$LB L Brands's Les Wexner in 1985.
"My vision of the business is always to have a large one. When I had two stores, ten stores seemed like a lot. I'd like to believe that trees can grow to the sky. None have yet, but that doesn't mean it's impossible."
"My vision of the business is always to have a large one. When I had two stores, ten stores seemed like a lot. I'd like to believe that trees can grow to the sky. None have yet, but that doesn't mean it's impossible."
Lazard's Felix Rohatyn: "One of the most driven men I know."
Competitor: "Greatest merchandising talent in America."
Competitor: "Greatest merchandising talent in America."
Quit law school to join the family store in Columbus. Wanted to focus on bestselling merchandise - sportswear. Father: "You'll never be a merchant."
Opened first store in '63 with limited selection: Limited
1976: 100 stores
1985: 577
IPO: father as chairman, mother as secretary
Opened first store in '63 with limited selection: Limited
1976: 100 stores
1985: 577
IPO: father as chairman, mother as secretary
"Great merchants are great researchers."
"We'd go to Europe five times a year and to the Far East just as often. Les would have a list of stores he'd want to see, and we'd just walk and talk constantly.
Sometimes two cities a day."
"We'd go to Europe five times a year and to the Far East just as often. Les would have a list of stores he'd want to see, and we'd just walk and talk constantly.
Sometimes two cities a day."
"I went out and took pictures of whatever made me want to buy. It was whenever there was lots of merchandise on display - flowers on the booth,
cheeses and salami hanging in delicatessens."
cheeses and salami hanging in delicatessens."
Have to constantly adapt to shifting tastes.
"I can't explain how he spotted it."
"I can't explain how he spotted it."
Looking to Charles Revson of Revlon: "He'd go off and watch hookers to see how they dressed."
"Every woman already has clothes to last 100 years. You have to sell excitement. You're not selling utility. We're selling hope in a bottle."
"Every woman already has clothes to last 100 years. You have to sell excitement. You're not selling utility. We're selling hope in a bottle."
'Day trades' expense cars ("I've probably owned a hundred") and regularly buys and sells homes and art.
"Frankly, I like to buy and sell things."
"Frankly, I like to buy and sell things."
The next chapter.. 'Bought and expanded a small chain of sexy lingerie stores called Victoria's Secret.'
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