Victoria’s Secret’s first full year as a stand-alone company was a whirlwind of change and more is on the way.
, Waters both pointed to the next steps in the company’s journey and expressed satisfaction with the work done so far.
“We believe we are two years into a five-year journey in the turnaround of our business,” he said. “And we have a clear road map to be the world’s leading fashion retailer of intimateLast year the firm’s net profits decreased 46 percent to $348.1 million as sales slipped 6.4 percent to $6.3 billion.
“It’s time for some urgent reinvention,” the CEO said. “I’ve seen that reinvention, and I’m super excited about it. Customers will start to see it toward the end of Q2. It’s a new design direction. It’s a much more fresh approach, more and better outfit starts, more modern raw materials and fabrications.”
“Pink apparel has been remarkably successful for us over a long period of time,” he said. “We’ve enjoyed this part of the business over the years. And often when businesses are really, really good and very healthy, we forget to renew them and we lose focus on the product life cycle. Maybe we hang on to them a little longer than we probably should.
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