Victoria’s Secret & Co. has recently announced a new corporate leadership structure that brings together its three key lines of business, Victoria’s Secret, Pink, and Beauty, under one collaborative organization. This restructuring also includes a reduction of approximately 160 management roles, accounting for about 5% of the company’s home office headcount. The expected result of this move is a cost reduction of around $40 million in the annual run rate of the business, starting from the third quarter of fiscal 2022.

The decision to implement this new structure is aimed at facilitating the execution of the company’s strategy and driving its long-term growth objectives. It will enable the company to enhance its focus on the customer and reallocate its resources accordingly.

Martin Waters, the CEO of Victoria’s Secret & Co., expressed his thoughts on the transformation of the business by stating, “Over the last year, we have made significant progress in revitalizing our business by redefining the VS brand and rebuilding our growth strategy.” Waters believes that this restructuring will allow the company to connect more effectively with its millions of customers worldwide, resulting in a more relevant brand positioning, appealing merchandise assortments, and a more inclusive culture that celebrates its employees. He emphasized that the brand revolution is well underway and now is the opportune time to reimagine the company’s leadership structure to adapt to the evolving consumer landscape and improve organizational efficiency.

As part of the newly streamlined organization, three key leadership roles have been established, all reporting to CEO Martin Waters. Amy Hauk has been appointed as the CEO for Victoria’s Secret and Pink. Hauk has been the CEO of Pink since 2018 and brings over a decade of merchandising experience from her time at Bath and Body Works. Additionally, Christine Rupp will join Victoria’s Secret & Co. as the chief customer officer, bringing her expertise from previous roles as chief customer and digital officer at Albertsons, as well as her experience at Microsoft and Amazon. Lastly, Greg Unis, who has successfully led the Victoria’s Secret and Pink Beauty businesses since 2016, will assume the role of chief growth officer. Unis will be responsible for overseeing the VS&Co-Lab platform, new business development, international expansion, and identifying potential mergers and acquisition opportunities.

In its first-quarter financial report, the company reported a decrease in net sales of 4.5%, with net sales amounting to $1.484 billion for the first quarter ending April 30. Total comparable sales also fell by 8% compared to the same period in 2021.

These restructuring and leadership changes reflect Victoria’s Secret & Co.’s commitment to adapting to market demands, optimizing its operations, and positioning itself for future growth. With the new structure in place, the company aims to strengthen its relationship with customers and further establish its brand in the global market.

Useful links:
1. Victoria’s Secret Official Website
2. Victoria’s Secret Pink Official Website