L Brands Inc. said its board of directors has hired an outside law firm to conduct a review of financier Jeffrey Epstein’s role at the retail company.

Mr. Epstein served for about two decades as the personal money manager for longtime CEO Leslie Wexner. Former executives said he also 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....