L Brands names a brand-new chief to lead Victoria’s Secret

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L Brands names a new chief to lead Victoria's Secret

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A female using a protective mask passes a homeless individual throughout the coronavirus pandemic on May 12 2020 in New York City.

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L Brands revealed Wednesday a brand-new head of its Victoria’s Secret underwear organization, as it works to restore the brand name.

Effective right away, the business has actually tapped Martin Waters, existing head of L Brands’ global department, as CEO of Victoria’s Secret, changing John Mehas, who has actually served in the function because February 2019.

L Brands shares were down around 2% in early trading.

It likewise called Laura Miller, formerly primary personnels officer at Royal Caribbean Cruise Lines, as primary personnels officer of Victoria’s Secret. It has actually promoted Becky Behringer to EVP of its North America shop sales and operations department. And Janie Schaffer, formerly a director at the British merchant Marks and Spencer, was called primary style officer of Victoria’s Secret Lingerie.

“With their collective expertise and working together alongside the entire leadership team at Victoria’s Secret, we will continue to drive the business forward and reposition it for success,” stated Sarah Nash, chair of L Brands’ board, in a declaration.

L Brands previously this month reported better-than-expected quarterly outcomes, with record sales at Bath & Body Works and greater need at Victoria’s Secret. Same-shop sales at the latter were up 4%, increased by sales of sleep and lounge wear. More females are searching for comfy clothing to use as they invest more time in the house throughout the pandemic.

L Brands shares are up 116% through this year. The business has a market cap of $10.8 billion.

Find the complete news release revealing the management modifications here.