L Brands' ties to Jeffrey Epstein aren't its only troubles
L Brands has said it is. The annual event has drawn fewer viewers in recent years to watch its "Angels" strut down the catwalk. Wexner has said network television is no longer the "right fit" for the event, and some have suggested the company may opt to stream the event instead.
But some analysts, including those at Jefferies, worry what challenges lie ahead for the brand as sales of highly profitable candles slow and margins fall. For much of that time, according to a letter delivered earlier this year by hedge fund by Barington Capital, he surrounded himself with a board that lacked the "independence necessary to perform its oversight functions on behalf of shareholders." The firm,pointed out the ties that many of its directors have to the Columbus, Ohio, community, while also calling into question its stock performance and calling for a split of the Victoria's Secret and Bath & Body Works brands.
In April, L Brands reached a truce with Barington that later added two independent directors to the company: Anne Sheehan, chair of the Securities and Exchange Commission's investor advisory committee, and Sarah Nash, CEO of Novagard Solutions.
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