Presentation on theme: ""I don't believe bigger is better. I believe better is better." - Leslie Wexner, Founder and CEO."— Presentation transcript:
"I don't believe bigger is better. I believe better is better." - Leslie Wexner, Founder and CEO
This entrepreneur was born in Dayton, Ohio, USA. He worked briefly for his father's Ohio clothing store before opening his own Columbus sportswear store, The Limited (1963). The company went public six years later and rapidly became one of the country's largest women's sportswear retailers through innovative merchandising and the acquisition of such chains as Lane Bryant and Victoria's Secret.
Wexner graduated OSU with honors but later dropped out of law school. Working at his parents’ clothing store became his career; in 1963 he borrowed $5,000 from his aunt to open his own clothing store in Columbus. Stuck without a name, Wexner finally named it “The Limited” because the stock is “limited only to selling sportswear.”
Wexner was reported working 16 hour days at his store and loved it: New York Times Magazine quoted him sayin “if you want to torture me, take my work away.” “The Limited Inc.” has recently decided to alter its name to “The Limited Brands” because now their many stores have a variety in what they are selling. Certain Limited Brand Stores and concentrating on selling specific things. For example Victoria Secret sells lingerie and Bath and Body Works sells aroma and perfume.
Wexner set goals for 1996 for each of the Limited's women's stores. Some of them include increasing sales per store, developing new lines, cutting costs through operating and payroll efficiencies, and improving merchandise margins to historic rates. Leslie Wexner's salary for 1995 was reported as $1.1 million with a bonus of $768,315. Vice Chairman Kenneth Gilman's reported salary was $941,935 with a bonus $449,820. Net sales for The Limited Inc. (all of the following figures exclude Intimate Brands Inc.) in 1995 was $5.2 billion with net income of $961 million, or $2.68 per share, compared with net sales of $5.2 billion in 1994 and net income that year of $448 million, or $1.25 per share.