The CEO of Victoria’s Secret has resigned and will be replaced by John Mehas, the former president of fashion brand Tory Burch.
The parent group of the retail brand, L Brands (NYSE: LB), announced the departure of Jan Singer amid the quarterly earnings report.
Leslie Wexner, the chairman and CEO of L Brands, said: “Our number one priority is improving performance at Victoria’s Secret Lingerie and PINK. We could not be more excited for [Mehas] to lead Victoria’s Secret Lingerie to a new phase of success.”
“I am confident that, under John’s leadership, Victoria’s Secret Lingerie, the world’s leading lingerie brand, will continue to be a powerhouse and will deliver products and experiences that resonate with women around the globe,” he added.
The lingerie brand has struggled over recent years. In-store sales dropped 6% last quarter. Revenue is expected to grow by just 1% over the next five years.
The brand has been struggling to compete against newer competitors in the lingerie market.
Claire O’Connor, a lead analyst at Ibisworld, said: “These small niche operators are only going to continue growing and only going to continue to populate the industry. They have a real shot at competing with Victoria’s Secret.”
November saw the brand’s famous fashion show in New York, which reportedly costs $2 million to put on.
Shares in L Brands have fallen over 40% over the past 12 months.
They are currently trading +7.51% at 29,92 (1652GMT).