L Brands makes some changes in senior management ranks!
Renowned American fashion retailer L Brands has announced that company’s Chief Financial Officer (CFO) and Interim CEO of Victoria’ Secret Stuart Burgdoerfer may retire sometime in August this year.
Martin Waters will be the new CEO at Victoria’s Secret.
However, L Brands is clear in stating that all these major changes will happen not before the future of Victoria’s Secret is decided.
Yes, Victoria’s Secret’s performance has been good lately, but that will not stop L Brand from selling or spinning off the lingerie brand.
With continual commitment to the same, the company has said that Stuart will ensure he is there as and when the process gets completed.
Here it is important to state that L Brands has also raised its Q4 guidance after robust performance in January 2021. While it expects a 22 per cent rise in comparable sales at Bath & Body Works, the drop would be as low as only 3 per cent at Victoria’s Secret.
In a statement released to media, L Brands has said that all possibilities from spinning off the brand to a public company or private sale will be considered, but the process is expected to be completed by August 2021.
Many experts believe that the stronger the performance of Victoria’s Secret gets, the tougher the sale would become and spinning off would be the only option the company is left with.
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