Victoria’s Secret Cuts Hundreds of Jobs in Ohio and New York

Print Friendly, PDF & Email

Victoria's Secret_Storefront

Major changes are underway at Victoria’s Secret.

About 200 jobs will be cut from the lingerie brand’s Columbus, Ohio, and New York offices as it restructures and streamlines operations.

Parent company L Brands announced the news Thursday, following a better-than-expected performance in the five weeks ended Apr. 2 during which net sales increased 5 percent to $1.03 billion.

According to a press release, Victoria’s Secret will be reorganized into three business units where the company believes the greatest growth potential exists: Victoria’s Secret Lingerie, Pink and Victoria’s Secret Beauty. As a result, certain merchandise categories will be eliminated.

Additionally, L Brands plans to shift away from the retailer’s traditional catalogs and in-store offers and focus more on loyalty programs and brand-building engagement. The direct business will become a primarily digital channel within the Victoria’s Secret and Pink businesses in order to align with how customers engage the brands.

“Coming off a record year, now is the best time to make improvements … going from best to even better,” Leslie Wexner, founder, chairman and chief executive officer of L Brands, stated. “We are making these changes to accelerate our growth and to strengthen the business for the long term by narrowing our focus and simplifying our operating model.

The move followed the sudden resignation of Victoria’s Secret CEO Sharen Turney, who stepped down in February after nearly 16 years in the role. Wexner is now directly in charge of the brand.

“I am certain that these changes are necessary for our industry-leading brands to reach their significant potential,” Wexner continued. “Nonetheless, decisions about people are the most difficult ones to make, and we are taking care to support associates who are being affected by these changes.”


Recent News

Tommy Hilfiger on Innovation, Instant Gratification and Courting the Instagram Generation

Tommy Hilfiger credits his brand's staying power to tapping into the fountain of youth, whether that means teaming with Gigi Hadid or jumping on nascent AI technology.

This content is for Annual, Monthly and Limited members only. You can read up to five free articles each month with a Limited Level Subscription. Please log in, or register.
Log In Register
Read more

Maersk and IBM Forming Blockchain Joint Venture to Digitize Supply Chains and Improve Trade Flow

A.P. Moller - Maersk and IBM said they intend to establish a joint venture to provide more efficient and secure methods for conducting global trade using blockchain technology.

This content is for Annual, Monthly and Limited members only. You can read up to five free articles each month with a Limited Level Subscription. Please log in, or register.
Log In Register
Read more

Norway’s Move to Ban Fur Farms Brings Praise and Criticism

In a move that was both political and a recognition that fur has fallen out of fashion even in a nation that was once the world’s top producer of fox pelts, Norway’s government has decided to phase out fur farms by 2025.

This content is for Annual, Monthly and Limited members only. You can read up to five free articles each month with a Limited Level Subscription. Please log in, or register.
Log In Register
Read more

See How Walmart is Positioning to Move at the Speed of Innovation

Despite its smaller, nimbler competitors, Walmart is determined to be a disruptor in this new retail landscape and its technology incubator Store No. 8 is leading the charge.

This content is for Annual, Monthly and Limited members only. You can read up to five free articles each month with a Limited Level Subscription. Please log in, or register.
Log In Register
Read more

5 Trends Taking Over the Latin American Footwear Market for Fall ’18

As Brazil continues to emerge from its economic crisis and shoppers are starting to spend again, women’s fashion footwear trends are channeling some of that same cautious but confident energy.

This content is for Annual, Monthly and Limited members only. You can read up to five free articles each month with a Limited Level Subscription. Please log in, or register.
Log In Register
Read more