According to AP News Victoria Secret has a new CEO and she has some valuable experience.
For a cool $18 Mill Hillary Super from Savage X Fenty will take over for Martin Waters, effective Sept. 9. Waters became CEO of Victoria’s Secret in 2021.
He will serve as an advisor through the end of the month to help with the transition process, while Chief Financial and Administrative Officer Timothy Johnson will serve as interim CEO.
Plans for a Victoria’s Secret spinoff from its parent company L Brands were announced in 2021 after a deal to sell the lingerie, sleepwear, beauty and clothing company to private equity firm Sycamore Partners fell through because of the coronavirus pandemic.
The chain has struggled with slowing sales and has worked on reinventing its fashions and redesigning stores.
Super had served as the Savage X Fenty CEO since June 2023.
The lingerie company, which was co-founded by megastar and business mogul Rihanna, appeals to younger consumers and Super’s expertise running the company could help Victoria’s Secret cater to that prized demographic better.
Shares jumped more than 14% before the market open.
Prior to working at Savage X Fenty, Super was the Global CEO of Anthropologie Group, an Urban Outfitters Company.
Victoria’s Secret Chair of the Board Donna James said in a statement on Wednesday that Super will be tasked with accelerating growth in the company’s core business in North America.
“She understands vertically integrated retail brands and has an intuitive understanding of the consumer landscape, informed by customer insights which are critical for consistently delivering in this industry and its ever-accelerating fashion and economic cycles,”
