Victoria's Secret managed to turn some heads earlier this year for reasons other than the skimpy apparel they sell with the announced resignation and departure of longtime CEO and company veteran Sharen Turney, who left abruptly in February.
That hole at the top has seemingly been plugged, as L Brands has announced that former Spanx CEO and Nike executive Jan Singer will be the new head of VS. Her hire was announced in tandem with the acquisition of former Coach Inc. executive Greg Unis to run the Victoria’s Secret beauty business.
Turner left behind large shoes for anyone to fill. During her run as CEO, sales shot up 70 percent to $7.7 billion and many considered her the logical heir to L Brands CEO Lex Wexner, who will be 79 this year.
Singer, in her capacity as CEO, takes the helm of a firm currently in control of almost two-thirds of the U.S lingerie market, as well as the L Brands signature and top performing line.
But it is a line that is now challenged with changing consumer preferences, as athleisure has become a dominant fashion trend and is becoming an increasingly preferred element to undergarments. There is also increasing pressure coming for retailers that cater to women who are somewhat larger than the Victoria's Secret Angel models, as well as online upstarts that offer similar quality at lower prices.