The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Sharen Jester Turney, who has run Victoria's Secret for the past decade, is stepping down from the L Brands Inc. division, leaving Chief Executive Officer Les Wexner directly in charge of his company's biggest business.
Turney, who became CEO of the lingerie chain in 2006, will remain an adviser to the division while Wexner assumes leadership, L Brands said in a statement Friday. The 59-year-old said she is leaving the Columbus, Ohio-based company “to prioritize my family and my personal life and consider what’s next for me professionally.”
The shake-up raises questions for L Brands, which gets almost two-thirds of its revenue from Victoria’s Secret. As head of the company’s largest division, Turney was seen as a possible successor to Wexner, a billionaire who turns 79 this year. L Brands’ shares tumbled as much as 5.5 percent to $79.35 after the announcement.
“We have strong confidence in the strength of the brand and our growth opportunities, and I look forward to taking on a more active role and working with the talented leadership team at Victoria’s Secret,” Wexner said in the statement.
By Lindsey Rupp; editors: Nick Turner, Mark Schoifet.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.