Victoria’s Secret will be spinning out of parent company L Brands into a new public entity as of next month, CNBC writes, as the fashion company tries to move on from its usual place in traditional malls.
The new entity will be known as Victoria’s Secret & Co.
CEO Martin Waters has said the company plans to test a “store of the future” in an off-mall strip center, with another 12 test locations coming later. These future locations will come with better customer service and a “modern and feminine feel.” The company also said there would be a better staffing model. All the changes will be implemented so as to cut down on expenses.
“We can take advantage of the traffic that’s in those clearance and off-mall locations,” Waters said in a recent presentation, CNBC writes. “It’s about a flexible environment where we can move merchandise around — based on what’s selling best, and selling less.”
The company wants to make its existing locations lighter and maybe even make them more inviting for customers. That will come with a removal of black fixtures in favor of more white and light-wood tones. It will also come with mannequins in more varied body types as the company attempts to do away with its sexist and body-shaming reputation of the past, CNBC writes.
PYMNTS reported about L Brands’ intention before, writing that the larger company had approved a split into both Victoria’s Secret and Bath & Body Works. That was slated to happen from a “tax-free spin off” of Victoria’s Secret to L Brand investors.
Older physical retailers have had to re-evaluate their space in the world following the recent migration to digital.
PYMNTS reports that Gap will be closing around 75 stores in 2021, which is partway towards its goal of closing 350 North American stores by 2023. The company has just become more oriented towards digital, officials said.