Victoria's Secret is getting into fast fashion. The lingerie brand told analysts it is working on speeding up its design and restocking processes. "Basically almost all of our panties today are on some kind of speed program," CEO Sharen Turney said in a conference call. "And those speed programs allow us to read the business on a Monday and be back in stock in the stores within 15 to 25 days." The brand is also working to trim the time between when products are designed and when they hit stores.
Target's board, seeking a new CEO after pushing out Gregg Steinhafel yesterday, is under pressure to do something it's never done before: hire a leader from outside the company. Target is working with recruitment firm Korn Ferry, signaling that it's not focusing on internal candidates, said Carol Spieckerman, a retail consultant. The company also has increasingly looked outside for other executive roles, including its latest chief information officer and chief marketing officer. Potential candidates for the top job include HSN Inc. CEO Mindy Grossman, Bon-Ton Stores chief Brendan Hoffman, Gap head Glenn Murphy and Victoria's Secret CEO Sharen Turney.
Limited Brands, parent company of Victoria's Secret and Bath & Body Works, will pilot cross-channel returns beginning this fall. Customers who buy an item via the retailer's online or catalog channel will receive credit and be able to complete a store transaction in September, with plans for a more complete rollout in spring 2013. "We are focused on really putting the power of our $2 billion internet and catalog business and the store together, actually taking returns in-store," said Victoria's Secret megabrand and intimate apparel CEO Sharen Turney during a recent conference call.