- Victoria's Secret & Co. ( NYSE: VSCO ) revealed Tuesday plans to collaborate its three lines of business - Victoria’s Secret, PINK, and Beauty - into a single firm.
- The move is set to bring an estimated $40M annual cost reduction in the run rate of the business beginning in Q3 2022 as the simplification of organisation's structure led to a reduction of about 160 management roles, or ~5% of home office headcount, the retailer said.
- Key change in leadership includes : Amy Hauk has been named CEO for Victoria’s Secret and PINK. Amy has been CEO of PINK since 2018 after serving at Bath and Body Works for over a decade.
- "Uniting our brands as a single, collaborative organization under Amy’s leadership will bring greater focus and discipline to our merchandising expertise while streamlining our processes and improving our speed to market," stated VS&Co CEO Martin Waters.
- Christine Rupp will join VS&Co as chief customer officer to lead store and digital commerce business globally and will be accountable for sales and profitability across both channels. Chris joins VS&Co from Albertsons where she is the chief customer and digital officer and has worked since 2019,
- Greg Unis, who has led the Victoria’s Secret and PINK Beauty businesses since 2016, has been named chief growth officer.
- Earlier: BofA picks the best stocks for 10 shifts in the face of the planet
For further details see:
Victoria's Secret & Co. simplifies business to save estimated $40M in annual cost