LB L Brands Inc

By Khadeeja Safdar 

L Brands Inc. said Edward Razek, its longtime chief marketing officer, will step down from his role, as the parent company of Victoria's Secret faces backlash from consumers about the unit's marketing strategy.

Chairman and Chief Executive Leslie Wexner, in an internal memo to staff Monday, said Mr. Razek had told him a few weeks ago about his desire to retire from his role this month. Mr. Wexner said Ed Wolf and Bob Campbell would assume Mr. Razek's duties for now, "while we review how to transition Ed's work."

Mr. Razek, who has been with the company since 1983, helped put on its fashion show and was in charge of selecting the women who are chosen to become Victoria's Secret "Angels."

He also has been instrumental in pushing the overtly sexy marketing that has become synonymous with the brand.

However, in recent years, Victoria's Secret's emphasis on images of busty supermodels and padded bras has alienated customers and invited criticism that the brand is out of touch. Demand for the company's bras has cooled as customers have turned to brands emphasizing comfort and inclusivity.

Last year in an interview with Vogue, Mr. Razek said he doesn't think the Victoria's Secret fashion show should include transgender models because it is supposed to be "a fantasy," prompting backlash on social media. He later issued an apology, saying that he "absolutely would cast a transgender model."

The company recently hired a transgender model to feature in a marketing campaign for its Pink brand aimed at younger consumers.

Some former executives have said the 71-year-old executive's leadership has prevented the company from evolving and representing a more inclusive image that many consumers have come to expect.

Shares of L Brands, which are down about 27% over the past year, closed down 1.6% Monday.

A spokeswoman for the company declined to make Mr. Razek available to comment.

Ratings for the fashion show have also declined in recent years. Victoria's Secret said earlier this year it will no longer air the spectacle on network television and would focus on developing content and a new kind of event.

In his note to staff, Mr. Wexner attached a memo with Mr. Razek's comments. "With the exception of Les, I've been with L Brands longer than anyone," Mr. Razek wrote. "But all good things must and do, inevitably, come to an end."

Meanwhile, Mr. Wexner has come under increased scrutiny for his ties to Jeffrey Epstein, who was indicted on federal sex-trafficking charges stemming from an alleged scheme to exploit underage girls. Mr. Epstein was Mr. Wexner's personal money manager for about two decades. Mr. Epstein has pleaded not guilty in the case.

The company's board of directors has hired an outside law firm to conduct a review of Mr. Epstein's role at the company. The Journal has previously reported that Mr. Epstein inserted himself into the business, buying a plane from the company for $10 million and trying to offer input on which women should be Victoria's Secret models.

Mr. Wexner said he wasn't aware of Mr. Esptein's alleged criminal behavior and cut ties with him nearly 12 years ago. L Brands has said it doesn't "believe he was ever employed by nor served as an authorized representative of the company."

On Sunday, Victoria's Secret was trending on Twitter, with users criticizing the company's marketing and Mr. Wexner's association with Mr. Epstein.

Write to Khadeeja Safdar at khadeeja.safdar@wsj.com

(END) Dow Jones Newswires

August 05, 2019 19:08 ET (23:08 GMT)

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