Thursday, May 26, 2016

Swimwear Out, New CEO In At Victorias Secret

Victorias Secret has appointed Jan Singer as CEO of Victoria's Secret Lingerie. The news comes three months after Sharen Jester Turney departed the company suddenly in February after a decade in the role. Singer, who was previously CEO at Spanx, will report to Les Wexner, CEO of L Brands which owns Victoria's Secret, from September.

The popular lingerie label also confirmed yesterday that it would be terminating its Victoria's Secret Swim label and moving forward would focus solely on its core lingerie business, reports The Wall Street Journal.

The announcements come amidst multiple changes at the brand, including the discontinuation of its catalogue, as well as making its in-store and online merchandise offering exactly the same.


"We're making these changes proactively, from a position of strength and following a record fourth quarter and 2015 for the brand," Stuart Burgdoerfer, the company's finance chief, told the WSJ, adding that swimwear has been a "flattish business for the last several years".

Burgdoefer also addressed the elimination of the brand's physical catalogue, which has been produced since the label started in the Seventies: "If we were starting this business today in the current context of 2016, would you start with one of your major ideas being a catalogue - a paper-based catalogue sent through the mail - as one of your key, if not your key, marketing activity for a global brand?"

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