepage for more stories.

Victoria's Secret billionaire Leslie Wexner said convicted sex offender Jeffrey Epstein "misappropriated vast sums of money" from his fortune while Epstein was his financial advisor.

In a letter to members of his namesake Wexner Foundation, seen by the Wall Street Journal, the CEO and founder of L Brands, the parent company to Victoria's Secret, claimed that Epstein "had misappropriated vast sums of money from me and my family."

"This was, frankly, a tremendous shock, even though it clearly pales in comparison to the unthinkable allegations against him now," Wexner continued in the letter.

According to CNBC, Wexner's letter did not specify how much money was recovered from Epstein's financial mismanagement. Though according to The Journal, tax records indicate that Epstein made a $46 million contribution to a Wexner charitable fund in January 2008. In his letter, Wexner alleged in his letter that this amount represented only a "portion" of the total sum mishandled by Epstein.

He added that "every dollar" of that money originally belonged to the Wexner family. A representative for Wexner did not comment to The Journal on whether the "misappropriation" was reported to authorities.

Business Insider could not immediately reach an attorney for Epstein for comment.

According to the New York Times, Wexner gave Epstein power of attorney in 1991, handing the disgraced financier almost complete control of his financial affairs for more than a decade. The power allowed Epstein to hire people, sign checks, buy and sell properties, and even borrow money on Wexner's behalf. 

Wexner was also one of Epstein's only known clients, and observers say that Epstein's decades-long relationship to the high-powered billionaire contributed to his success. Epstein is said to have received millions of dollars from Wexner, and reportedly owned mansions and private planes previously owned by Wexner or his companies. 

Read more: Victoria's Secret billionaire Leslie Wexner gave near-total control of his finances to Jeffrey Epstein, according to a stunning new account of their controversial friendship 

While the two were described as "close personal friends" in a 2002 lawsuit, the relationship between them soured after charges of sexual misconduct against Epstein surfaced. Wexner last month wrote in a company memo that he "regretted" ever crossing paths with Epstein and said he "completely severed" all ties with Epstein 12 years ago.

Epstein pleaded guilty to state charges of soliciting prostitution in June 2008 and registered as a sex offender as part of a deal cut with the US Attorney's Office in Miami. He was sentenced to 18 months in prison but only served 13 months in a private wing of the Palm Beach County Jail where he was allowed to work in an office six days per week.

Epstein was arrested last month and charged with sex trafficking and conspiracy to commit sex trafficking. He has pleaded not guilty. If convicted, he faces up to 45 years in prison.

SEE ALSO: Jeffrey Epstein reportedly lived the life of a billionaire thanks to hand-me-downs from Victoria's Secret head Les Wexner

Join the conversation about this story »

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• Les Wexner, the CEO of Victoria's Secret parent company L Brands, has come under intense scrutiny for his relationship with convicted sex offender Jeffrey Epstein.
• Epstein was arrested and charged with sex trafficking of minors in July. 
• In a letter to his namesake Wexner Foundation on Wednesday, Wexner described how he first met Epstein and how he went on to become Wexner's money manager. 
• Visit Business Insider's homepage for more stories.

It was the mid-1980s when Les Wexner, CEO of Victoria's Secret parent company L Brands, first came into contact with now-convicted sex offender Jeffrey Epstein. 

Wexner was by then a well-established retail leader who had spent the past two decades building up a chain of stores called The Limited and created a $3 billion business. Epstein, meanwhile, had left the New York-based financial firm Bear Stearns in 1981 to set up his own firm managing other people's money.

Read more:Inside the relationship between Victoria's Secret head Les Wexner and convicted sex offender Jeffrey Epstein, from 'close personal friends' to severed ties

In a letter to his namesake Wexner Foundation on Wednesday, Wexner shed light on how he ultimately came to have a relationship with Epstein. He explained that he was first introduced to Epstein through friends, who "vouched" for him and "recommended him as a knowledgeable financial professional."

"Mr. Epstein represented that he had various well-known and respected individuals both as his financial clients and in his inner circle. Based on positive reports from several friends, and on my initial dealings with him, I believed I could trust him," Wexner wrote in the letter.

Wexner enlisted Epstein to become his money manager — a position Epstein held for the subsequent two decades — and went on to give him power of attorney over his financial and legal matters, something that Wexner described in the letter as "common" in the role of a money manager. 

"He had wide latitude to act on my behalf with respect to my personal finances while I focused on building my company and undertaking philanthropic efforts," he wrote. 

The duo became "close personal friends," according to a lawsuit filed in 2002 by the late artist Nelson Shanks. Epstein reportedly attended Wexner's exclusive birthday parties and flew in and out of Wexner's hometown of Columbus, Ohio, in the billionaire's private jet. 

But in 2006, Epstein was charged with multiple counts of molestation and unlawful sexual activity with a minor in Florida. 

"As the allegations against Mr. Epstein in Florida were emerging, he vehemently denied them," Wexner wrote.

But in the fall of 2007, Wexner wrote, it was agreed that Epstein should step back from the management of Wexner's personal finances. 

"In that process, we discovered that he had misappropriated vast sums of money from me and my family. This was, frankly, a tremendous shock, even though it clearly pales in comparison to the unthinkable allegations against him now," he wrote in the letter. 

It was at this point that he severed all ties with Epstein, Wexner wrote. Epstein pleaded guilty to state charges of soliciting a minor for prostitution in 2008. 

Lawyers for Epstein did not immediately return Business Insider's request for comment on the letter. 

Wexner added that he recovered some of the funds he had lost but didn't specify how much. The Wall Street Journal  reported that tax records indicated that Epstein made a $46 million transfer to a Wexner charitable fund in January 2008. 

"I am embarrassed that, like so many others, I was deceived by Mr. Epstein. I know now that my trust in him was grossly misplaced and I deeply regret having ever crossed his path," Wexner wrote. 

Epstein was arrested and charged with sex trafficking of minors in July. 

Read the full letter here:

Dear Wexner Foundation Community, 

For 35 years, the work we have achieved together in this community has continued to be one of the great honors of my life, and that is why I am writing to you now.

In recent weeks, there has been considerable media attention on my past connection to Jeffrey Epstein. To be clear, I never would have imagined that a person I employed more than a decade ago could have caused so much pain. I condemn his abhorrent behavior in the strongest possible terms and am sickened by the revelations I have read over the past weeks. I sincerely value your trust, and that is why it is important you hear details and context from me directly.

I first met Mr. Epstein in the mid-1980s, through friends who vouched for and recommended him as a knowledgeable financial professional. Mr. Epstein represented that he had various well-known and respected individuals both as his financial clients and in his inner circle. Based on positive reports from several friends, and on my initial dealings with him, I believed I could trust him.

Eventually, he took over managing my personal finances. He was given power of attorney as is common in that context, and he had wide latitude to act on my behalf with respect to my personal finances while I focused on building my company and undertaking philanthropic efforts.

In the early 1990s Mr. Epstein became a trustee of The Wexner Foundation, but he had no executive responsibilities in the running of the Foundation. He did not work directly with Foundation staff, and he did not engage with leadership initiatives in any way.

As the allegations against Mr. Epstein in Florida were emerging, he vehemently denied them. But by early fall 2007, it was agreed that he should step back from the management of our personal finances. In that process, we discovered that he had misappropriated vast sums of money from me and my family. This was, frankly, a tremendous shock, even though it clearly pales in comparison to the unthinkable allegations against him now.

With his credibility and our trust in him destroyed, we immediately severed ties with him. We were able to recover some of the funds. The widely reported payments Mr. Epstein made to the charitable fund represented a portion of the returned monies. All of that money — every dollar of it — was originally Wexner family money.

I am embarrassed that, like so many others, I was deceived by Mr. Epstein. I know now that my trust in him was grossly misplaced and I deeply regret having ever crossed his path.

As the story has unfolded further, and the extent of the pain caused by Mr. Epstein continues to grow, I have spent time reflecting and searching for answers as to how this could have happened. My heart goes out to each person who has suffered unthinkable pain and I pray for their healing.

I want to convey my gratitude to the many who have written to express your trust. Abigail and I deeply appreciate your well wishes.

As I reflect on the situation, I know that we will together seek the wisdom that can be gleaned even from such troubling events. And, my friends, I want you to know that I remain fully committed to supporting your amazing and enduring leadership across the globe. Keep leading.

Les

SEE ALSO: Inside the relationship between Victoria's Secret head Les Wexner and convicted sex offender Jeffrey Epstein, from 'close personal friends' to severed ties

Join the conversation about this story »

NOW WATCH: An authentication expert at The RealReal showed us how to spot fake designer accessories

• AustralianmodelBridget Malcolm has walked the runway for brands like Victoria's Secret, Stella McCartney, and Ralph Lauren.
• On Tuesday, Malcolm published a post on her blog in which she said she was previously dropped from modeling jobs after gaining half an inch of weight on her hips.
• She also shared an Instagram post on Wednesday, saying in the caption that she now works "with people who support health in women," though it's taken "a lot of work and recovery."
• Through the blog on her official website, Malcolm writes personal posts about healthy eating, mental health, eating disorders, and female empowerment.
• Visit INSIDER's homepage for more stories.

The modeling world has come a long way in recent years. Some brands have stopped retouching photos of models in their advertisements, while other models have worn their natural hairstyles on runways. Still, problems persist within the industry.

On Tuesday, Australian model Bridget Malcolm published a blog post in which she said she was recently dropped from modeling jobs after gaining half an inch of weight on her hips. According to her post, Malcolm was previously expected to maintain a hip size of 35 inches or less.

Malcolm, who has worked for brands like Victoria's Secret, Ralph Lauren, and Stella McCartney, also shared a supporting Instagram post on Wednesday about recovery and women's health.

The model said on social media that, partially as a result of her job, she is now recovering from an eating disorder, and is working with people who support her health.

Bridget Malcolm says she is 'finally free' to eat how she pleases after being dropped from modeling jobs

Malcolm frequently shares personal essays about healthy eating, mental health, eating disorders, and female empowerment on her blog. In her most recent post, titled "Healthy Modeling," Malcolm said she's been hesitant to "blame" the modeling industry for her mental-health struggles and eating disorder. 

"I do need to acknowledge how my environment has shaped my mental state," Malcolm wrote in the post. "I have always worked very hard to not blame the modeling industry, or anyone within the industry, for my mental struggles. Because it is no one's fault, it is my burden to bear, and I am proud of myself for showing up to the work."

