Victoria's Secret cuts jobs in corporate restructure
Victoria’s Secret & Co. has announced its new corporate leadership structure, which will see Victoria’s Secret, PINK and Victoria’s Secret Beauty unite as a single organisation.
The restructure includes a simplification of the organisation, with a reduction of 160 management roles to help streamline operations and optimise spend in management roles, enabling reinvestment in growth initiatives.
The net impact of the restructure will result in an $40 million cost reduction in the run rate of the business on an annualised basis beginning in the third quarter of fiscal 2022.
In conjunction with the announcement, the company has also appointed executives to three leadership roles. These roles are aimed at strengthening the core of the business, enhancing customer experience and growth.
Amy Hauk has been named CEO for Victoria’s Secret and PINK. Under her leadership, VS&Co will integrate merchandising, planning, marketing and creative teams to apply best practices and consumer insights to better engage customers across VS and PINK.
Christine Rupp will join VS&Co as Chief Customer Officer, where she will be responsible for global store and digital commerce and be accountable for sales and profitability across both channels.
Greg Unis has been named Chief Growth Officer. In this new role, he will be responsible for the VS&Co-Lab platform, new business development, international expansion, as well as mergers and acquisition opportunities.
Martin Waters, CEO of VS&Co, said: “Over the last year, we have progressed a thoughtful revolution of our business by redefining the VS brand and rebuilding our strategy for growth. We can now better connect with and represent our millions of customers around the globe. As a result, we have more relevant brand positioning, more compelling merchandise assortments, and a more inclusive culture that celebrates our people. With our brand revolution underway and gaining momentum, now is the time to reimagine our leadership structure to better align with a shifting consumer landscape and become more efficient as an organisation.”