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A woman wearing a protective mask walks past a homeless man during the coronavirus pandemic on May 12, 2020 in New York City.
John Lamparski | Getty Images
L Brands announced a new head of its Victoria’s Secret lingerie business on Wednesday as it works to relaunch the brand.
With immediate effect, the company brought in Martin Waters, current head of the international division of L Brands, as CEO of Victoria’s Secret, replacing John Mehas, who has held the position since February 2019.
L Brands shares were down around 2% at the start of the session.
She also appointed Laura Miller, previously Director of Human Resources at Royal Caribbean Cruise Lines, as Director of Human Resources at Victoria’s Secret. She promoted Becky Behringer to executive vice president of its North American sales and operations division. And Janie Schaffer, previously a director at British retailer Marks and Spencer, has been appointed design director for Victoria’s Secret Lingerie.
“With their collective expertise and collaboration with the entire Victoria’s Secret leadership team, we will continue to move the company forward and reposition it for success,” said Sarah Nash, Chairman of the Board of Directors of L Brands, in a statement.
Earlier this month, L Brands posted better-than-expected quarterly results, with record sales at Bath & Body Works and higher demand at Victoria’s Secret. The latter’s same-store sales were up 4%, boosted by sales of sleepwear and loungewear. More and more women are looking for comfortable clothes to wear as they spend more time at home during the pandemic.
L Brands shares have risen 116% this year. The company has a market capitalization of $ 10.8 billion.
Find the full press release announcing the leadership changes here.
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