Victoria's Secret CEO Amy Hauk to exit after just 8 months, stock plummets

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Leroy N. Soetoro

Jan 11, 2023, 5:23:25 PMJan 11

Victoria’s Secret brand CEO Amy Hauk will resign after just eight months
running the lingerie giant, according to a filing with the Securities and
Exchange Commission on Tuesday.

Hauk, whose resignation goes into effect on March 31, will also relinquish
her duties as brand CEO of PINK, the sister company which sells clothing
geared toward teens.

News of Hauk’s departure sent shares of parent company Victoria’s Secret &
Co. (VSCO) tumbling around 8%.

“Amy Hauk will be stepping down as CEO of Victoria’s Secret and PINK in
order to spend more time with her family in Florida,” the company said in
a statement.

Hauk, 56, will be replaced by longtime executive Martin Walters, who will
continue in his role as CEO of Victoria’s Secret & Co.

In 2021, VSCO became a publicly traded company after it was spun off from
L Brands, which also owned Bath & Body Works.

Hauk, who worked for L Brands since 2008, took over PINK in 2018 and was
elevated to brand CEO at Victoria’s Secret last July.

The Post reached out to Victoria’s Secret for comment.

The Ohio-based conglomerate also announced on Tuesday that it had
completed its $400 million acquisition of Adore Me, the New York City-
based direct-to-consumer lingerie startup.

Adore Me, which recently celebrated its 10th anniversary, bills itself as
“the first lingerie brand to offer extended sizing across a wide range of
styles and categories.”

Victoria’s Secret hopes the acquisition of Adore Me will boost earnings
and cash flow in the new year.

Sales for the parent company fell 8.5% in the third quarter year-over-year
due to lagging activity in its North American stores.

Victoria’s Secret & Co. also reported 29 cents in earnings per share,
which beat estimates but was still well below the 81 cents that was
reported in the third quarter of the previous year.

In the last 12 months, Victoria’s Secret & Co.’s stock price has fallen
around 40% — outpacing the S&P 500’s decline of around 20%.

Victoria’s Secret is striving to regain its once-dominant position in the
women’s intimate retail space.

The company, which generated north of $7.7 billion in annual sales in the
early to mid-2000s, has been slow to adapt to the changing tastes of
consumers who prefer “body-positive” products, critics charge.

At the peak of its powers, Victoria’s Secret owned more than a third of
market share in the women’s lingerie category. By 2018, its market share
was at around 24%.

The company suffered a further hit to its reputation after it was learned
that Leslie Wexner, the billionaire entrepreneur who is credited with
building Victoria’s Secret into a behemoth, shared close ties with the
late pedophile Jeffrey Epstein.

The brand, which was once known for promoting its waif-thin supermodel
“Angels,” introduced plus-size additions to its catalog in recent years in
hopes of keeping up with current trends.

Last July, the firm laid off 160 management-level employees whose jobs
were based at its corporate headquarters.

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