07.01.16
Columbus, OH
614.415.7000
www.LB.com
Sales: $4.4 billion for personal care and cosmetics. Corporate sales: $12.1 billion for the year ended Jan. 30, 2016.
Key Personnel: Leslie H. Wexner, chairman and chief executive officer; Stuart B. Burgdoerfer, executive vice president and chief financial officer; Nicholas P. M. Coe, chief executive officer and president, Bath & Body Works; Charles C. McGuigan, chief operating officer.
Major Products: Bath & Body Works home and personal care; White Barn home fragrances; Victoria’s Secret fine fragrances and cosmetics.
New Products: Bath & Body Works—Forever Red fragrance. Victoria’s Secret—Love Is Heavenly fragrance; The Trend Collection EDPs, Hand & Body Creams, and Hand & Body Cleansing Gel in Warm Coconut Sugar, Moroccan Coconut Mimosa, Nude Coconut Fig and Patchouli Coconut Musk variants; Beauty Rush lipcolor.
Comments: Corporate sales rose 6% last year. Sales at Bath & Body Works rose 7% and comparable store sales increased 5%. Both traditional retail and online sales were up on the strength of home fragrance, Signature Collection and soaps and sanitizers. L Brands is in the process of remodeling BBW and opening more BBW/White Barn dual concept locations.
Victoria’s Secret Beauty is a $1 billion business and Wexner noted that it is an entry point for many new Victoria’s Secret customers. As such, the company “took significant steps to improve the business,” he said, “which should grow the Victoria’s Secret business significantly and globally.”
VS Beauty is on its way. The brand is moving away from “fantasy” beauty products to fine fragrances and high-end body care items. The brand is moving into Asia too. Last year, L Brands had 24 Victoria’s Secret Beauty and Accessories stores in China and more are on the way.
In April, L Brands said it would create three units within its Victoria’s Secret business (Victoria’s Secret Lingerie, Pink and Victoria’s Secret Beauty) and eliminate certain merchandise categories such as swimwear. The changes are aimed at narrowing the company’s focus and simplifying the operating model, according to Wexner. The move includes eliminating about 200 jobs between its New York City office and headquarters in Columbus, OH. Other changes include integrating the online business, so it no longer operates as a separate unit from stores.
The restructuring was the first major change implemented since L Brands CEO and founder Leslie Wexner when he took over as CEO of the Victoria’s Secret business in February—a position that he ultimately plans to relinquish.
“Coming off a record year, now is the best time to make improvements, going from best to even better,” Wexner said in a company statement. “I am certain that these changes are necessary for our industry-leading brands to reach their significant potential.”
In May, the company hired Jan Singer to run its Victoria’s Secret business. Singer will join the company in September. Until then, Wexner will continue to oversee the business, something he’s done since Sharon Turney left the company early in 2016.
Also in May, the company brought in Greg Unis to run the Victoria’s Secret Beauty business.
614.415.7000
www.LB.com
Sales: $4.4 billion for personal care and cosmetics. Corporate sales: $12.1 billion for the year ended Jan. 30, 2016.
Key Personnel: Leslie H. Wexner, chairman and chief executive officer; Stuart B. Burgdoerfer, executive vice president and chief financial officer; Nicholas P. M. Coe, chief executive officer and president, Bath & Body Works; Charles C. McGuigan, chief operating officer.
Major Products: Bath & Body Works home and personal care; White Barn home fragrances; Victoria’s Secret fine fragrances and cosmetics.
New Products: Bath & Body Works—Forever Red fragrance. Victoria’s Secret—Love Is Heavenly fragrance; The Trend Collection EDPs, Hand & Body Creams, and Hand & Body Cleansing Gel in Warm Coconut Sugar, Moroccan Coconut Mimosa, Nude Coconut Fig and Patchouli Coconut Musk variants; Beauty Rush lipcolor.
Comments: Corporate sales rose 6% last year. Sales at Bath & Body Works rose 7% and comparable store sales increased 5%. Both traditional retail and online sales were up on the strength of home fragrance, Signature Collection and soaps and sanitizers. L Brands is in the process of remodeling BBW and opening more BBW/White Barn dual concept locations.
Victoria’s Secret Beauty is a $1 billion business and Wexner noted that it is an entry point for many new Victoria’s Secret customers. As such, the company “took significant steps to improve the business,” he said, “which should grow the Victoria’s Secret business significantly and globally.”
VS Beauty is on its way. The brand is moving away from “fantasy” beauty products to fine fragrances and high-end body care items. The brand is moving into Asia too. Last year, L Brands had 24 Victoria’s Secret Beauty and Accessories stores in China and more are on the way.
In April, L Brands said it would create three units within its Victoria’s Secret business (Victoria’s Secret Lingerie, Pink and Victoria’s Secret Beauty) and eliminate certain merchandise categories such as swimwear. The changes are aimed at narrowing the company’s focus and simplifying the operating model, according to Wexner. The move includes eliminating about 200 jobs between its New York City office and headquarters in Columbus, OH. Other changes include integrating the online business, so it no longer operates as a separate unit from stores.
The restructuring was the first major change implemented since L Brands CEO and founder Leslie Wexner when he took over as CEO of the Victoria’s Secret business in February—a position that he ultimately plans to relinquish.
“Coming off a record year, now is the best time to make improvements, going from best to even better,” Wexner said in a company statement. “I am certain that these changes are necessary for our industry-leading brands to reach their significant potential.”
In May, the company hired Jan Singer to run its Victoria’s Secret business. Singer will join the company in September. Until then, Wexner will continue to oversee the business, something he’s done since Sharon Turney left the company early in 2016.
Also in May, the company brought in Greg Unis to run the Victoria’s Secret Beauty business.
