Victoria Secret retailer in Denver. Shutterstock.
Martin Waters, who these days leads the bothered emblem’s undies department, has been promoted to CEO of commercial as a complete. He will take over from L Brand CFO Stuart Burgdoerfer who has served as intervening time leader govt at Victoria’s Secret for the previous 9 months.
Burgdoerfer will retire this summer season, the store introduced Thursday, February 4. Waters, who joined the corporate in 2008 as head of the world department, will suppose his new position efficient right away.
L Brands stated it expects the separation of Victoria’s Secret from Bath & Body Works to be finished in August. “All choices, together with a spin-off of the Victoria’s Secret trade right into a public corporate or a personal sale of the trade, are being evaluated,” L Brands stated in a commentary.
L Brands had agreed to promote Victoria’s Secret to personal fairness company Sycamore Partners in early 2020, however the deal fell thru within the wake of the pandemic. With Sycamore out of the image, the corporate stated final May that it could nonetheless pass ahead with plans to split its two entities and determine Bath & Body Works as a stand-alone public corporate.
As a part of the announcement Thursday, L Brands additionally raised its fourth quarter income steerage and forecasted a similar gross sales building up of 10 % — a 22 % building up at Bath & Body Works and a three % lower at Victoria’s Secret.