Victoria's Secret CEO Jan Singer Resigns
The CEO of Victoria's Secret's lingerie division, Jan Singer, has resigned and plans to step down after working at the retailer for two years, a person briefed on the matter told CNBC. The lingerie company, owned by L Brands, has struggled to grow sales as younger shoppers turn to more inclusive bra and underwear retailers. Singer joined Victoria's Secret from Spanx and had been trying to "aggressively" seek out new customers with new products and by understanding shoppers better. It wasn't immediately clear who Singer's replacement would be.
Total Retail's Take: Like many other product categories, lingerie is seeing increased competition, particularly online as startups such as ThirdLove and Adore Me enter the space, as well as from American Eagle's Aerie brand, which has been effective at acquiring younger women. Still the leader in the category, Victoria's Secret has lost market share and been criticized for its lack of inclusivity, with the brand's emphasis on sexiness, not comfort and fit. Singer appears to be the victim of this consumer backlash against the brand. Jeffries analyst Randal Konik notes, "Jan was not the problem. The real problem is the [Victoria's Secret] brand is not resonating with consumers, its pricing is gone, its market share is under permanent attack, and the business is over-stored."