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 — Victoria's Secret owner L Brands Inc reported March sales at established stores above analysts' expectations and said it would restructure its business to focus on core categories.
L Brands said it would create three units within its Victoria's Secret business — Victoria's Secret Lingerie, Pink and Victoria's Secret Beauty — and eliminate certain merchandise categories.
The changes are aimed at narrowing the company's focus and simplifying the operating model, Chief Executive Leslie Wexner said on Thursday.
Pink sells lingerie, apparel and personal care products to college-aged women while Victoria's Secret Beauty sells beauty products and accessories.
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Victoria's Secret is L Brands' biggest business, accounting for 63 percent of revenue last year.
Besides Victoria's Secret, L Brands owns Bath & Body Works and Other Brands, which includes La Senza and Henri Bendel.
L Brands Inc said it would also eliminate about 200 corporate jobs at its Columbus and New York offices.
The company said sales at stores open more than 12 months rose 3 percent in March, double the 1.5 percent growth expected by analysts polled by Consensus Metrix.
By Sruthi Ramakrishnan; editor: Anupama Dwivedi.
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.