Victoria’s Secret has brought in some of the major changes in their executive ranks with a motive to improve the companies performance in the upcoming years. This announcement from the company came just before the Christmas holiday. Many companies are in discussion about bringing in changes at the top executive level to tackle the hard situation caused by the delay coronavirus. Victoria’s Secret is one of the few leading lifestyle fashion companies which has been dominating the Asian and European market for a quite long period of time. Its made official that the company is planning to manage a struggling lingerie brand.
It looks like the current CEO of the company, John Mehas will be removed from his position and Martin Waters will take in charge as the new CEO. Mehas has been handling the majority of the top executive operations for the last couple of months. He took the position as the CEO of the company during the mid of last year. Mehas has brought in some of the major changes that have helped the company to progress and improve their sales in the long run. Its made official that Waters will be handling the company’s international division. Sales of the company were affected mainly because of the pandemic where the majority of their stores are closed most of the time in the last couple of months.
Even though the company was selling through the online stores, it doesn’t fetch the expected results for the company when comparing with the last financial year’s result. It looks like the sales of the company have been improved over the last couple of months which has pushed the company to lick start their manufacturing process. It expected that Christmas might bring in additional sales to the company when compared with the last quarter mainly because of the black Friday and Christmas holiday. Due to the sudden decline in the business Victoria’s Secret is facing heavy competition with Aerie. This is one such popular r brand which is getting improved through their marketing strategies and quality of their products. This brand is owned by American Eagle Outfitters which is one of the leading fashion designed brands in the US.
Many companies have started developing their fashion products in the last couple of years, these products have received a great response mainly because of its design and quality. Even we could find some of the lifestyle fashion companies which are emerging through the online platforms for a better reach. It’s said that these companies are reducing their logistics costs while selling through online platforms. Janie Schaffer was appointed as the chief design officer of Victoria’s Secret Lingerie. Schaffer has a long time experience working with Marks and Spencer. It’s clear that the management has taken the decision by Reshuffling the executive ranks.
It plays an important role in enhancing the products and it also decides the improvement in the sales pitch over the products in the long run. Many fashion companies are targeting online e-commerce platforms these days to reach their customers it’s expected that these platforms might increase their revenue over the course of time by selling multiple products from different brands.