Runway victoria secret11/29/2023 Three months later, L Brands said it was going it alone and would separate Victoria’s Secret from Bath & Body Works, possibly taking Victoria’s Secret private in an effort to unlock value in the more profitable soap, hand sanitizer and fragrance brand. But the deal fell through amid the pandemic. In early 2020’s pre-pandemic times, L Brands announced it would sell a majority stake of Victoria’s Secret - which includes the Lingerie, Beauty and Pink divisions - to private equity firm Sycamore Partners for $525 million, an attempt to revive the brand with a little outside help. Meanwhile, behind the scenes, L Brands has been hard at work trying to revive the innerwear brand. Longtime L Brands executive Stuart Burgdoerfer, currently serving as executive vice president and chief financial officer of L Brands, also revealed his plans to retire this coming August after completing the spin-off of Victoria’s Secret. Wexner, who is also the former chairman emeritus and former chief executive officer of L Brands, revealed in March that he and his wife Abigail would not stand for reelection to the L Brands’ board of directors this year, thereby leaving the company altogether. (Epstein died of an apparent suicide a month later while in jail.) Many believed Epstein was using his close ties to Wexner and Victoria’s Secret to seduce young women, although Wexner was quick to distance himself from the disgraced financier after Epstein was arrested on sex trafficking charges in July 2019. Wexner’s relationship with convicted sex offender Jeffrey Epstein.Įpstein controlled much of Wexner’s fortune for years, including being named trustee of the Wexner Foundation. Razek resigned in August 2019.īut even more scarring for the brand was L Brands’ Founder Leslie H. The comments sparked a backlash and forced the company to apologize on Instagram. In November 2018, Ed Razek, former chief marketing officer for L Brands, told Vogue magazine that the brand didn’t have any interest in plus-size or transgender models. Especially since others at the top were in the limelight for less than desirable reasons. John Mehas, a Tory Burch alum, was hired not long after to turn the brand around. As recently as the fall of 2018, Victoria’s Secret threw its annual fashion show extravaganza - complete with super skinny models, scantily-clad attire and a noticeable lack of diversity - a move that many considered tone deaf in light of the #MeToo Movement. By the spring of 2020, Victoria’s Secret’s slice of the pie had fallen to just 16 percent of the market, according to The NPD Group’s consumer tracking service.ĭespite the complaints from consumers, Victoria’s Secret powered ahead with its usual messaging. women’s intimates apparel market, according to Euromonitor International, a market research firm. In 2015, Victoria’s Secret had 32 percent of the U.S. Women, tired of unattainable beauty standards, were voting with their wallets. That’s good news for Victoria’s Secret, which was on a three-year downhill streak at the start of the pandemic, losing revenues, market share and shoppers to other intimates brands that emphasized inclusivity and comfort. Size is obviously a big part of that equation. Courtesy PhotoĪs for extended sizes - something that has become a bit of a hot button in the fashion industry - Pease said the process is “underway,” although there was no set date for when consumers will see larger sizes in stores.īut she added, “There’s a set time frame for transformation.
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