Victoria's Secret to close a quarter of stores across US and Canada

Victoria's Secret to close a quarter of stores across US and Canada

By fijivillage
Wednesday 27/05/2020
Victoria's Secret Angels and fashion models. [image: victoriassecret.com]

Victoria's Secret will shut a quarter of its stores in Canada and the US in the next coming months. L Brands, the parent company who owns the lingerie brand, says that more closures could be on the cards as the pandemic continues to damage sales.

Chief financial officer Stuart Burgdoerfer said that it was a "very significant decision" that is intended to "strengthen" Victoria's Secret, reports CNN. The news comes just weeks after a half-a-billion deal to privatise the brand fell through. In February, L Brands sold 55 per cent to Sycamore Partners in a $525 (about £408) million deal, but the business pulled out in early May due to temporary store closures sparked by the coronavirus outbreak.

The pandemic is just the latest blow to Victoria's Secret as widespread criticism grew that its one-dimensional view of beauty is outdated and irrelevant. In November 2019, it officially cancelled its famed annual show as bosses claimed to be working on a new marketing strategy.

Victoria's Secret has suffered dwindling sales throughout the past 18 months, coinciding with the rise of Rihanna's inclusive underwear brand Savage by Fenty and American Eagle Outfitter’s Aerie.

The brand's controversies have been numerous. In 2018, then-chief marketing officer Ed Razek came under fire after he said that he would never cast a transgender model in the show. He also insisted the public has "no interest" in the inclusion of plus-size models.

L Brands, the company that owns VS, also attracted negative publicity thanks to founder Les Wexner's friendship with the late US financier and convicted sex offender Jeffrey Epstein. Wexner enlisted Epstein as an advisor, but cut ties with him in 2007.

In need of some at-home inspiration? Sign up to our free weekly newsletter for skincare and self-care, the latest cultural hits to read and download, and the little luxuries that make staying in so much more satisfying.

[source: harpersbazar]


FEATURE NEWS
Pryde is entitled to be paid salaries until he is removed from office - Rabuka
Prime Minister Sitiveni Rabuka has stated that the suspended Director of Public Prosecutions, Christopher Pryde is entitled to continue receiving his ...
18 hours ago
LATEST NEWS
Two 15-year-old students questioned for alleged drug possession at school
Two 15-year-old students have been questioned for allegedly possessing methamphetamine and marijuana on school premises. Assistant Commissioner of ...
16 minutes ago

Tamavua Village to benefit from 11-acre business park initiative
More job opportunities are expected to be created for the people of Tamavua Village in Naitasiri as the Yavusa of Matanikutu is developing the land ...
36 minutes ago

Thousands turn up to second last day of Fiji Showcase
The cold Suva weather did not deter thousands of people who came out in numbers to enjoy the second last day of Fiji Showcase while thousands more ...
2 hours ago

PM calls for Online Safety Commission to take action after alleged cyberbullying tragedy
Following allegations that a member of the LGBTIQ+ community was driven to take their own life after getting cyberbullied, Prime Minister Sitiveni ...
15 hours ago

WOWS Kids Foundation seeks donations to aid children with cancer at Fiji Showcase
The WOWS Kids Foundation is seeking assistance from the public and business houses to support the work they do in assisting children living with ...
16 hours ago



fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
yb
IN DEPTH
2024-2025 National Budget address by the Minister for Finance
2024-2025 National Budget address by the Minister for Finance Prof. Biman Prasad. 2024-2025 Budget ...
6 days ago

Crisis within FijiFirst that led to its deregistration
The FijiFirst Party has been de-registered by the Registrar of Political Parties, Ana Mataiciwa. This is the end of the party that led government ...
10 days ago

Pre-Budget 2024-2025
Pre Budget 2024-2025 budget recommendations and an insight of what people on the ground wish to see in the National Budget
16 days ago

TOP