The Financial Times reported that Victoria’s Secret CEO Jan Singer has resigned. There is little information about the cause of resignation, but Financial Times says it was confirmed by “people close to the company.” L Brands, the company that owns Victoria’s Secret, is apparently planning to announce the news next Monday, when they announce quarterly earnings.
According to Bloomberg, Singer has held her position within Victoria’s Secret for two year, after working as CEO of Spanx. She has also apparently been “Independent Director” on the board of Kate Spade & Company since 2015.
The Wall Street Journal speculates that the decision was motivated by declining sales for the brand. They note that last quarter’s sales for Victoria’s Secret and Pink were lower, “prompting analysts to question executives about the retailer’s marketing message and heavy use of discounts.” Apparently, Singer stood by that strategy and said that “most-recent additions to the product line were performing well.”
The news of Singer’s resignation comes after another major announcement from the L Brands company. After 123 years in business, L Brands announced that they would be closing Henri Bendel stores and e-commmerce in January 2019, after one last holiday season.