Infamous Podcast: Extra Episode - Les Wexner and Jeffrey Epstein (Fallen Angel, Ep. 2 "Emotional Content")

Release Date: March 5, 2026
Hosts & Reporters: Vanessa Grigoriadis, Justine Harmon, Gabriel Sherman, Natalie Robehmed
Production: Campside Media / Sony Music Entertainment

EPISODE OVERVIEW

This extra episode leverages an installment from the "Fallen Angel" podcast, focusing on the rise of Victoria’s Secret, its enigmatic founder Les Wexner, and the notorious relationship between Wexner and Jeffrey Epstein. The hosts dissect the dark underbelly of the fashion industry and explore how power, ambition, and secrecy fueled both the brand’s meteoric success and some of its most troubling associations.

The episode mixes biographical storytelling, business history, and investigative reporting, especially as it becomes newly relevant amid recent document dumps relating to Jeffrey Epstein and the renewed scrutiny on Wexner's ties to him.

KEY DISCUSSION POINTS & INSIGHTS

1. Les Wexner’s Early Life and Retail Rise (02:48–10:27)

• Background: Wexner was born in 1937, raised by Russian Jewish parents who ran a clothing store in Columbus, Ohio.

• Entrepreneurial Launch: Inspired by early business observations, Wexner started "The Limited" in 1963 with a $5,000 loan—focusing on what sold best rather than big-ticket items.

  • "Les took the opportunity to examine the business’s trends and behavioral patterns…realized…unsung heroes like shirts and skirts." (06:35, Justine Harmon)

• Business Philosophy:

  • Wexner valued speed, a sense of urgency, and a relentless drive for perfection, sometimes to an intimidating degree.
  • Notable management quirk:

    • "You have to keep being curious." (05:38, Les Wexner)

    • "I don't really believe in stopping to smell the roses…I'm afraid I’m going to get hit by a truck." (09:12, Lee Peterson quoting Wexner)

  • Known for setting high expectations—sometimes with explosive language.

2. Victoria’s Secret – The Real Origin Story (12:04–18:39)

• Original Founder:

  • Roy Raymond founded Victoria’s Secret in 1977 after feeling awkward buying lingerie for his wife.

    • “He went shopping to buy something nice for his wife...made to feel like a pervert.” (12:37, unnamed associate)

    • The store’s original concept: a chic, Victorian-inspired boutique designed for men to buy gifts for women.

• Name & Vision:

  • Raymond and his wife invented the feminine, mysterious “Victoria” on a European train trip.

    • “She has a secret she’s going to hide. She’s hiding something and she doesn’t want you to know. But guess what? She does want you to know.” (15:19, unnamed associate)

3. Wexner Acquires Victoria’s Secret and Reinvents It (16:50–22:14)

• Discovery: Wexner learns of Raymond's five-store chain while expanding The Limited into San Francisco.

• Acquisition Story:

  • Wexner was immediately captivated by the shop, eventually buying it in 1982 for $1 million when Raymond’s business hit hard times.

    • “About a year later, I get a phone call…'Are you still interested in buying my business?'…He was going broken.” (18:10, Les Wexner)

• Post-Acquisition Vision:

  • Wexner pivoted the brand away from serving men (as gift shoppers) and instead targeted women directly.

    • “Victoria should be a ladies’ paradise…If men like Victoria’s Secret, that’s a bonus…they should feel uncomfortable in the store." (21:53, Les Wexner)

4. Building the Brand’s Identity: The Creation of ‘Victoria’ (22:14–27:33)

• Brand Overhaul:

  • Cindy Fadas Fields, who became CEO of Victoria’s Secret’s catalog division, worked with Wexner to reshape the brand for women by making it aspirational and feminine—but subtly sexual.
  • The company crafted an elaborate, fictional backstory for ‘Victoria,’ making her a sophisticated, European-tinged muse who guided brand decisions.

    • "Victoria was a married woman, 36 years old, living in London. Her husband was a barrister. Her mother…was French…Victoria inherited money from her mother and opened a lingerie business." (25:33, Cindy Fields)

    • “Would Victoria do this?” became the litmus test for all creative decisions. (29:14, Cindy Fields)

• Marketing Genius:

  • The catalog adopted iconic burgundy borders and the claim of being "London-based," though it was a total fabrication.
  • Use of British and French heritage was purely a brand tactic that lent elitism and romanticism to lingerie retail for the masses.