Still, she acknowledged that striving to maintain a certain weight for her job has impacted her mental state.

"But the fact remains, until this year, I was expected to remain a hip size of 35 inches or under," she wrote. "My set point is at least an inch higher than that. It is just the way I am built."

"Some models maintain the required size effortlessly," she continued. "I am not one of those girls. And that has certainly been a huge amount of pressure on me for the past 14 years of working as a model."

According to Malcolm, she was previously most successful in her career when maintaining a hip size of 33 inches. After gaining some weight, however, the model says she started to be rejected by a few modeling clients.

"I have been rewarded with my highest profile clients when my hips were at their smallest (33 inches)," Malcolm wrote. "And when I gained half an inch from that, I lost those clients — being told that my body did not look good enough."

"I'm thankful that the sheer insanity of being rejected over half an inch of gain (which was not enough to get my periods back, or stop my hair from falling out) was enough to get myself into recovery from my eating disorder," she continued. "My full health has been a gift beyond my wildest dreams. I never want to lose it again."

Read more: A Victoria's Secret model follows a surprisingly simple skin-care routine — and you can easily do it at home

Fortunately, things have seemingly changed for Malcolm. She said in her blog post that she's since gone back to modeling, but only for brands who support her current weight.

"I am extremely excited to say that I have had loveliest year of work thus far into my career," Malcolm said. "My wonderful agent has made it a point to send me to sets where I am welcome at my healthiest. And these sets have been only loving and kind towards me." 

"This to me shows that part of the fashion industry is truly changing," she continued. "The fact that I am welcome on these sets exactly as I am, and I am being rewarded with work for my health, fills me with such hope for the future."

Malcolm reiterated her message on Instagram

In an Instagram post shared on Wednesday, Malcolm said that she's grateful to see change within the modeling industry. She also shared comparison photos that show her in the weeks after she says she was rejected from a modeling job, next to ones that she says were taken more recently.

"The reason for my rejection was 'Bridget's body does not look good enough,'" she wrote in the caption. "The girl in these photos hadn't had a period in months, and needed to sleep 12 hours a night in order to function. The most messed up part of all this though, is that I had been accepted by this client when I was half an inch smaller in previous years."

"I am so thankful that all this is behind me," she wrote. "It has taken a lot of work and recovery, but I am so grateful that there is a place in the industry for me now, at my healthy weight."

A 2017 study shows that weight loss is commonly expected of women in the modeling industry

In 2017, the International Journal of Eating Disorders teamed up with the Model Alliance, a not-for-profit advocacy organization, to survey 85 female models at New York Fashion Week. According to Vogue, their findings revealed a weight-loss problem within the modeling industry. 

Sara Ziff, the Modeling Alliance's founder, told Vogue in 2017 that more than 62% of surveyed models were asked to lose weight or change their size by modeling agencies and people they worked with. She also said 54% of polled women were told they wouldn't find work unless they lost weight.

Also staggering were the statistics that 21% of surveyed models were told their agencies would drop them if they didn't lose weight, while another 9% said they'd been advised to get plastic surgery. 

Representatives for Bridget Malcolm and the Model Alliance did not immediately reply to INSIDER's requests for comment.

• Read more:
• What 15 models look like without a lick of makeup
• Former Angel Karlie Kloss reveals why she left Victoria's Secret: 'I didn't feel it was an image that was truly reflective of who I am'
• A photo of the 2019 Miss India pageant is sparking outrage because the finalists all appear to have fair skin
• These plus-size Asian women posed in ball gowns for a breathtaking viral photo shoot to make a statement about representation

Join the conversation about this story »

NOW WATCH: This is the shortest route for a road trip across the US to see 50 national landmarks

• Les Wexner, the CEO and founder of Victoria's Secret parent company L Brands, wrote in a letter to his namesake Wexner Foundation on Wednesday that he was "deceived" by convicted sex offender Jeffrey Epstein, his former financial advisor. 
• Wexner outlined his relationship with Epstein and condemned the behavior his former financial advisor has been accused of. Wexner also noted that Epstein had "misappropriated vast sums of money" from him and his family. 
• Epstein was arrested in July and charged with sex trafficking minors.
• Visit Business Insider's homepage for more stories.

Les Wexner, the CEO of Victoria's Secret parent company L Brands, is speaking out regarding his complicated relationship with his former financial advisor, convicted sex offender Jeffrey Epstein.

In a letter to his namesake foundation, Wexner reflected on his decades-long relationship with his former financier, condemning the actions Epstein has been accused of and noting that he was "sickened by the revelations."Epstein pleaded guilty to state charges of soliciting a minor for prostitution in 2008 and was arrested and charged with sex trafficking minors in July.

Read more:How Victoria's Secret head Les Wexner went from small-town Ohio shopkeeper to facing scrutiny for his ties to convicted sex offender Jeffrey Epstein

Wexner also mentioned that Epstein had "misappropriated vast sums of money" from him. The Wall Street Journal reported that tax records indicated that Epstein made a $46 million transfer to a Wexner charitable fund in January 2008.

Lawyers for Epstein did not immediately return Business Insider's request for comment on Wexner's letter. 

During Wexner's nearly 20-year relationship with his financial advisor, Epstein was given power of attorney and was reportedly involved in the model-selection process for Victoria's Secret. Epstein reportedlyreceived millions of dollars in fees from Wexner, as well as other benefits.

Read the full text of Wexner's letter to the Wexner Foundation:

Dear Wexner Foundation Community,

For 35 years, the work we have achieved together in this community has continued to be one of the great honors of my life, and that is why I am writing to you now.

In recent weeks, there has been considerable media attention on my past connection to Jeffrey Epstein. To be clear, I never would have imagined that a person I employed more than a decade ago could have caused so much pain. I condemn his abhorrent behavior in the strongest possible terms and am sickened by the revelations I have read over the past weeks. I sincerely value your trust, and that is why it is important you hear details and context from me directly.

I first met Mr. Epstein in the mid-1980s, through friends who vouched for and recommended him as a knowledgeable financial professional. Mr. Epstein represented that he had various well-known and respected individuals both as his financial clients and in his inner circle. Based on positive reports from several friends, and on my initial dealings with him, I believed I could trust him.

Eventually, he took over managing my personal finances. He was given power of attorney as is common in that context, and he had wide latitude to act on my behalf with respect to my personal finances while I focused on building my company and undertaking philanthropic efforts.

In the early 1990s Mr. Epstein became a trustee of The Wexner Foundation, but he had no executive responsibilities in the running of the Foundation. He did not work directly with Foundation staff, and he did not engage with leadership initiatives in any way.

As the allegations against Mr. Epstein in Florida were emerging, he vehemently denied them. But by early fall 2007, it was agreed that he should step back from the management of our personal finances. In that process, we discovered that he had misappropriated vast sums of money from me and my family. This was, frankly, a tremendous shock, even though it clearly pales in comparison to the unthinkable allegations against him now.

With his credibility and our trust in him destroyed, we immediately severed ties with him. We were able to recover some of the funds. The widely reported payments Mr. Epstein made to the charitable fund represented a portion of the returned monies. All of that money - every dollar of it - was originally Wexner family money.

I am embarrassed that, like so many others, I was deceived by Mr. Epstein. I know now that my trust in him was grossly misplaced and I deeply regret having ever crossed his path.

As the story has unfolded further, and the extent of the pain caused by Mr. Epstein continues to grow, I have spent time reflecting and searching for answers as to how this could have happened. My heart goes out to each person who has suffered unthinkable pain and I pray for their healing.

I want to convey my gratitude to the many who have written to express your trust. Abigail and I deeply appreciate your well wishes.

As I reflect on the situation, I know that we will together seek the wisdom that can be gleaned even from such troubling events. And, my friends, I want you to know that I remain fully committed to supporting your amazing and enduring leadership across the globe. Keep leading.

Les

SEE ALSO: Inside the relationship between Victoria's Secret head Les Wexner and convicted sex offender Jeffrey Epstein, from 'close personal friends' to severed ties

Join the conversation about this story »

NOW WATCH: This animated map shows where Starbucks, Dunkin', and McDonald's coffee comes from

• Victoria's Secret had a rocky 2018. Sales slid, and it lost a CEO, closed stores, and came under intense scrutiny for its racy ads and runway shows, which analysts said failed to resonate in the era of #MeToo.
• Things came to a head in November, when an executive from parent company L Brands made controversial comments about transgender and plus-size models in an interview with Vogue.
• Toward the end of the year, L Brands CEO and founder Les Wexner addressed analysts' concerns in the company's third-quarter results and said the company was "looking at everything."
• Here's what has changed since then. 
• Visit Business Insider's homepage for more stories.

At best, 2018 was eventful for Victoria's Secret. At worst, it was disastrous. 

Sales slid, and it lost a brand CEO, closed stores, and came under intense scrutiny for its racy ads and runway shows, which analysts said failed to resonate in the era of #MeToo.

Customers complained that the quality of its underwear had slipped, and the brand resorted to heavy discounting to shift stock.

Then, in November, things got worse after a Vogue interview with Ed Razek, the marketing chief of Victoria's Secret parent company L Brands, went viral online. Razek said in the interview that he didn't think the company's annual fashion show should feature "transsexuals" because the show is a "fantasy." His comments sparked an outcry online, and Razek issued a formal apology.  

When the fashion show ran on TV shortly after, ABC said that ratings dropped by approximately a third from the year before. 

Toward the end of the year, L Brands' CEO and founder Les Wexner addressed analysts' concerns during the company's quarterly results. Wexner said that everything was on the table as it looked to improve performance.

"Our new leaders are coming in with a fresh perspective and looking at everything… our marketing, brand positioning, internal talent, real estate portfolio and cost structure," he said. 

Eight months later, we took a look at the changes the company has made:

SEE ALSO: The rise and fall of Victoria's Secret, America's most famous lingerie retailer

It hired a slightly curvier model

In March Victoria's Secret announced on Instagram that Barbara Palvin would become one of its newest Angels.

The news was immediately celebrated online because while Palvin is not a plus-size model, many Instagrammers perceived her to be curvier than some of the brand's other models.

"This model actually looks healthy..& I'm loving it!" one Instagram user wrote at the time.

"At last! A real human body," another said.

Analysts were quick to point out how successful the post had been. Within two days it had 780,000 likes and ranked No. 1 of all of Victoria's Secret's 103 posts from the previous 30 days, generating 4.2 times the average number of likes.

