CNBC is reporting that the CEO of Victoria’s Secret’s lingerie division, Jan Singer has resigned and plans to step down after working with VS for two years. It’s only Wednesday, and Victoria’s Secret has already had a stinkier week than my friend that time a bottle of VS Strawberries & Champagne exploded in her car.
Victoria’s Secret was having trouble drumming up sales, so two years ago, L Brands (the company that owns VS) recruited Jan from Spanx. Jan had allegedly been “aggressively” trying to make new sales happen, but there are only so many sorority girls named Becca with limitless credit cards to go around. In August it was revealed that VS will close 20 stores this year. 2018 sales were declining for both Victoria’s Secret and PINK (their younger-skewing line). Shares for L Brands continues to drop. L Brands is scheduled to release its latest quarterly results on Monday, but CNBC says they’re probably not going to be good.
L Brand shares are down about 38% this year, and CNBC says that’s because women have been turning away from VS’s overtly-sexy image and instead choosing more inclusive lingerie brands. And that was a choice that was made before Victoria’s Secret’s chief marketing officer Ed Razek opened his mouth about diversity and inclusion to Vogue last week.
Ed claimed VS would never put models that are transgendered or plus-size in their annual fashion show. A few days ago, he tried to backpedal by apologizing and saying that VS would totally consider casting a trans woman for the show. I’d say that Ed was probably nervous when he heard that one of his fellow chief officers was leaving. But let’s face it, he’s got a one-track mind fixated on skinny cis females, so I doubt it even registered with him.
CNBC’s source says that Jan’s exit isn’t official yet, but will probably be announced when the quarterly results are given out on Monday. The source also says that it’s not known who will replace Jan.
It’s also not known the future of Victoria’s Secret. Maybe they’ll stay in business. Or maybe they’ll fight those bad sales by changing their name to Vicky’s Unconcealed Underwear Warehouse and start selling a variety of bras and panties for $2 a piece. But in all of this, I can’t help but be suspicious of Leonardo DiCaprio. Leonardo dates only the best underwear models, and he used to be seen sitting front-row of all those VS shows. A few years ago, he started hanging out with Rihanna. Rihanna owns a lingerie company that made $100 million in its first 40 days of sales. Obviously Leonardo DiCaprio is psychic, saw this mess with Victoria’s Secret from a mile away, and decided to jump ship for greener panty pastures.