Victoria’s Secret & Co. cuts management roles, reveals new leadership structure
Victoria’s Secret & Co. (VS&Co) announced on Tuesday a new corporate leadership structure that will unite the company’s three lines of business — Victoria’s Secret, Pink, and Beauty — as a single, collaborative organization.
In turn, the company has cut about 160 management roles, or approximately 5% of home office headcount. The move will also result in an estimated $40 million cost reduction in the run rate of the business on an annualized basis beginning in third quarter of fiscal 2022.
The company said that the new structure was designed to enable execution of its strategy and fuel long-term growth goals, while enhancing focus on the customer, and repositioning resources.
“Over the last year, we have progressed a thoughtful revolution of our business by redefining the VS brand and rebuilding our strategy for growth,” said Martin Waters, VS&Co CEO.
“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.”
The new streamlined organization welcomes appointed executives to three key leadership roles reporting to Waters, starting with Amy Hauk who has been named CEO for Victoria’s Secret and Pink. She has been CEO of Pink since 2018, following over a decade of merchandising experience at Bath and Body Works.
Moreover, Christine Rupp will join VS&Co as chief customer officer. Rupp joins VS&Co from Albertsons where she is the chief customer and digital officer and has worked since 2019. Prior to that, Rupp was at Microsoft and Amazon.
Finally, Greg Unis, who has successfully led the Victoria’s Secret and Pink Beauty businesses since 2016, has been named chief growth officer. In this new role, he will be responsible for the VS&Co-Lab platform, new business development, international expansion, as well as mergers and acquisition opportunities.
Last month, the Ohio-based company reported net sales of $1.484 billion for the first quarter ending April 30, a decrease of 4.5%, compared to net sales of $1.554 billion in the prior-year first quarter.
Likewise, total comparable sales for the first quarter fell 8%, compared to the first quarter of 2021.
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