L Brands names a new chief to lead Victoria’s Secret, as it works to revive the lingerie brand

A lady carrying a protecting masks passes a homeless individual throughout the coronavirus pandemic on May 12 2020 in New York City.

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L Brands introduced Wednesday a new head of its Victoria’s Secret lingerie enterprise, as it works to revive the brand.

Effective instantly, the firm has tapped Martin Waters, present head of L Brands’ worldwide division, as CEO of Victoria’s Secret, changing John Mehas, who has served in the function since February 2019.

L Brands shares had been down round 2% in early buying and selling.

It additionally named Laura Miller, beforehand chief human assets officer at Royal Caribbean Cruise Lines, as chief human assets officer of Victoria’s Secret. It has promoted Becky Behringer to EVP of its North America retailer gross sales and operations division. And Janie Schaffer, beforehand a director at the British retailer Marks and Spencer, was named chief design officer of Victoria’s Secret Lingerie.

“With their collective expertise and working together alongside the entire leadership team at Victoria’s Secret, we will continue to drive the business forward and reposition it for success,” mentioned Sarah Nash, chair of L Brands’ board, in a assertion.

L Brands earlier this month reported better-than-expected quarterly outcomes, with file gross sales at Bath & Body Works and better demand at Victoria’s Secret. Same-store gross sales at the latter had been up 4%, boosted by gross sales of sleep and lounge put on. More girls are on the lookout for snug garments to put on as they spend extra time at dwelling throughout the pandemic.

L Brands shares are up 116% by way of this 12 months. The firm has a market cap of $10.eight billion.

Find the full press launch asserting the management modifications right here.

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