It announced it is rethinking its annual fashion show

In May, in a leaked memo to employees, L Brands CEO Les Wexner said that Victoria's Secret was "re-thinking" its annual fashion show. 

"Going forward we don't believe network television is the right fit. In 2019 and beyond, we're focusing on developing exciting and dynamic content and a new kind of event — delivered to our customers on platforms that she's glued to ... and in ways that will push the boundaries of fashion in the global digital age," he said. 

Two months later, Victoria's Secret model Shanina Shaik, who has walked in several previous Victoria's Secret fashion shows, told The Daily Telegraph in Australia that the annual show is off.

Victoria's Secret did not respond to Business Insider's request for comment on its plans.

But according to Business of Fashion, as of July no models had been booked, something that would have typically happened by this point. 

It reportedly hired its first transgender model

Victoria's Secret hired its first openly transgender model, 22-year-old Valentina Sampaio, earlier this month, signaling that the brand is listening to some of its most critical customers.

Victoria's Secret has not yet commented on the news, but it was confirmed in an email sent by Sampaio's agent, Erio Zanon, to The New York Times.

Sampaio announced the news on Instagram, sharing a photograph of herself and tagging the Victoria's Secret Pink brand and using the hashtags "campaign,""vspink," and "diversity."

Read more: Victoria's Secret has reportedly hired its first openly transgender model. Here's everything we know about her.

L Brands' longtime marketing chief and the creative director of the annual fashion show steps down

Perhaps most strikingly of all, L Brands' longtime chief marketing officer Ed Razek announced he would be resigning this month after two decades at the company. 

Razek was responsible for organizing Victoria's Secret's annual fashion show since 1995 and became chief marketing officer of L Brands in the late 1990s. Aside from Wexner, he was the longest-standing employee at the company.

And in recent interviews with Business Insider, former employees said Razek was Wexner's closest confidant, with full control over the creative vision of the brand. 

These former employees said that the duo had an "unshakable" view of how the company's image should be projected and were extremely resistant to change. Former employees added that ultimately Razek's and Wexner's attitude could be responsible for the brand's current sales slump.

With Razek out of the company, investors are likely wondering whether we might see a new dawn for Victoria's Secret. 

• More than 7,800 stores are expected to close in 2019.
• Sears, Kmart, Party City,Walgreens, Barneys, and A'gaci are among the retailers that have recently announced store closings.
• Charlotte Russe, Family Dollar, and Chico's recently announced more than 1,100 store closures in a span of 24 hours.
• Payless has said it plans to close all of its 2,500 stores in what could be the largest retail liquidation in history.

The staggering rate of store closures that has rocked the retail industry over the past couple of years is expected to continue in 2019, with roughly the same level of closures expected this year.

Retailers closed a record 102 million square feet of store space in 2017, then smashed that record in 2018 by closing another 155 million square feet, according to estimates by the commercial real-estate firm CoStar Group.

"This year we are predicting more of the same in the retail space," CoStar senior consultant Drew Myers said.

Retailers have announced more than 7,800 store closures so far this year, according to an analysis by Business Insider.

Here's a list of all the stores closing this year:

SEE ALSO: Retailers are filing for bankruptcy at a staggering rate — and these 17 companies could be the next to default

NOW WATCH: Victoria's Secret is closing dozens of stores this year — here's why the brand has failed to keep up

Payless ShoeSource: 2,500 stores

Payless filed for bankruptcy in February and said it planned to close all of its 2,500 stores in what could be the largest retail liquidation in history.

Gymboree: 805 stores

Gymboree Group filed for Chapter 11 bankruptcy protection in January and said it planned to close more than 800 stores under its Gymboree and Crazy 8 banners.

Dress Barn: 650 stores

Dress Barn, which is owned by Ascena Retail Group, announced in May that it was shutting down all of its 650 stores. 

"For more than 50 years, Dressbarn has served women's fashion needs, and we thank all of our dedicated associates for their commitment to Dressbarn and our valued customers," Dress Barn CFO Steven Taylor said. "This decision was difficult, but necessary, as the Dressbarn chain has not been operating at an acceptable level of profitability in today's retail environment."

Charlotte Russe: 520 stores

Charlotte Russe kicked off closing sales at 94 stores in February, after the company filed for Chapter 11 bankruptcy protection. In March, the company announced that it would liquidate its remaining 416 Charlotte Russe stores and 10 Peek Kids stores.

Family Dollar: 390 stores

Dollar Tree said in March that it plans to convert about 200 Family Dollar stores into Dollar Tree stores, and close up to 390 additional stores under the Family Dollar brand.

Shopko: 371 stores

Shopko filed for bankruptcy in January and said it would close 251 stores. The company said in March that it had failed to find a buyer for its business, and would liquidate its remaining 120 stores.

Fred's: 441 stores

Discount chain Fred's announced in April that it would close 159 stores by the end of May. In May, the company said it would close another 104 stores. In June, Fred's announced plans to close another 49 stores. In July, the company said it would close 129 stores. After all those closures, the company will have about 80 stores remaining. 

Charming Charlie: 261 stores

Charming Charlie, which sells jewelry and accessories, filed for Chapter 11 bankruptcy in July and said it plans to close all of its 261 stores in 38 states by the end of August. 

Chico's: 250 stores

The women's clothing retailer Chico's said in March that it would close 100 Chico's stores, 90 White House Black Market stores, and 60 Soma stores over the next three years.

Gap: 230 stores

Gap said in February that it would close 230 namesake storesover the next two years as it reported that the brand's same-store sales fell 7% during the holiday quarter. The company also said it would spin off its Old Navy brand.

Walgreens: 200 stores

Walgreens said in August that it plans to close 200 stores in the US.

"As previously announced, we are undertaking a transformational cost management program to accelerate the ongoing transformation of our business, enable investments in key areas and to become a more efficient enterprise," a Walgreens spokesperson wrote in a statement to Business Insider. "As part of this effort, we plan to close approximately 200 stores in the US."

LifeWay: 170 stores

LifeWay Christian Resources said in March that it planned to close all 170 of its stores. The  Nashville-based company said it will continue to sell Bibles, books, children's products, church supplies, and Christian music and movies on its website.

Performance Bicycle: 102 stores

Performance Bicycle's parent company, Advanced Sports Enterprises, filed for bankruptcy protection in November and later announced that it would close all 102 of its stores. 

Sears: 91 stores

Sears Holdings, which owns Sears and Kmart stores, emerged from bankruptcy in February after filing for Chapter 11 bankruptcy protection in October. 

Destination Maternity: 42-67 stores

Destination Maternity plans to close between 42 and 67 stores this year. 

Pier 1 Imports: 57 stores

Pier 1 Imports said it plans to close 57 stores in fiscal 2020.

Party City: 55 stores

Party City said it plans to close 55 of its 870 stores this year.

The party supplies company typically closes up to 15 stores each year.

"This year, after careful consideration and evaluation of our store fleet, we've made the decision to close more stores than usual in order to help optimize our market level performance, focus on the most profitable locations and improve the overall health of our store portfolio," Party City CEO James Harrison said in a press release in May.

Kmart: 55 stores

Sears Holdings, which owns Sears and Kmart stores, emerged from bankruptcy in February after filing for Chapter 11 bankruptcy protection in October.

A'Gaci: 54 stores

A'gaci, a women's clothing chain based in San Antonio, announced in August that it was going out of business and closing all its 54 stores.

Victoria's Secret: 53 stores

Victoria's Secret said it would close 53 stores this year, citing a "decline in performance."

NOW WATCH:Victoria's Secret is closing dozens of stores this year — here's why the brand has failed to keep up

Office Depot and OfficeMax: 50 stores

Office Depot is closing 50 stores under its namesake and OfficeMax banners in 2019, the company told Business Insider.

"Office Depot, Inc. continues to optimize its retail footprint as part of the three-year strategic plan announced in August 2016," said Shera Bishop, a spokeswoman for Office Depot. "We will continue to serve our customers at neighboring Office Depot and OfficeMax stores as well as online at officedepot.com."

CVS Health: 46 stores

CVS Health said it closed 46 underperforming stores in April.

The Children's Place: 45 stores

The Children's Place said in May that it plans to close 40 to 45 stores in 2019, but the company is also planning to open 25 new stores over the next two years, including 10 new openings this year.

Abercrombie & Fitch: 40 stores

Abercrombie & Fitch said in March that it plans to close up to 40 stores this year. Abercrombie & Fitch also plans to open 40 new stores, including 20 Hollister stores, 15 Abercrombie Kids stores, and five Abercrombie stores. 

The company announced the closings as it reported that its Abercrombie brands' same-store sales fell 2% during the fourth quarter. Most of the stores that Abercrombie & Fitch plans to close are located in the US, the company said.

Bed Bath & Beyond: 40 stores

Bed Bath & Beyond said in April that it plans to close at least 40 stores in 2019, and possibly more. The company also said it would open 15 new stores. 

"We expect to open approximately 15 new stores in fiscal 2019. This will be offset by a minimum of approximately 40 stores we expect to close," Robyn D'Elia, chief financial officer and treasurer, said on an earnings call. "This number will grow unless we are able to negotiate more favorable lease terms with our landlords."

Christopher & Banks: 30-40 stores

The women's clothing retailer Christopher & Banks said in December that it planned to close 30-40 stores over the following two years.

JCPenney: 27 stores

JCPenney said it will close 27 stores in 2019, including 18 full-line department stores and 9 home and furniture stores. The department-store chain said same-store sales fell 4% during the fourth quarter.

Beauty Brands: 25 stores

Beauty Brands, a regional chain of salon and spa superstores, said in December that it planned to close 25 stores this year.

Henri Bendel: 23 stores

Henri Bendel closed all its stores in January after 123 years in business. 

Lowe's: 20 stores

Lowe's is closing 20 stores across 13 states this year. 

Z Gallerie: 17 stores

Z Gallerie, a home furnishings and decor retailer, filed for Chapter 11 bankruptcy in March. The company said it plans to close 17 of its 76 stores during the restructuring process, according to bankruptcy filings.

Walmart: 17 stores

Walmart is closing at least 17 stores across 11 US states and Canada.

The stores include Walmart Supercenters and Neighborhood Market stores in Texas, Louisiana, Indiana, Arizona, California, Kansas, South Carolina, New Hampshire, Tennessee, Virginia, and Washington.

