Victoria’s Secret is cutting jobs.
Parent company L Brands has officially announced in a release that Victoria’s Secret will be “streamlining the organisation through the elimination of approximately 200 Columbus and New York home office associates.”
This is part of an overall restructuring plan.
Victoria’s Secret will be split into three divisions, according to the release: Victoria’s Secret Lingerie, Victoria’s Secret Beauty, and PINK.
Meanwhile, sales at Victoria’s Secret continue to soar. Comparable sales for March were up 2%. This news also comes on the heels of a record-shattering fiscal 2015.
“Coming off a record year, now is the best time to make improvements … going from best to even better,” recently appointed CEO Les Wexner said in the release.
“We are making these changes to accelerate our growth and to strengthen the business for the long term by narrowing our focus and simplifying our operating model. I am certain that these changes are necessary for our industry-leading brands to reach their significant potential … nonetheless, decisions about people are the most difficult ones to make, and we are taking care to support associates who are being affected by these changes,” he added in the release.
Wexner, who is also L Brands’ CEO and Chairman, was made Victoria’s Secret’s CEO when Victoria’s Secret’s longtime CEO, Sharen Jester Turney, abruptly departed the brand in February.
Separately, Victoria’s Secret’s strategies have been occasionally called into question as society’s beauty standards have begun to shift.