The CEO of the Victoria’s Secret brand suddenly resigned

new york
CNN Business

Victoria’s Secret brand CEO Amy Hack has resigned after less than a year on the job, the company announced Tuesday.

Hawke, who was chief executive of the company’s pink clothing brand for teenagers, announced her resignation last week, the company said. She left Victoria’s Secret in March.

Martin Waters, CEO of the brand’s parent company, Victoria’s Secret & Company, will take over as CEO of the brand.

Shares of Victoria’s Secret fell 8 percent on the news in afternoon trading on Tuesday.

Victoria’s Secret has struggled in recent years, as some customers have turned to specialty bra brands, rejecting a marketing push filled with supermodels and “angel” fashion shows. When Victoria’s Secret was mired in turmoil over founder Leslie Wexner’s affair with Jeffrey Epstein, the clothing fell out of fashion among longtime buyers.

The company revamped its advertising, started using a wider range of models, and ended the Angels fashion show. The company bought rival Adore Me for $400 million. That deal closed last week.

But since the outbreak, Victoria’s Secret sales have been uneven.

In the year Sales fell during the peak of Covid-19 in 2020 but rebounded in 2021. It is expected to decrease by up to 7 percent this year.

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