Barneys: 15 stores

Barneys New Yorkfiled for Chapter 11 bankruptcy in August and said it will close 15 of its 22 stores.

Macy's: 9 stores

Macy's is closing stores in Wyoming, Washington, California, New York, Indiana, Massachusetts, Virginia, and West Virginia.

J.Crew: 7 stores

J.Crew is closing stores in Georgia, South Carolina, Tennessee, Louisiana, California,and Canada.

Kohl's: 4 stores

Kohl's is closing four stores this year. All the closing stores are located in or near a shopping mall.

Nordstrom: 3 stores

Nordstrom is closing stores in Florida, Virginia, and Rhode Island.

• Several major retailers — including Nordstrom, Macy's, and JCPenney— reportedly worked with MC2 Model Management, the agency accused of supplying underage women to Jeffrey Epstein's alleged sex trafficking operation. 
• According to Bloomberg, MC2 business partner Jeff Fuller approached CEO Jean-Luc Brunel in 2014 to voice concerns about Brunel's ties to Epstein, noting that he had received a "tremendous amount of worries from our clients."
• Still, many brands continued to work with MC2. Bloomberg reported that a Nordstrom executive sponsored Brunel's application for a O-1 visa, granted to someone who "possesses extraordinary ability in the sciences, arts, education, business, or athletics."
• Visit Business Insider's homepage for more stories.

In the wake of Jeffrey Epstein's death, discoveries of his wide-ranging ties to the retail industry only continue to grow.

Bloomberg reported on Monday that MC2 Model Management — the modeling agency accused of supplying underage women to Epstein's alleged sex trafficking operation — worked with several major retailers beyond Victoria's Secret.

According to a letter sent to Bloomberg by Brunel's business partner Jeff Fuller, MC2's client roster also included Nordstrom, Macy's, Saks Fifth Avenue, Neiman Marcus, JCPenney, Kohl's, Target, Sears, and Belk. Fuller said he had warned MC2 owner Jean-Luc Brunel about Brunel's ties to Epstein, writing in the letter that he told Brunel in 2014 that he had received a "tremendous amount of worries from our clients."

Read more:Victoria's Secret reportedly continued to work with a modeling agency after it was accused of supplying underage girls to Jeffrey Epstein 

Brunel's connection to Epstein stems from at least 2002, when flight logs show Brunel flew from Florida to the Bahamas on Epstein's private plane. Brunel also reportedly visited Epstein in jail while the financier was serving a 13-month sentence for his involvement in an underage prostitution case in 2008.

"It's not clear how extensively or for how long the retailers worked with MC2, but the connections draw fresh scrutiny to the relationship retailers have with the modeling industry, which is largely unregulated," Bloomberg wrote. "Retailers often work with several modeling agencies, using a casting director to determine who to book for fashion shows, catalog shoots and other projects."

Further, Bloomberg reported that a Nordstrom executive was involved in sponsoring Brunel's application for an O-1 visa. According to the US Citizenship and Immigrations Services, this work permit is granted to "the individual who possesses extraordinary ability in the sciences, arts, education, business, or athletics, or who has a demonstrated record of extraordinary achievement in the motion picture or television industry and has been recognized nationally or internationally for those achievements."

According to Bloomberg, Nordstrom last worked with MC2 in January 2017, though the retailer declined to comment for the story. Macy's spokeswoman Blair Rosenberg wrote in an email to Bloomberg that MC2 is not currently on its client list, but that the retailer had partnered with the agency "on a handful of very small projects," in which the person in charge allegedly "was not aware of the concerns." 

Business Insider did not immediately receive responses to requests for comment from Nordstrom, Macy's, Saks Fifth Avenue, Neiman Marcus, JCPenney, Kohl's, Target, Sears, and Belk.

Victoria's Secret has already been embroiled in controversy after news arose that L Brands CEO Les Wexner had ties to Epstein and had formerly employed the financier as his money manager. Though Wexner claims to have severed ties with Epstein 12 years ago, Victoria's Secret continued to use MC2 models for in its 2015 fashion show, as well as in catalog and website photography. 

SEE ALSO: Victoria's Secret head Les Wexner describes how he met convicted sex offender Jeffrey Epstein in a 500-word letter to members of his charitable foundation

Join the conversation about this story »

NOW WATCH: This animated map shows where Starbucks, Dunkin', and McDonald's coffee comes from

• Model Kate Upton has criticized Victoria's Secret, calling it a "snooze fest."
• She said the lingerie brand has failed to be "body inclusive" when she was a guest on Andy Cohen's show "Watch What Happens Live."
• "You know what? We're sick of seeing the same body type," she said. "You have to be body inclusive now."
• Upton was previously criticised by Victoria's Secret Fashion Show creative director Sophia Neophitou for being "like a Page 3 girl" and "too obvious."
• Victoria's Secret has come under fire in recent years for issues including its failure to include plus-size models in its runway shows, as well as for transphobic comments made by its chief marketing officer Ed Razek in 2018.
• Visit INSIDER's homepage for more stories.

Model Kate Upton has blasted lingerie brand Victoria's Secret, criticizing VS for failing to be "body inclusive" and branding it a "snooze fest."

Upton, who was a guest on Andy Cohen's "Watch What Happens Live," didn't mince her words when she was asked about the possible cancellation of the iconic VS Fashion Show this year.

Upton clarified that she "did work" with Victoria's Secret previously, as in 2013 she starred in a catalogue for the brand, but told Cohen she felt VS had made no effort to be more inclusive. "You know what? We're sick of seeing the same body type. You have to be body inclusive now."

As the audience and fellow guest 50 Cent whooped and cheered, she continued: "Every woman needs to be represented, otherwise it's a snooze fest."

Read more: The rise and fall of Victoria's Secret, America's most famous lingerie retailer

Although Upton did not go into more detail about her personal relationship with the brand, she was previously criticized by Victoria's Secret Fashion Show creative director Sophia Neophitou for being "like a Page 3 girl." Neophitou was interviewed by The New York Times for a profile on Upton in 2012 and said that Upton was "too obvious" and that they "would never use [Upton]" in one of their runway shows.

Neophitou said at the time, "She's like a footballer's wife, with the too-blond hair and that kind of face that anyone with enough money can go out and buy."

Upton went on to enjoy a successful modeling career, starring on the covers of magazines including Vogue, Vanity Fair, GQ, and Sports Illustrated. She was voted Hottest Woman of 2018 by Maxim.

She has also launched a fitness programme with her personal trainer Ben Bruno called Strong4Me to "help women of any fitness level build strength and confidence."

Victoria's Secret has come under fire in recent years for issues including its failure to include plus-size models in its runway shows, as well as for transphobic comments made by its chief marketing officer Ed Razek in 2018. Razek told Vogue, "Shouldn't you have transsexuals in the show? No ... Because the show is a fantasy."

He later apologized and said his words "came across as insensitive," adding that many transgender models had come to castings. A year later Brazilian trans model Valentina Sampaio was hired and made history as the first trans woman to feature in a VS brand campaign.

Read more: Victoria's Secret is taking steps to shed its much-criticized image. Here are 4 things that the brand has changed this year.

Former VS Angel Karlie Kloss also told Vogue in July that she had ended her relationship with the brand as she said, "I decided to stop working with Victoria's Secret as I didn't feel it was an image that was truly reflective of who I am and the kind of message I want to send to young women around the world about what it means to be beautiful."

A few weeks ago, VS Angel Shanina Shaik told the Australian Daily Telegraph that Victoria's Secret had cancelled its 2019 show. She said, "Unfortunately the Victoria's Secret show won't be happening this year. It's something I'm not used to because every year around this time I'm training like an angel."

She continued, "But I'm sure in the future something will happen, which I'm pretty sure about. I'm sure they're trying to work on branding and new ways to do the show because it's the best show in the world."

Victoria's Secret has not released an official statement regarding this year's show.

Join the conversation about this story »

NOW WATCH: Nxivm leader Keith Raniere has been convicted. Here's what happened inside his sex-slave ring that recruited actresses and two billionaire heiresses.

• Les Wexner is the CEO and founder of L Brands, the parent company of Victoria's Secret and Bath & Body Works.
• The billionaire has recently come under scrutiny for his ties to Jeffrey Epstein, the financier and convicted sex offender who was arrested in July and charged with sex trafficking. Epstein died by suicide in a Manhattan jail on August 10.
• Epstein had managed Wexner's finances, reportedly beginning in the 1980s. After Epstein was arrested in July, a representative for Wexner said he had severed ties with Epstein more than 12 years ago. Wexner was one of Epstein's only known financial clients, and a lawsuit filed in 2002 by the artist Nelson Shanks said the two men were, at one point, "close personal friends."
• Business Insider spoke with nine former longtime senior managers and executives at Victoria's Secret and L Brands to find out more about the man behind the $4.6 billion retail empire. They described a results-oriented executive who leaned on confidants to guide the direction of the brand.
• A representative for L Brands declined to comment when contacted by Business Insider.
• Visit Business Insider's homepage for more stories.

The Wexners are among the richest families in the US, but outside of their hometown in Columbus, Ohio, they maintain a low profile.

Les Wexner is a self-made billionaire businessman who built up the US's largest lingerie retailer, Victoria's Secret, and is the founder and CEO of its parent company, L Brands. Wexner is the richest man in Ohio and one of Columbus' most generous donors, funneling hundreds of millions of dollars to local causes.

The Wexner family name adorns some of the city's most prominent buildings, including the medical center at The Ohio State University, to which he has donated at least $130 million, and the university's arts center, the Wexner Center for the Arts, also known as "the Wex."

But the family's low-key status all but came to an end in July, when Wexner was catapulted into the public eye as his connection to the convicted sex offender Jeffrey Epstein became a much-discussed topic. Epstein, who was facing sex-trafficking charges, died by suicide in a Manhattan jail on August 10.

Epstein had managed Wexner's finances, reportedly beginning in the 1980s. Wexner was one of Epstein's only known financial clients, and a lawsuit filed in 2002 by the artist Nelson Shanks said the two men were, at one point, "close personal friends."

Wexner passed on several major assets to Epstein — a Manhattan mansion, a private plane, and a luxury estate in Ohio — and gave Epstein power of attorney over all his legal and financial matters, which meant the financier could hire people, sign checks, buy and sell properties, and borrow money on Wexner's behalf.