5. Victoria’s Secret’s Meteoric Success – and Founder Tragedy (29:14–33:21)

• Dominance:

  • By the early 1990s, Victoria’s Secret was the largest lingerie retailer in the U.S.—other rivals fell by the wayside.

  • “Within two years, Victoria’s Secret was taking in $500 million.” (29:14, Justine Harmon)

• Roy Raymond’s Downfall:

  • Post-sale, Raymond struggled to replicate his success with other ventures. Unhappy with Victoria’s Secret’s direction and facing personal/business turmoil, he died by suicide in 1993.

    • “The only thing I know…is that the quality of the product was no longer what it was, which is…I think common…It’s just, it’s business.” (32:03, unnamed associate)

    • “He was 46 years old.” (32:32, Justine Harmon)

6. Les Wexner, Epstein, and the Secrets of Power (33:21–37:03)

• Les Wexner’s Fortune and Intrigue:

  • Wexner’s enormous wealth (on par with modern billionaires), massive properties, and quiet power attracted attention.

    • "Wexner in the 1980s and 1990s was almost as rich as Mark Zuckerberg is today." (33:54, Gabriel Sherman)

• Jeffrey Epstein Enters the Picture:

  • Wexner met Epstein in 1986, only four years after buying Victoria’s Secret.

  • Investigative reporter Gabriel Sherman explains that:

    • “I kept asking myself the question, where did Epstein get his money?…The only named client he had was…the billionaire Leslie Wexner…He latched on to Wexner in the mid to late 1980s, and once he did, he really didn’t need any other source of money.” (34:14-36:13, Gabriel Sherman)

• Wexner’s Response:

  • Amid recent renewed scrutiny and Congressional testimony about the Epstein files, Wexner’s official response has been concise:

    • “I severed all ties with Mr. Epstein nearly 12 years ago.” (36:59, Justine Harmon)

NOTABLE QUOTES & MEMORABLE MOMENTS

• On the Emotional Power of Lingerie:
  • “But lingerie is emotional content…men wear underwear, women wear underwear…but lingerie is emotional content.” (02:48, Les Wexner)
• On Brand Identity:
  • “How do you keep Mickey Mouse’s ears black?...You’d ask yourself, would Victoria do this?” (27:43, Cindy Fields)
• On Business Relentlessness:
  • “I’m afraid I’m gonna get hit by a truck…Guess not.” (09:38, Lee Peterson)
• On Epstein’s Mystery Wealth:
  • “The only named client [Epstein] had was the billionaire Leslie Wexner…he didn’t really have any other clients.” (36:13, Gabriel Sherman)
• On Retail as Entertainment:
  • “Wexner was the first person to globalize retail and to see retail as entertainment, the way fast food became entertainment.” (34:14, Gabriel Sherman)

TIMESTAMPS FOR KEY SEGMENTS

• Wexner’s Upbringing & Retail Philosophy: 02:48–10:27
• Victoria’s Secret Original Story & Roy Raymond: 12:04–18:39
• Acquisition by Les Wexner: 16:50–19:21
• The Creation of Fictional ‘Victoria’: 22:14–27:33
• Victoria’s Secret Becomes a Juggernaut & Raymond’s Downfall: 29:14–33:21
• Jeffrey Epstein & Wexner’s Relationship: 33:21–37:03

SUMMARY & TAKEAWAYS

• Victoria’s Secret was not originally Wexner’s idea, but his business acumen and fixation on brand fantasy turned it into an empire.
• Wexner’s perfectionism manifested in every detail, from store layout to fabricated European backstories.
• The story of Roy Raymond is a case study in founder tragedy, as he watched his vision morph and lost control, personally and financially.
• Gabriel Sherman’s reporting underscores that Epstein’s mysterious fortune may have primarily come from his association with Wexner—a relationship whose true significance and consequences are still debated.
• With the recent Epstein files release, Wexner’s decades-old choices and entanglements have returned to public scrutiny, exemplifying how power and secrecy can shape—and haunt—the elite.

Listen to the full "Fallen Angel" series for deeper insight into Victoria's Secret and the forces that shaped (and compromised) its legacy.