Victoria’s Secret & Co. is simplifying — and trimming down.
The company is bringing together its three lines of business — Victoria’s Secret, Pink and beauty — into “a single, collaborative organization, enhancing focus on the customer, and positioning resources towards high-growth, high-return initiatives.”
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In the process, Amy Hauk, who has been chief executive officer of Pink since 2019, will become CEO of Victoria’s Secret and Pink.
And about 160 management roles, or 5 percent of the company’s home office workforce, has been laid off.
All together, the changes will lead to an estimated $40 million cost reduction on an annualized basis, but first a $30 million charge in the second quarter.
Martin Waters, who leads the overall company as CEO and was previously in charge of the Victoria’s Secret lingerie business, said: “Over the last year, we have progressed a thoughtful revolution of our business by redefining the VS brand and rebuilding our strategy for growth. We can now better connect with and represent our millions of customers around the globe. As a result, we have more relevant brand positioning, more compelling merchandise assortments and a more inclusive culture that celebrates our people. With our brand revolution well underway and gaining momentum, now is the time to reimagine our leadership structure to better align with a shifting consumer landscape and become more efficient as an organization.”
Greg Unis, who has led the beauty business since 2016, has been named chief growth officer, overseeing the VS&Co-Lab platform, new business development, international expansion and mergers and acquisitions. He retains oversight of the real estate and store design and construction teams.
Christine Rupp will join the company as chief customer officer responsible for creating a seamless store and digital business. She comes from Albertsons, where she was chief customer and digital officer.
Martin said: “Uniting our brands as a single, collaborative organization under Amy’s leadership will bring greater focus and discipline to our merchandising expertise while streamlining our processes and improving our speed to market. I firmly believe combining our store and digital channels under Chris will move us from being a company of ‘shopkeepers’ to being a company of ‘customer keepers.’ By strengthening our core businesses in this manner, we are freeing up time and resources to focus on growth under Greg’s leadership.”
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Source: https://finance.yahoo.com/news/victoria-secret-resets-lays-off-222623025.html