Read more:Jeffrey Epstein reportedly lived the life of a billionaire thanks to hand-me-downs from Victoria's Secret head Les Wexner

After Epstein was arrested in July, a representative for Wexner said the retail executive had severed ties with Epstein more than 12 years ago. L Brands subsequently hired outside legal counsel to investigate the company's own ties to Epstein following reports that Epstein had used his connection to Wexner as a way to coerce women and girls into performing sexual acts by promising them modeling jobs.

Wexner later wrote a letter to members of his namesake Wexner Foundation saying that Epstein had "misappropriated vast sums of money" from his fortune while serving as his financial adviser.

"This was, frankly, a tremendous shock, even though it clearly pales in comparison to the unthinkable allegations against him now," Wexner wrote in the letter.

These reports have led many to wonder about Wexner the man and business executive.

Business Insider spoke with nine former longtime senior managers and executives at Victoria's Secret and L Brands to find out more about the man behind the $4.6 billion retail empire. These employees were granted anonymity in order to speak frankly about their time working at the company and about their interactions with Wexner.

From small-business owner to billionaire

These former employees painted a picture of a quiet, reclusive man who grew up in Ohio and never left, working his way up from running a small store in downtown Columbus to owning and founding L Brands, one of the largest retail corporations in the US, and becoming one of the world's richest and most successful businessmen. Wexner has an estimated net worth of $4.3 billion, according to Forbes.

"People would really fawn over him for the most part," one former L Brands executive who left the company in 2017 said. "You feel like you're around a celebrity."

For many of L Brands' corporate employees, their only interaction with the billionaire executive would be a brief glimpse at a company event.

These employees said that for many years, Wexner stayed out of the day-to-day running of the business, relying on his closest confidants — L Brands' Strategic Patterning chief, Jamie McFate, and its chief marketing officer, Ed Razek — to be his eyes and ears at the company.

Employees said Wexner wasn't interested in managing Victoria's Secret's models or shows; those matters were left entirely to Razek.

"The business of the business interests me. Not that part,"Wexner said in a rare interview in 2018, responding to the Financial Times journalist Barney Jopson's question about whether he was involved in the annual fashion show or had ever attended a shoot.

Three former employees familiar with the fashion shoots' operations confirmed to Business Insider that Wexner was never present in the time that they were there.

"His tastes are plain, his instincts commercial. If he has a wandering eye, it is for anomalies in the company accounts," Jopson wrote in 2018.

'I am the only one in this room who really understands what women want'

Wexner became more involved in the day-to-day running of his businesses when sales were down.

"He didn't come round if the business was strong and we were getting great results," a former Victoria's Secret executive who worked at its Columbus office for well over a decade told Business Insider.

For Victoria's Secret, this happened in 2016, when the brand's longtime CEO Sharen Jester Turney stepped down and Wexner filled her shoes in the interim.

Overnight, employees who'd rarely had exposure to Wexner started to see him on a weekly basis, during Monday-evening sales meetings.

"People would leave there in tears," a former employee who worked in a senior management role at Victoria's Secret for over a decade and was laid off told Business Insider.

She said Wexner picked apart ideas from employees in the meetings, grilling them on what they would do to fix the business.

"If sales were bad, he could be harsh," she said. "He never had a reputation for being kind or encouraging."

And the pressure was mounting. After a four-year run of record sales, growth dipped at the back end of 2016, and Wexner wanted answers.

"You would have to sit there until he was finished. It could go till 8, 9, or 10 at night. It didn't matter if you have a family," another former executive who worked at Victoria's Secret's New York office for nine years and was laid off in mid-2017 told Business Insider.

A representative for L Brands declined to comment when contacted by Business Insider.

Another former employee who worked in a senior management role at Victoria's Secret for well over a decade said that Wexner became more defensive in meetings when anyone made suggestions that were outside what Victoria's Secret had always stood for: selling a fantasy.

In leadership meetings, employees often suggested killing its annual fashion show and giving the brand a new voice. But their suggestions were shut down, this former employee said.

"He felt only certain people should make decisions," she said, adding that Wexner and Razek "just stopped listening."

Read more:People slammed Victoria's Secret after its marketing chief made controversial comments about transgender models, but he didn't resign. This could be why, according to former executives.

But times were changing, and the brand was increasingly at risk of losing relevance with its racy runway shows and hypersexual ads. This came to a head when the #MeToo movement erupted in late 2017.

Victoria's Secret's annual fashion show aired just over a month after allegations of sexual harassment against Harvey Weinstein surfaced, and the show's ratings dropped by 30%, hitting a new low. Victoria's Secret has since said it is rethinking the show.

"The brand didn't evolve — they were tone-deaf," a former senior manager at Victoria's Secret who worked at the company for over a decade in the 1990s and early 2000s said, adding: "You can't believe your own hype forever. They didn't grow where the industry was growing."

The former executive who worked at Victoria's Secret's New York office for nine years said it marked the beginning of a downfall for the brand.

"We would always say, with all his money, why doesn't he just step back and let people run this brand? Why is he so involved?" this person said.

Sales at Victoria's Secret continued to suffer, and its US market share fell to 24% from 33% between 2016 and 2018.

But Wexner insisted that he knew what women wanted. He even told a room of female employees just that.

"He would often say things like, 'I am the only one in this room who really understands what women want,'" the former executive who worked at Victoria's Secret's Columbus office for well over a decade said.

If he did have doubts, he would turn to Razek.

According to this executive, Wexner would say, "Ed Razek knows sexy, so he will tell me if it's sexy."

But what of Epstein?

While these employees said they never met Epstein and never saw him in their offices, Wexner had, at one point, put a seemingly similar level of trust in his money manager as he had in Razek and his other right-hand men. Many have speculated why.

Wexner "is not someone who is going to admit that he doesn't know something or ask for help," the former executive who worked at the Columbus office for well over a decade said, adding, "It doesn't surprise me that he would choose to go with a financial adviser who didn't intimidate him."

Since Epstein's arrest, there have been some big changes at the company. Razek announced his resignation from L Brands after more than two decades, and Victoria's Secret hired its first transgender model.

And on the company's most recent earnings call, earlier this month, Chief Financial Officer Stuart Burgdoerfer assured investors that the company was taking a hard look at almost every material aspect of the business.

"Everything is on the table," he said.

If you are an employee of Victoria's Secret and have a story to share, contact this reporter at mhanbury@businessinsider.com or securely via encrypted messaging app Signal at +1 (646) 768-4716 using a non-work phone.

SEE ALSO: The rise and fall of Victoria's Secret

Join the conversation about this story »

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• Millennials are an important demographic for brands to win over. Their shopping habits can sometimes make or break an industry.
• The marketing agency Moosylvania has compiled its annual "Millennials' Top 100 Brands" list for 2019 after surveying 1,000 millennial consumers.
• From Netflix to Adidas, here are the brands that made the cut.
• Visit Business Insider's homepage for more stories.

Millennials' spending habits can be destructive to industries that are slow to cater to the powerful demographic's tastes.

Defined by the Pew Research Center as anyone born between 1981 and 1996, millennials have different spending habits from those of their generational predecessors. Sometimes, retailers need to change their strategies to win over the age group.

Read more:Millennials, baby boomers, Gen X, and Gen Z share their most beloved brands

"They are often branded as being more narcissistic, more idealistic, more socially-conscious, and more experience-oriented than any of their preceding generations," a Deloitte study published in May said. "They have even been blamed for ruining everything from movies to marriage!"

For the seventh year, the marketing agency Moosylvania has compiled its "Millennials' Top 100 Brands" list based on write-in responses from a national survey with 1,000 respondents ages 19 to 39.

Here are the top brands, according to the survey. Because of ties, 105 brands are represented.

SEE ALSO: These are the 10 best-selling sneakers of the year so far

98 (tie). Charlotte Russe

After some success, the women's clothing retailer filed for bankruptcy in February. 

98 (tie). Columbia

Columbia is a leader in activewear and sporting apparel.

98 (tie). Great Value

Great Value is one of Walmart's popular in-house brands that offer value versions of name-brand items. 

98 (tie). NBA

The National Basketball Association is the North American men's professional basketball league.

98 (tie). Nestlé

Nestlé is the food and beverage company responsible for products like Nesquik and Crunch chocolate. 

98 (tie). Olive Garden

The Italian-style restaurant chain is selling a limited number of Lifetime Pasta Passes that gives holders unlimited pasta forever. 

98 (tie). Spotify

Spotify took the music industry by storm with its audio streaming platform that gives users access to millions of songs. 

98 (tie). Volkswagen

The German automaker released the Arteon sedan in 2018 to replace the slow-selling Volkswagen CC.

93 (tie). The Children's Place

The Children's Place specializes in clothing for young kids. 

93 (tie). Ikea

The Swedish furniture-store chain has locations across the globe, many of which feature its signature food court. 

93 (tie). Monster Energy

Monster is a brand of energy drinks.

93 (tie). Nordstrom

The department store has managed to cultivate customer loyalty with its Nordstrom Card Holders program. 

93 (tie). White Castle

This fast-food chain made Time's list of the most influential burgers of all time in 2014.

92. Hollister

Surf brands have been struggling in general of late, but Hollister, Abercrombie's surfwear brand, is still beloved by millennials. The chain announced it would close some flagship stores in the near future to cut costs.

89 (tie). Funko

Funko caters to fan bases across the board with cute bobble-head figurines.

89 (tie). Tide

Tide detergent pods were at the center of a the tongue-in-cheek (but dangerous) "Tide Pod Challenge" that encouraged people to post videos of them eating the nonedible detergent pods. 

89 (tie). Ugg

As ugly fashion becomes bigger, the furry Ugg boots are making a comeback.

88. Ulta

In addition to its beauty stores across the US, Ulta runs a successful online store as well.

82 (tie). Champion

The athletic-apparel company has had a resurgence among young shoppers, thanks largely to collaborations with brands like PacSun and Urban Outfitters that produced nostalgia-based collections honoring 1990s fashion. 

82 (tie). Hobby Lobby

Though it was embroiled in controversy, just few years ago, Hobby Lobby is still a millennial favorite for arts and crafts. 

82 (tie). Lay's

Lay's is owned by PepsiCo and makes potato chips in a variety of flavors. 

82 (tie). Ross

The discount store is rising in popularity as more people opt for discount shopping. 

82 (tie). Whole Foods

The Amazon-owned grocery chain is known for its healthy and organic options. 

