Victoria's Secret Chief Is Out Amid Declining Sales
November 14 2018 - 11:44AM
Dow Jones News
By Khadeeja Safdar
Jan Singer, CEO of Victoria's Secret lingerie division, is
departing the company amid declining sales, according to people
familiar with the matter.
Ms. Singer, who has been at the company for about two years,
joined from Spanx, where she served as CEO for approximately two
years. Prior to that, she spent more than a decade as an executive
at Nike Inc.
Since she was hired at Victoria's Secret, Ms. Singer has
launched bra styles emphasizing comfort and fit, in an attempt to
appeal to shoppers looking for more natural looks. But the unit of
L Brands Inc. has continued to struggle.
Last quarter, Victoria's Secret reported lower sales at the
flagship brand as well as its teen brand Pink, prompting analysts
to question executives about the retailer's marketing message and
heavy use of discounts. Ms. Singer at the time defended the
company's strategy, saying the most-recent additions to the product
line were performing well. L Brands is slated to release its latest
quarterly results next Monday.
L Brands's longtime Chairman and Chief Executive Les Wexner has
been trying to turn around the company's results. In the past few
months, he has moved to eliminate smaller brands such as handbag
seller Henri Bendel from his portfolio to focus on the company's
core lingerie business.
Write to Khadeeja Safdar at khadeeja.safdar@wsj.com
(END) Dow Jones Newswires
November 14, 2018 11:29 ET (16:29 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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