Victoria's Secret cuts staff amid brand refresh

The retailer's parent company announced organisational changes in a bid to 'turn around the business'

Victoria's Secret cuts staff amid brand refresh

Fashion retailer Victoria’s Secret is downsizing its workforce by about 15% amid plans to “simplify the business” and become “more agile,” The New York Times reported.

An estimated 50 employees – from senior executives to junior staff members – were terminated at the company’s headquarters last week, according to sources interviewed by NYT.

The decision to cut staff comes after parent group L Brands shared an “optimistic outlook” with investors, and just a few months before the holiday shopping season peaks.

READ MORE: Fear of recession sparks layoff anxiety

NYT said it was able to review a copy of the separation agreement given to executives and staff, which prohibited them from disclosing information to the public regarding the business, specifically its people and operations.

The organisational shake-up is also part of a larger plan to refresh the Victoria’s Secret brand, which has reportedly suffered from dwindling sales and backlash from consumers in the #MeToo era. As a result, new leadership positions have been introduced.

“We’re on the all-important journey to turn around the Victoria’s Secret business,” said Tammy Roberts Myers, L Brands chief communications officer, in a statement. “As we’ve said, everything is on the table, including having the right talent in the right places.”

Recent articles & video

Leadership ‘compassion gap’ revealed amid crisis

Leapgen announce new Managing Director

'Sent in error': Amazon backtracks on banning video app for workers

Walmart customers arrested for allegedly coughing on employees

Most Read Articles

Why Ford CEO declined workers’ demand to halt police car line

Walmart customers arrested for allegedly coughing on employees

Fun Friday: These workers admit to slacking off