82 (tie). YouTube

Anyone can be a star on YouTube, the Google-owned video platform that has helped launch the career of many influencers. 

78 (tie). Asos

The British fashion and cosmetics retailer sells merchandise for men and women and ships to more than 200 countries. 

78 (tie). Hulu

Hulu's streaming platform rivals those of Netflix and Amazon Prime, offering its own original content as well. 

78 (tie). J.Crew

In July, the company said it was preparing to take its Madewell apparel brand public.

78 (tie). Xbox

The Microsoft-owned brand entices millennials with its innovative gaming systems. 

75 (tie). Lucky Brand

The denim company also produces T-shirts, shoes, and accessories.  

75 (tie). Lush

Lush makes body, face, and hair products that are 100% vegetarian. Nearly every product in stores is handmade.

75 (tie). Wrangler

Wrangler, the self-proclaimed "authentic American apparel brand," makes denim and Western-style clothing. 

74. Dollar Tree

Even as the so-called retail apocalypse rages, discount stores like Dollar Tree have continued to thrive thanks to loyal bargain shoppers. 

71 (tie). eBay

Though eBay has faced mounting competition from Amazon, the e-commerce company continues to attract young shoppers with features like personalized fashion selections. 

71 (tie). General Mills

General Mills is a multinational food manufacturer with more than 100 brands in more than 100 countries.

71 (tie). Kraft

Kraft has long been a fan favorite with iconic products like its boxed macaroni and cheese. Today the company has a robust product portfolio that represents a significant percentage of the average American grocery store. 

70. Supreme

The company drops streetwear that draws lines down New York City streets and sells out online within minutes. Supreme's logo manages to even make a clay brick look cool. 

68 (tie). Hot Topic

The topical store, previously known as a haven for goths, punks, and nerds, has managed to remain a mainstay in the American mall as its peers struggle.

68 (tie). Kellogg's

Kellogg's is a multinational food company, best known for popular items like breakfast cereal.

67. Publix

Publix is an American supermarket chain that operates in the Southeastern US and is based in Lakeland, Florida. 

66. Converse

The Nike-owned Converse is an American shoe company that boasts iconic styles like the Chuck Taylor that have found enduring appeal over the decades.

65. Doritos

Today there are nearly 20 flavors of Doritos— including classics like Cool Ranch and more obscure varieties like Jacked Ranch-Dipped Hot Wings. The tortilla-style chip company is owned by Frito Lay. 

63 (tie). New Balance

New Balance is an apparel and footwear company, known for both its activewear and everyday styles.  

63 (tie). Wendy's

Wendy's is a fast-food restaurant chain with locations in 30 countries. 

62. JCPenney

Though JCPenney has experienced significant sales struggles in recent years, the department store is working to appeal to younger shoppers with recent efforts like its newly announced partnership with online marketplace ThredUp. 

61. HP

HP is a software and information technology company that sells a wide range of products such as laptops, desktops, and printers. 

59 (tie). GameStop

GameStop remains a long-held favorite among gaming millennials as their one-stop-shop for consoles, collectibles, and video games. 

59 (tie). Reebok

Reebok is a footwear and apparel company that sells iconic styles and has partnerships with buzzy celebrities like Gigi Hadid, Ariana Grande, and Gal Gadot. 

58. Ralph Lauren

Ralph Lauren is a luxury fashion company, as well as the official outfitter for the US Olympic team.

57. LG

LG is an electronics company that sells a wide variety of home-entertainment products and appliances, including televisions, sound systems, refrigerators, and washing machines.

54 (tie). Forever 21

Forever 21 is a fast-fashion chain known for its low-priced, stylish clothing. 

54 (tie). H-E-B

H-E-B is a San Antonio, Texas-based grocery store chain that operates its home state and New Mexico. 

54 (tie). Levi's

Levi's is an American clothing company, best known for its iconic denim styles. 

53. Bath & Body Works

Bath & Body Works is one of the strongest-performing companies in the L Brands portfolio and sells personal care and bath products.  

51 (tie). Hershey's

Hershey's is one of the largest chocolate manufacturers in the world. 

51 (tie). PlayStation

The various PlayStation systems have been among the most popular video game consoles in the world. 

50. Puma

Puma is a German activewear and shoe company that just opened its first North American flagship store in Manhattan.

49. H&M

H&M is a Swedish global fast-fashion chain with more than 4,000 stores in 72 countries. 

48. Nissan

Nissan is a Japanese automobile company. 

47. TJ Maxx

TJ Maxx is a discount goods store with more than 1,200 stores in the US. 

46. Pink, Victoria's Secret

Though Victoria's Secret has taken a reputational hit in recent years, its Pink collection continues to be a favorite among younger shoppers. 

45. Trader Joe's

The nautical-themed grocery store is famous for its low prices, in-house products, and charming store design. 

44. Jeep

Jeep is an American automobile brand best known for its SUVs and popular models like the Jeep Wrangler. 

43. Meijer

Meijer is a supermarket chain popular in the Midwestern US. 

42. Macy's

Macy's is an American department store that has recently worked to appeal to younger shoppers with new additions like Story, its Instagram-friendly curated pop-up store centered on rotating themes. 

41. Chipotle

The Newport Beach, California-based Chipotle is a fast-casual food restaurant known for its popular foil-wrapped burritos and burrito bowls. 

40. Express

Express is an American fashion company, with stylish apparel for both men and women, and new programs like Express Style Trial, a monthly rental service. 

39. Gucci

Gucci is a luxury fashion company that routinely tops the charts of hottest and buzziest brands thanks in large part to its creative director Alessandro Michele. He is credited with breathing new life into the company when he took the role in 2015. 

38. Netflix

Netflix is a media-services and entertainment company popular that offers unlimited video streaming for a monthly fee. In recent years, the company began rolling a bevy of original programming that has been popular among millennial and Gen Z viewers. 

37. Aldi

Aldi is the namesake grocery store of the family-owned German discount grocery-store company.

36. Tesla

Tesla is an American automotive, energy, and technology company, best known for electric cars and solar panels. 

34 (tie). Honda

The Japanese automaker holds a nearly 18% share of the US passenger car — or non-SUV — market.

34 (tie). Marvel

The comic book and entertainment company is responsible for millennial movie hits surrounding characters such as Iron Man and Spider-Man. 

33. Sephora

Sephora carries a multitude of beauty brands and products, including its own label.

32. Best Buy

The electronics retailer has a partnership with Apple, which allows customers to get their Apple products repaired at every Best Buy location in the US.

31. Jordan

The Jordan brand's collaboration with Nike has yielded sneakers that can resell for as much as $20,000.

30. Vans

The classic Vans Ward was one of the best-selling sneakers in the first half of 2019. 

29. Ford

The American automaker sells luxury cars under the Lincoln brand.

28. Taco Bell

In addition to a cult following, Taco Bell recently opened a pop-up hotel and resort in Palm Springs, California. It sold out within minutes.

27. Chick-fil-A

Chick-fil-A is the third-largest fast-food chain in the US by sales. The company is family-owned and reliant on Christian values.

26. Dr. Pepper

Dr. Pepper appeals to millennials with its smooth taste.

25. American Eagle

The teen retailer has had great success with Aerie, its body-positive undergarments brand that has become a formidable rival for Victoria's Secret. 

23 (tie). Kroger

Kroger is the largest grocery chain in the US. The chain has 2,764 stores and an e-commerce channel for online orders.

23 (tie). Victoria's Secret

Victoria's Secret has been battling an image that it has not changed enough for current consumer tastes.

22. McDonald's

The fast-food chain is one of the most recognizable restaurants in the world, serving up classics like the Egg McMuffin and Happy Meals.

21. Chevrolet

Colloquially referred to as Chevy, the carmaker is famous for its pickup trucks.

20. Kohl's

Kohl's sells everything from home goods to clothes. It recently announced a partnership with Amazon to accept returns for the e-commerce retailer in all its stores, which helped boost store traffic.

19. Old Navy

Once the sister company to Gap, Old Navy announced in February that it would be splitting off from the less profitable company after it reported soaring sales in 2018.

18. Toyota

Toyota has a lot of popular cars in its catalog, but the automaker recently garnered attention when it revealed its interesting lineup of vehicles that would be used in the 2020 Tokyo Olympics. 

17. Under Armour

Under Armour has recently hit a rough patch, spurred by a failure to hit certain revenue forecasts. However, the innovative sports-wear company has still found a niche in the hearts of millennials.

16. Starbucks

At this point, Starbucks is probably synonymous with millennial culture. This year, the coffee chain launched its famous Pumpkin Spice Latte at the earliest release date ever, on August 27.

15. Costco

There's no better place to pick up a six-month supply of Craisins than Costco, the fan-favorite, membership-based wholesaler. 

14. Disney

Beyond its theme parks, Disney is rising in the ranks of entertainment. The company is even entering the streaming wars with its own streaming service, Disney Plus.

13. Sony

The Japanese electronics and gaming company is responsible for the PlayStation.

12. Nintendo

The company's Nintendo Switch console has helped the brand soar among younger consumers with its mix of nostalgia and innovative gaming.

11. Microsoft

Microsoft's Xbox gaming systems most likely keep millennials in love with the brand.

10. Pepsi

Pepsi is the longstanding rival to Coca-Cola. The company recently announced
it would launch the first nitrogen-infused soft drink, called Nitro Pepsi.

9. Coke

Coke or Pepsi? In this case, Coca-Cola takes the gold by just one rank. The soft drink is one of the most iconic sodas in the world, sold in all but two countries. 

8. Adidas

Falling behind only Nike, Adidas is another popular shoemaker and athletic-wear company known for its classic Stan Smith sneakers and collaborations with artists like Kanye West.

7. Google

Google is the top search engine. It's no wonder the word itself has colloquially and commonly been transformed into a verb meaning to look up a piece of information. 

6. Samsung

Samsung is more than the counterpart to Apple — the company's sleek smartphones have some millennials ditching iPhones without looking back.

5. Target

Target has recently been soaring in terms of sales. The superstore sells items as varied as electronics and clothes, and it recently announced a new in-house grocery line. 

4. Walmart

From the grocery sector to e-commerce, Walmart is constantly growing. The store's low prices and diverse inventory make it a fan favorite. 

3. Nike

The sportswear brand is considered the leader in sneakers and athletic wear, outranking competitors like Adidas and Under Armour.

