Changes in Victoria’s Secret: chief executive officer resigns
Jan Singer will step down from the company after two difficult years in the lead, in which she has had to face an increase of competence and the first symptoms of weakness in one of the biggest groups of lingerie in the world.
Victoria’s Secret loses its CEO. Jan Singer, who has been leading the brand for the last two years has resigned from the company, The Wall Street Journal says. The group, property of L Brands, has not yet named a substitute.
The executive joined the chain in 2016, after a bit more than a year as the head of Spanx. Previously, Singer was footwear and fashion’s global manager at Nike, where she worked for ten years.
Singer joined Victoria’s Secret during a complicated time for the brand, which ended 2017 with a sales drop of 8%. The company has undergone several strategic actions during that period, like for example the closure of its swimwear line or the restructuration of the trade network in the United States.
L Brand stagnated its revenue in 2017 with sales valued in 12.63 billion dollars (10.34 billion euros), a 0.4% more, and collapsed a 15% its net profit, reaching the figure of 983 million dollars (804.7 million euros). So far this year, the group’s shares have dropped a 38%.
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