Victoria’s Secret Chief Is Out
Jan Singer, CEO of Victoria’s Secret lingerie division, is departing the company amid declining sales, according to people familiar with the matter.
Ms. Singer, who has been at the company for about two years, joined from Spanx, where she served as CEO for approximately two years. Prior to that, she spent more than a decade as an executive at Nike Inc.
Since she was hired at Victoria’s Secret, Ms. Singer has launched bra styles emphasizing comfort and fit, in an attempt to appeal to shoppers looking for more natural looks. But the unit of L Brands Inc. LB -2.61% has continued to struggle.
Last quarter, the company reported lower sales at both Victoria’s Secret and its teen brand Pink, prompting analysts to question executives about the retailer’s marketing message and heavy use of discounts. Ms. Singer at the time defended the company’s strategy, saying the most recent additions to the product line were performing well. L Brands is slated to release its latest quarterly results on Nov. 19.
L Brands’s longtime Chairman and Chief Executive Les Wexner has been trying to turn around the company’s results. In the past few months, he has moved to eliminate smaller brands such as handbag seller Henri Bendel from his portfolio to focus on Victoria’s Secret. Last month, the company said it would pursue all alternatives for lingerie retailer La Senza, which it acquired several years ago.
Victoria’s Secret has generated years of growth with images of busty supermodels and padded bras retailing at prices topping $50, but new competitors have moved into the category with alternative styles and messages. Many are gaining traction by emphasizing more sizing options and advertising that includes different body types.
Mr. Wexner took charge of Victoria’s Secret more than two years ago and made big changes aimed at ensuring it doesn’t suffer the same fate as many other specialty brands. He changed leadership, shifted away from catalog mailings, exited the swimsuit business and doubled down on sports bras to address the rise of the so-called athleisure trend. He later hired Ms. Singer to help execute the strategy.
Despite the changes, Victoria’s Secret remains married to its traditional marketing. Last week in a Vogue interview, Ed Razek, longtime chief marketing officer of L Brands, said that he doesn’t think the Victoria’s Secret fashion show should include transgender models because it’s supposed to be “a fantasy,” prompting backlash on social media. He later issued an apology, saying that he “absolutely would cast a transgender model.”
Last year, Ms. Singer hired Jann Parish, an executive from Calvin Klein, as chief marketing officer of Victoria’s Secret and told analysts she would reinvigorate the brand’s marketing. Ms. Parish recently left the company, prior to the Victoria’s Secret annual fashion show, which took place earlier this month.
Wall Street analysts have questioned how the company can adapt to changing consumer tastes. “We are concerned that the fashion show is no longer resonating with consumers whose attitude has shifted toward more natural looks and relatable beauty,” Wells Fargo analysts wrote in a Nov. 11 research note.