2. Apple

Apple creates millennial technology staples like the iPhone and the Apple Watch and is constantly ranked among the top brands worshipped by younger and older adults alike. 

1. Amazon

After placing third in last year's poll, the e-commerce giant has climbed to the most loved brand among millennials. Amazon has its hands in a multitude of retail sectors including beauty, grocery, and technology.

• In an age where women value comfortable, empowering and inclusive underwear, Victoria's Secret — a brand known for its skinny supermodels and scantily clad lingerie — is struggling to reinvent itself.
• The market share of the largest lingerie retailer in the US has dropped from 33% to 24% in just two years and 52 stores will be closing this year alone.
• Trend researchers have identified several reasons for the lack of interest in Victoria's Secret brand.
• One of them is that while women are still seeking sexy underwear, they much prefer for it to still be functional and affordable.
• Visit Business Insider's homepage for more stories.

The ongoing crisis of the famous underwear label, Victoria's Secret, can be traced back to its founding history: In 1977, the US businessman Ray Raymond wanted to create an underwear shop where men could go to buy something nice for their wives.

And this is precisely what many industry experts attribute the core problems of Victoria's Secret to — young women no longer want to wear sexy underwear just for the sake of pleasing men.

"Young target groups are starting to question brands that incorporate the sexually-charged image of the woman," says trend consultant and fashion expert Karolina Landowski, in an interview with Business Insider.

Read more:Victoria's Secret is taking steps to shed its much-criticized image. Here are 4 things that the brand has changed this year

This change in attitude is heavily reflected in the company's sales figures: Victoria Secret's market share dropped from 33% to 24% between 2016 and 2018, and 53 stores are closing this year in the US alone. Additionally, a 2018 YouGov survey among 18 to 49-year-olds showed that people are increasingly perceiving the Victoria's Secret brand negatively.

Even Victoria Secret's shareholders have reproached the enterprise, calling for it to adapt to the current social climate. In a letter addressed to the company's Brands CEO, James A. Mitarotonda of Barrington Capital Group wrote: "Victoria's Secret's brand image is starting to appear to many as being outdated and even a bit 'tone-deaf' by failing to be aligned with women's evolving attitudes towards beauty, diversity, and inclusion."

Did Victoria's Secret somehow miss these social changes while they were happening– or did the company simply choose to ignore them? And does a similar fate await other underwear brands?

Richard Federowski, a partner at corporate consulting firm Roland Berger, does not attribute the crisis solely to the shift in social attitudes: "The market for womenswear has been relatively constant, even slightly declining since 2008. So, partly, it also has to do with the fact that it always been a tough battle between competitors. The mid-price segment, in particular, is currently feeling the pressure," he told Business Insider. Victoria's Secret happens to find itself in this medium-priced range.

Nevertheless, Federowski also recognizes the shift towards simpler, more comfortable lingerie, saying: "I think that many women still want a few pieces of sexy lingerie, but are now looking for something that is still functional, comfortable and, unfortunately, affordable."

Read more: Victoria's Secret will no longer air its iconic annual fashion show on network TV as it rethinks 'literally everything' about its business

Fashion expert Landowski agrees that women still want to wear appealing lingerie, adding that there will always be a "customer who wants to resonate with the sexy image of a woman".

But the experts agree that women are now mostly looking for underwear that is uncomplicated, comfortable and subtle — and in many cases cheaper. "Many brands, such as Uniqlo, H&M, Primark or other lingerie specialists such as Hunkemöller or Lascana, have become major competitors for many traditional brands and have changed the lingerie market for good," says Federwoski.

There is a trend towards simplicity, not only among low-cost suppliers but also in high-class lingerie, says Landowski. "Even the more expensive lingerie has become seamless, transparent and understated," shes says. This would go hand-in-hand with a general casualization of society. Today, for example, you can wear sneakers with a nice work dress or yoga pants on a coffee date.

Read more:An activist shareholder is urging Victoria's Secret parent to update 'tone-deaf' brand image to boost sales

It is no coincidence that the underwear labels that earned their money by marketing "the ideal" woman have entered a crisis. In 2017, the British brand Agent Provocateur, which was known for its extremely provocative advertisements, had to file for bankruptcy. It was eventually bought by Four Holdings. Even though the design team hasn't changed, Agent Provocateur has since been reinventing itself, relying on a new image: something cheekier and more playful, but less voyeuristic. "Lingerie doesn't have to be serious. It should be fun and playful and empowering," said Agent Provocateur's creative director, Sarah Shotton, in an interview with Harper's Bazaar.

So has Agent Provocateur responded better to the social changes than Victoria's Secret? Apparently so — Victoria's Secret was under fire recently, after it was accused of copying designs by the British brand. On Instagram several weeks ago, the social media site "Diet Prada" posted a side-by-side picture of an Agent Provocateur bra and a similar-looking Victoria's Secret bra, adding: "How many more coffin nails do we need before we can call Victoria's Secret dead?". In fact, the outfits do look very similar.

What specific kind of lingerie Victoria's Secret allegedly copied from Agent Provocateur is significant. It is a so-called "bralette". In 2016, The Wall Street Journal wrote that it was the bralette trend that initiated the decline of Victoria's Secret. The brand still heavily relied on pushups and padded models, while Calvin Klein conquered the market with its bralets.

In the first quarter of 2017, the sale of push-up bras slumped by 50% in the US and Europe according to analysts from Edited, while sales of functional models such as bustiers and sports bras rose by a whopping 120 %. Victoria's Secret is now also focusing on more comfortable models — but has only hesitantly jumped on this trend.

Fashion expert Landowski says the Dutch label Love Stories, which just launched a collection with the H&M chain this summer, is a good example of the new type of underwear brand millenials love: no hangers, no upholstery, and playful, delicate designs. Their lingerie is very different from what we are used to seeing on Victoria's Secret models, also known as the VS Angels. In fact, earlier this year, a Victoria's Secret model seemed to suggest that the brand would no longer be holding its extravagant fashion show.

Fashion expert Landowski casually expresses what Victoria's Secret is gradually becoming aware of: "Not every woman wants to look like an angel today."

SEE ALSO: Only one out of 5 women prioritize 'sexiness' when bra shopping — and it reveals a giant problem for Victoria's Secret

Join the conversation about this story »

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• Burning Man, an annual nine-day art-focused festival in the middle of the Nevada desert, is a favorite of celebrities and tech CEOs alike.
• This year's attendees included Ray Dalio, Diplo, and two Victoria's Secret models, Instagram posts show.
• Past years' attendees include Heidi Klum, Elon Musk, Sergey Brin, and Mark Zuckerberg, Business Insider previously reported.
• Visit Business Insider's homepage for more stories.

Ultra-wealthy people are readjusting to their "regular" lives after spending nine days camping in the desert for Burning Man.

The who's who of 2019 attendees was as diverse as the art installations the event is known for. A well-known hedge-fund manager, an heiress, a DJ, and several Victoria's Secret models all shared photos from the event on social media.

Read more:How the ultra-wealthy attend Burning Man, from $55,000 private jet flights to personal chefs — and why other burners aren't happy about it

Keep reading to learn more about the ultra-wealthy people who attended Burning Man in 2019.

SEE ALSO: Take a look inside the most expensive hotel room in the world, a 2-story sky villa designed by Damien Hirst that runs $100,000 per night and was just named one of the 'world's greatest places'

DON'T MISS: The racial wealth gap in the US keeps getting bigger — and it could cost the economy as much as $1.5 trillion by 2028

The heiress and DJ Paris Hilton was one of several ultra-wealthy people who flocked to Nevada's Black Rock Desert for Burning Man in late August.

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Hilton spent time partying with Major Lazer's Diplo and the DJ and music producer Blondish.

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Diplo took a Popeyes-branded private jet to the event ...

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Read more:Social-media battles, massive crowds, and overworked employees: Inside the rise and fall of Popeyes' chicken sandwich

... but navigated the playa on a bike.

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The billionaire hedge-fund manager Ray Dalio attended as well. The 70-year-old investor and philanthropist said this year's Burning Man was like Woodstock but with "less good music."

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Just back from Burning Man. Reminds me of Woodstock with better art (installations) and less good music. What a great vibe and what amazing creativity!

Photo is with my pal and coworker Jeff Taylor at his great music camp Root Society. If you go next year, 1-5am is best. pic.twitter.com/ua5UIbRlxo

Read more:Billionaire Ray Dalio showed up at Burning Man in a tie-dye fur coat and said it was like Woodstock but with 'less good music'

Burning Man is also popular with models. Poppy Delevingne, a model and actress and the sister of Cara Delevingne, brought the Victoria's Secret model Georgia Fowler.

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Alexina Graham, a Victoria's Secret angel, attended Burning Man au naturel — a common choice among attendees, both famous and not.

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Sharna Burgess, a former "Dancing with the Stars" pro, also made an appearance.

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Though they weren't pictured at the latest festival, some of the biggest (and wealthiest) names in tech — including Sergey Brin, Larry Page, Mark Zuckerberg, and Elon Musk — have frequented Burning Man in years past.

Source: New York Times

Read more:Silicon Valley loves Burning Man and these tech executives are no exception

Other high-profile celebrities have previously made the trek into the desert, including Susan Sarandon ...

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... and Heidi Klum.

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Source: Business Insider

• The boss of Victoria's Secret has compared its "terrible" early loungewear to a "lousy" McDonald's Filet-O-Fish.
• L Brands CEO Les Wexner said the lingerie giant correctly called the shift in consumer demand towards sweatpants and pajamas, but addressed it poorly.
• He compared it to McDonald's adding Filet-O-Fish to its menu in response to people eating less meat, but failing to make a 'damn fish sandwich.'
• Watch L Brands trade live.

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The boss of Victoria's Secret has compared its initial foray into loungewear to McDonald's launching a "lousy" Filet-O-Fish.

Les Wexner — CEO of L Brands, the lingerie giant's parent company — says the brand spotted the change in consumer tastes and quit the swimwear business in 2016 to address it. (Wexner has faced criticism for his connections to Jeffrey Epstein.)

Soaring demand for sweatpants and pajamas suggests it was the right decision, he added, but Victoria's Secret missed the mark with its initial assortment.

"One of the third rails that I stepped on and get roundly criticized for was when we went out of the swim business," Wexner said. "It may have been a mistake," he continued, but "the lounge, sleep, casual lingerie business was a much bigger opportunity."

