In what seems like a case of déjà vu, lingerie brand Victoria’s Secret is reportedly set to lose another CEO, with Les Wexner set to step down.
Watch below: Ex-Victoria’s Secret model, Shanina Shaik gets a vampire facial
According to the Wall Street Journal, Wexner, who is CEO of retail giant and Victoria’s Secret’s parent company, L Brands, is in talks to step aside as the company’s leader. The outlet reports that Wexner is currently discussing a full or partial sale of the brand – a decision that will be confirmed in the coming few weeks.
Wexner’s suspected resignation is part of a continued decline in the lingerie brand’s popularity in recent years. In addition to the closing of Victoria’s Secret stores across the globe and a significant decrease in profits, the brand was also criticised for the lack of diversity in their now infamous annual fashion show.
To add insult to injury, in 2018, Ed Razek – the president and chief marketing officer behind the brand at the time – told Vogue US that transgender models would never be considered for the brand’s show because they didn’t fit the “fantasy.”
Razek has since resigned from his position and then-CEO Jan Signer also followed suit, leaving the company just a week before that year’s Victoria’s Secret show.
For the first time in over 20 years, the Victoria’s Secret Fashion Show was cancelled in 2019. Stuart B. Burgdoerfer, chief financial officer and executive vice president of L Brands, stated at the time that the VS team was working hard to find evolve the brand and cater to the customer.
“[The show] was a very important part of the brand-building of this business and was an important aspect of the brand and a remarkable marketing achievement,” he continued. “And with that said, we’re figuring out how to advance the positioning of the brand and best communicate that to customers and that’s among the things that [Victoria’s Secret chief executive officer] John [Mehas] is focused on.”
In what seems like a case of déjà vu, lingerie brand Victoria’s Secret is reportedly set to lose another CEO, with Les Wexner set to step down.
Watch below: Ex-Victoria’s Secret model, Shanina Shaik gets a vampire facial
In what seems like a case of déjà vu, lingerie brand Victoria’s Secret is reportedly set to lose another CEO, with Les Wexner set to step down.
Watch below: Ex-Victoria’s Secret model, Shanina Shaik gets a vampire facial
