COLUMBUS, Ohio—Leslie Wexner strode into the Victoria’s Secret store in his favorite mall here, a man in his element. Music pulsed, and around him were the fruits of a two-year revamp.

Sports bras had crowded out swimsuits. Comfy pajamas jockeyed with lacy lingerie for prime display space. A wall-size TV screen displayed strutting supermodels, a signal to the investors gathered there that the chain hadn’t lost its taste for sexy theatrics.

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