At a time that should be seen as a peak point of celebration for the brand after its yearly fashion show, Victoria's Secret has been embroiled in controversy. And, now it's CEO, Jan Singer has resigned.
Reports of poor sales is said to be the reason Singer, who has been at the retailer for two years is stepping down. The company that owns Victoria's Secret, L Brands, has seen shares slump by 38 per cent this year as it struggles to stay relevant to a millennial audience that now has a choice of accessibly-priced lingerie brands like Savage x Fenty to chose from.
However, some are suggesting that Singer's resignation may have to do with the recent spate of backlash the company has been besieged by.
Notorious for upholding stringent beauty standards, the lingerie company found itself in the midst of an international debate about its relevancy. Why? Backlash started after a Vogue article released before their internationally-screened runway show. Within the feature the company's Chief Marketing Officer Ed Razek said while referring to the plus-size market, 'we market to who we sell to, and we don’t market to the whole world'. Further furore came when Razek added, 'Shouldn’t you have transsexuals in the show? No. No, I don’t think we should. Well, why not? Because the show is a fantasy'. A slew of celebrities, models and trans-activists have been sharing their disappointment in the brand on social media ever since.
More will be known on Monday when L Brands will announce their quarterly earnings. There is speculation that they will take this opportunity to tell stakeholders whether or not a replacement for Singer has already been found..