By Miranda Meehan
Victoria’s Secret is getting out of the swimsuit business? The company said earlier this month that it would cut “certain merchandise categories” as it also announced layoffs. Sources told BuzzFeed News that those categories included swimwear. This is a story making headlines in fashion this month. Victoria’s Secret will no longer be in the swim business. Their worldwide self televised swim specials, will no longer be relevant. Two unnamed sources revealed to Buzzfeed News that Victoria’s Secret “will be exiting out of all current [swim] inventory by the end of this year.” This could be due to the company’s reported low sales for swimwear back in August of 2015.The swimwear made the company about $500 million last year, about 6.5% percent of all Victoria’s Secret sales.
The company stated it missed on fashion and designed overly complex swimsuits. Sharen Turney, the former head of Victoria’s Secret who resigned two months ago, said at the time it was her “biggest disappointment and we did it to ourselves.” The company told Glamour “In order to better focus our resources on core merchandise categories, we have decided to eliminate non-core businesses, including swim, in our Victoria’s Secret lingerie business and shoes, accessories and apparel that were offered in our digital channel but not in stores.” Store space will be better used for VS Sport. Victoria Secret had also stated that they will move away from its famous catalogs. They will reorganize into three divisions, focused on Victoria’s Secret lingerie, Victoria’s Secret beauty, and the Pink brand. However, bras, lingerie, sleepwear, and fragrance, will still be available in VS stores and online. In the chaos of it all there is still a silver lining. The summer 2016 swimwear is majorly on sale on the Victoria’s Secret web site right now!
Now with Turney gone, Les Wexner, the head of L Brands overseeing Victoria’s Secret. He wants to change the company by “accelerating our growth and to strengthen the business for the long term by narrowing our focus and simplifying our operating model.” Les Wexner is known for shedding risky businesses. He invests in other companies where his brands can dominate, such as Bath & Body Works.