The segment is now three to four times the size of the brand's swimsuit business at its peak, he added.

Victoria's Secret correctly called the shift in demand, but made a "terrible" attempt to address it, Wexner said. He compared it to McDonald's launching "lousy" fish sandwiches in response to people eating less meat. "That would be a good thing, to shift the menu, except they couldn't make a damn fish sandwich."

The brand's comparable sales dropped 6% in the first half, after sliding 2% last financial year and 8% in 2017, its full-year earnings show. Wexner told analysts a lack of leadership and curiosity was a key driver of the brand's challenges in recent years.

"That's just the bane of all retail businesses," he said. "It's so hard to find winners, and then when you find them, you want to exploit them. And then you start looking in the rearview mirror because hindsight is perfect. And that next fashion cycle, that next idea is always risky, and it may be wrong."

SEE ALSO: Victoria's Secret got whacked by Trump's tariffs. Here's why fashion stocks are suffering.

Join the conversation about this story »

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• The boss of Victoria's Secret has said he's "embarrassed" by his close relationship with convicted sex offender Jeffrey Epstein, who served as his personal financial adviser.
• L Brands founder and CEO Les Wexner told analysts he was "taken advantage of by someone who was so sick, so cunning, so deprived," and described Epstein's behavior as "abhorrent" and "peculiar."
• Wexner entrusted millions of dollars to Epstein, who reportedly posed as a talent scout for Victoria's Secret models and bought two mansions and a private plane from Wexner and his companies, according to the New York Times.
• Watch L Brands trade live.
  

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The boss of Victoria's Secret has said he's "embarrassed" by his close relationship with convicted sex offender Jeffrey Epstein, who served as his personal financial adviser.

Les Wexner, the founder and CEO of L Brands, entrusted Epstein with millions of dollars between the mid-1980s and the mid-2000s, when he cut ties with the financier. Epstein reportedly posed as a talent scout for Victoria's Secret to lure young women, according to the New York Times. He also obtained two mansions and a private plane — valued at about $100 million today — that were previously owned by Wexner or his companies, the newspaper said.

"Everyone has to feel enormous regret for the advantage that was taken of so many young women," Wexner told analysts at an investor update meeting this week. "That's just unexplainable, abhorrent behavior, and clearly is something we all would condemn."

"At some point in your life we are all betrayed by friends," Wexner continued, adding that "people have secret lives" and hide them so well they can have relationships without revealing their "peculiar" behavior. "Being taken advantage of by someone who was so sick, so cunning, so deprived is something that I'm embarrassed that I was even close to."

L Brands didn't immediately respond to a request for comment from Markets Insider.

Epstein was arrested and charged with sex trafficking of minors in July. He pleaded not guilty to paying dozens of underage girls to engage in sex acts. He was found dead in his jail cell in August. 

Wexner denied any knowledge of Epstein's crimes in a memo to employees in July. "I would never have guessed that a person I employed more than a decade ago could have caused such pain to so many people," he said, according to the Wall Street Journal. "I have searched my soul … reflected … and regretted that my path ever crossed his."

Epstein "misappropriated vast sums of money" while serving as Wexner's adviser, the executive wrote in a letter to his foundation in August.

Wexner has an incentive to distance himself and his company from Epstein: L Brands stock has dropped by more than a quarter since the New York Times exposé. The scandal has ramped up pressure on Victoria's Secret to revamp its hypersexualized brand image and overhaul its annual fashion show, especially after three consecutive years of sales declines.

Read more: Jeffrey Epstein was the sole director of private-equity guru Leon Black's family foundation for more than a decade. Epstein stayed on even after pleading guilty to soliciting prostitution.

Read more: Jeffrey Epstein hired a college student for erotic massages. She also gave a massage to his billionaire friends Glenn and Eva Dubin — though they say they don't recall it.

Join the conversation about this story »

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• The 2019 Savage X Fenty fashion show was held in New York City on September 10 and it is now streaming on Amazon Prime.
• The Savage X Fenty show was filled with music, lingerie, a diverse group of models, and even Rihanna herself. 
• After the show premiered, many began comparing it to the annual Victoria's Secret Fashion Show. 
• After seeing this show, it's clear Savage X Fenty is a rising star because it champions diversity instead of making it an afterthought like Victoria's Secret seems to have done.
• Victoria's Secret has struggled with who should be its target audience: women or men who are shopping for women. Savage X Fenty knows its target consumer, no matter what gender they identify as. 
• Unlike Victoria's Secret, Savage X Fenty seems to cater to what shoppers want instead of telling them how they should be, which is clear when you look at the brand's size ranges, lingerie styles, and diverse models. 
• Visit Insider's homepage for more stories.

After Savage X Fenty streamed its first-ever runway show, higher-ups at Victoria's Secret were probably relieved they reportedly canceled their annual televised fashion show.

Rihanna's Savage X Fenty runway show took place on September 10 at the Barclays Center in Brooklyn, New York, and is now streaming on Amazon Prime. It's already being compared to the annual Victoria's Secret Fashion Show. 

The reasons for the comparisons are fairly obvious: it's a fashion show-cum-entertainment program that centers around a lingerie collection, features lots of celebrities and musical performances, and is aimed at consumers. 

But beyond these basic descriptors, the similarities cease — and for Savage X Fenty that's a good thing.

From the beginning, it's clear the Savage X Fenty show is not your garden-variety runway show

Rihanna's strong visual eye and knack for performance are both evident within the first few minutes of the Savage X Fenty show, which features her and other lingerie-clad models performing a dance number on top of futuristic-looking cubes.

With this show, it's clear from the start that Rihanna has created something that's unlike anything most of us have ever seen before. 

After all, the Victoria's Secret Fashion Show has never even tried to be as cultivated and complex as the Savage X Fenty one. 

The Victoria's Secret show has historically been little more than a traditional runway show, livened up with charismatic supermodels and a few musical performances. The Savage X Fenty show was a fully choreographed performance-slash-concert with more dancing than traditional catwalking. 

But still, ambition and production values are the least of what sets Savage X Fenty apart from Victoria's Secret as a brand.

Savage X Fenty's show highlights just how much Victoria's Secret is struggling to stay relevant, especially when it comes to diversity

The lingerie giant Victoria's Secret, which was founded in 1977 and started its famous fashion show in 1999, is struggling to catch up when it comes to diversity whereas Savage X Fenty has been championing diversity from the very start. 

Last fall, Victoria's Secret's longtime chief marketing officer Ed Razek, who had been with the brand for nearly 30 years before recently stepping down, made comments in an interview with Vogue regarding plus-size and transgender models, firmly dismissing the idea of more diverse casting.

"Shouldn't you have transsexuals in the show? No. No, I don't think we should. Well, why not? Because the show is a fantasy. It's a 42-minute entertainment special. That's what it is," Razek said to the magazine in 2018.

He continued, "It is the only one of its kind in the world, and any other fashion brand in the world would take it in a minute, including the competitors that are carping at us."

This particular quote, which has since circulated widely, was unsurprisingly not well-received for its lack of inclusivity.

Not only is Victoria's Secret failing to include the more diverse bodies that represent what people actually look like, but its active refusal to do so put a bad taste in people's mouths and has caused many to question the brand's relevance.

In that same Vogue interview, Razek argues that Victoria's Secret — along with other brands within its parent company, L Brands — has already done a lot to become more diverse, particularly with regard to the race and size of its models. But diversity isn't a one-and-done deal, nor is it simply achieved by casting a few models of color. It's a continuous process and the brand still has a ways to go.

Take the recent reports that Victoria's Secret hired its first transgender model, Valentina Sampaio. Instead of making the brand appear with the times, the move appears reactionary in the wake of Razek's original comments. Sampaio's hiring was lauded, but also too little too late.

Meanwhile, Savage X Fenty has become a rising star by doing exactly what Victoria's Secret refused to do.

Savage X Fenty has a diverse cast of models in its very first streamed show, featuring a wide range of big stars like Slick Woods, Isis King, Laverne Cox, and Paloma Elsesser. 

The models in the show represent a variety of races, gender identities, and sizes, making Savage X Fenty's diversity feel effortless, not forced.

Under Rihanna's leadership, the lingerie and the show cater to consumers in a genuine and approachable way by presenting models who are sexy but also very real and very diverse — they're people you can imagine hanging out with and befriending.

For example, in the Amazon-Prime stream, the Savage X Fenty models talk about things like eating chicken nuggets with barbecue sauce whereas Victoria's Secret Angels are famous for discussing their super-strict diets and regimented exercise routines. 

After seeing the fashion show, its clear Savage X Fenty has a better grasp on its brand identity than Victoria's Secret

Victoria's Secret has always struggled with who is its target audience: women or men shopping for women. 

It was initially founded by a man, Roy Raymond, and conceptualized as a place men could feel "comfortable" buying their wives lingerie. A few years into its existence, Les Wexner incorporated it into his own L Brands and changed the direction to one more aimed at women. 

But whether that pivot was successful is debatable. 

Even in recent years, the brand's shows, commercials, and ads seem, if not designed for, certainly aligned with mainstream ideas of what heterosexual men find attractive.

Becoming a Victoria's Secret Angel is something that would-be customers are supposed to aspire to rather than identify with. 

Meanwhile, Savage X Fenty targets potential customers by resonating with who they are and what they like, not who it thinks they should want to be.

The show features a wide range of pieces, from comfortable-looking bralettes to lime-green lace pieces that look burlesque-show-worthy.  

Savage X Fenty's brand identity is very much "powerful femme." The brand is marketing directly to its customers — not their partners — and the customer is not even necessarily a "her."

The Savage X Fenty show proves that the brand isn't the anti-Victoria's Secret; it's distinct and diverse in the best possible way 

By streaming the show on Amazon Prime alongside links to purchase the collection's lingerie pieces, Savage X Fenty situates itself squarely within the aspirational world of high fashion and affordable, approachable commerce. 

And it's just good business sense. 

Savage X Fenty knows who its customer is, and it's anyone who wants to feel sexy and powerful. The brand's sizes range from XS to 3X, all of which are displayed proudly ⁠— dancing on stage, not shoved into some bottom drawer. 

In a concert-worthy, visually stunning event, Savage X Fenty features quality pieces that a wide spectrum of adults could and want to wear.

Rihanna's brand has become a champion by being distinct, diverse, thoroughly contemporary, and downright cool, which is all evident in the Savage X Fenty show. 

Join the conversation about this story »

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