Skip to main content

Victoria’s Secret billionaire owner in talks to sell retailer & resign

// Victoria’s Secret owner is looking to sell the retailer
// L Brands CEO Leslie Wexner in talks to step down
// Victoria’s Secret has struggled with falling sales and competition

Victoria’s Secret owner L Brands is looking to sell the lingerie retailer as chief executive Leslie Wexner announces he is in talks to step down from the group.

Wexner has been in his role for 57 years and has led Abercrombie & Fitch, The Limited and Victoria’s Secret.

He is in talks to resign as chief executive but may stay as chairman.

READ MORE:

Wexner is also under scrutiny for his ties to the disgraced financier Jeffrey Epstein, The New York Times reported.

Victoria’s Secret has struggled with falling sales and competition from upstart lingerie brands in recent years.

Like-for-like sales at Victoria’s Secret fell 12 per cent in the nine weeks to January 4, while group sales fell by three per cent.

In October, Victoria’s Secret made 15 per cent of its employees redundant at its Columbus, Ohio, headquarters.

To add to the retailer’s woes, its chief marketing officer, Ed Razek resigned just days after the lingerie retailer hired its first ever openly trans model.

In 2018, in a controversial statement to Vogue, Razek said “transsexual” models should not be cast “because the show is a fantasy”.

Razek also told Vogue that plus-size models did not fit the Victoria’s Secret mould and audiences had “no interest” in seeing them.

He later apologised for his remarks.

Despite his apology, viewing figures for the retailer’s 2018 fashion show slumped to an all-time low and faced declining sales and store closures.

It cancelled its annual fashion show last year amid declining ratings and a huge public backlash.

Click here to sign up to Retail Gazette’s free daily email newsletter

The post Victoria’s Secret billionaire owner in talks to sell retailer & resign appeared first on Retail Gazette.



from Retail Gazette https://ift.tt/3aWuNr1
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
68 comments
Read more

Coronavirus Recovery: Canadian Small Businesses Must Focus on Easing Employee, Customer Fears

By M. Tina Dacin and Laura Rees A small business has been  given the green light to reopen amid the COVID-19 pandemic . What does it need to consider for employees and customers? Small business owners are reorganizing physical space to account for continued distancing requirements and rethinking supply chains to deliver products and services in new ways to meet changing demand patterns. But they must not forget the hearts and minds of employees and customers. That doesn’t mean replacing a focus on the bottom line, but it helps address the need for a new set of expectations and ways of communicating in terms of product or service offerings, delivery methods and real-time feedback. Based on our expertise in organizational behaviour and past research we’ve conducted, we provide a set of recommendations to help small businesses thrive in our new COVID-19 economy by looking after the hearts and minds of the people most important to businesses — employees and customers. Fear, Anxi...
1 comment
Read more

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio...
1 comment
Read more