Victoria's Secret is re-evaluating all aspects of its business starting with a new CEO.
The lingerie giant announced John Mehas as its new chief executive following Jan Singer's resignation last week amid a sales slump and competition from young companies challenging its grip on the lingerie industry. Singer who was CEO of the brand's lingerie division took over in 2016 prior to which she served as the chief executive officer of Spanx and spent 10 years in senior leadership roles at Nike.
'John is an outstanding retail merchant and we could not be more excited for him to lead Victoria's Secret Lingerie to a new phase of success,'
L Brands CEO Les Wexner said in the company's third-quarter earnings release on Monday. 'Our number one priority is improving performance at Victoria's Secret Lingerie and PINK. In doing so, our new leaders are coming in with a fresh perspective and looking at everything... our marketing, brand positioning, internal talent, real estate portfolio and cost structure.'
Mehas, who is currently president of Tory Burch, will be taking up the position in early 2019. Prior to Tory Burch, he had been at Club Monaco, Gap, and Bloomingdales.
The company also announced that next year it will be launching swimwear and will also release eyewear and footwear as well. The lingerie giant had scrapped its popular swimwear collection in 2016 in order to focus on lingerie and promote its Pink line. The folding of swimwear caused a financial bite for the company to such an extent that it has not completely recovered.
Victoria's Secret has also been facing increasing backlash and criticism for its lack of inclusion after its last annual show, which taped in N.Y. this month. CMO Ed Razek's controversial comments regarding the inclusion of transgender models was considered insensitive and received heat from celebrities and models. In light of the above, it seems logical that the company makes big changes in its policies to regain old and new fans.
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