L Brands announces new hires for Victoria's Secret

By

Obi Anyanwu

Published
May 23, 2016

L Brands recently announced new appointments in the company. Jan Singer has been appointed CEO of Victoria’s Secret, and she will assume the role in September. Singer joins the company from Spanx where she served as CEO, and she replaces Sharen Jester Turney who left the company in February.

 

 The company also hired Greg Unis to serve as CEO of Victoria’s Secret Beauty, and he began in April.
 
The new hires follow L Brands’ announcement in April that it would restructure its Victoria’s Secret business and cut 200 jobs. The brand is now comprised of its Pink, lingerie, and beauty businesses in order to simplify its operating model. The restructuring resulted in the end of the brand’s swimwear business and its very popular catalog.

This spring has been tumultuous for L Brands having reached a 52-week low for its stock. On Wednesday, the company posted its earning results for the first quarter, which included a decrease in adjusted net income to $173.7 million compared to $181.5 million last year. Net sales increased for the quarter 4% to $2.614 billion from $2.512 billion in the previous year, and comparable sales for the quarter increased 3%.
 
L Brands also decreased its guidance for 2016 full-year adjusted earnings per share to $3.60 to $3.80 from $3.90 to $4.10. The company also expects its May comparable sales result to be down low to mid-single-digits versus last year.