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.
As part of its plan to spin off the lingerie line, L Brands formally registered the new entity with the US Securities and Exchange Commission Monday, June 21.
The separation is expected to take place in August, after which Bath & Body Works and Victoria’s Secret will be two independent public companies. Analysts estimate the latter’s valuation to be around $5 billion.
While Victoria’s Secret has lost market share in recent years, the intimates giant is working on revamping both its business model as well as brand image to consumers. In an effort to shed its outdated oversexualised image, Victoria’s Secret got rid of its “angels” and hired a diverse group of seven women to advise and be the face of the brand, including soccer star Megan Rapinoe, model Paloma Essler and actress Priyanka Chopra Jonas.
“We believe Victoria’s Secret and Bath & Body Works will achieve new levels of success and unlock significant value for all stakeholders by pursuing growth strategies best suited to each company’s customer base and strategic objectives,” L Brands’ chief executive Andrew Meslow said in a statement.
Krishna Nikhil has stepped down for family reasons after just over 18 months at the helm of eco-innovation brand, the company said.
The luggage and lifestyle brand is expanding its product and marketing strategies while launching collaborations and pop-up stores as its founder, Shay Mitchell, eyes expansion and profitability after five years in business. BoF learns more.
Richemont, owner of jeweller Cartier, said on Wednesday it would not inject any cash into online luxury retailer Farfetch, following a report that the latter was exploring going private.
Consumer spending over Thanksgiving Weekend may have exceeded expectations, but shoppers may be stretching their wallets too thin, analysts say.