Amy Hauk, the CEO of Victoria’s Secret, has announced her departure from the company after a tumultuous year for the brand. Hauk, who has served as CEO since 2018, will be leaving her position effective immediately.
The departure of Hauk comes at a time when Victoria’s Secret is facing significant challenges. The brand has struggled to adapt to changes in consumer preferences, with many consumers turning to more inclusive and body-positive brands. Victoria’s Secret has also faced criticism for its lack of diversity, with the company coming under fire for its lack of representation of plus-size and transgender models.
In recent years, Victoria’s Secret has faced declining sales and market share, as well as a decline in brand reputation. The brand’s annual fashion show, once a highly-anticipated event, was cancelled in 2019 due to low ratings and a lack of interest from consumers.
Hauk’s departure comes just months after the company announced that it would be closing a significant number of its stores in the United States. The company has also faced pressure from activist investors to make changes to its board and management.
In a statement, Hauk said, “I am proud of the work that we have done to modernize the brand and position it for growth. However, I recognize that there is still much work to be done, and I believe that now is the right time for me to step down and allow the company to continue on its path of transformation.”
The company has not yet announced who will replace Hauk as CEO. It is unclear at this time what direction the company will take under new leadership.
Victoria’s Secret has long been known for its sexy and revealing lingerie, but in recent years the brand has struggled to stay relevant in a market that is increasingly focused on inclusivity and body positivity. The brand’s annual fashion show, once a highly-anticipated event, was cancelled in 2019 due to low ratings and a lack of interest from consumers.
In order to compete in the changing market, Victoria’s Secret will need to make significant changes to its branding and marketing strategy. This could include featuring a more diverse range of models, offering a wider range of sizes, and promoting a more positive and inclusive body image.
It remains to be seen what the future holds for Victoria’s Secret, but with the departure of Hauk and the ongoing challenges facing the brand, it is clear that significant changes are necessary in order for the company to remain competitive.