Earlier this month, L Brands, the parent company of Victoria’s Secret, announced it would restructure certain aspects of the retailer’s business, but failed to provide specifics on the changes. But a filing from the company’s bank sheds a little light on just what could be cut from the company. First up: swimwear.
A note from Citigroup suggests that Victoria’s Secret will stop selling swimwear after this year, instead focusing its attention on its activewear line, BuzzFeed News reports.
Citigroup’s note, dated April 8, reported that L Brand’s “will be eliminating swim from stores and online” after the category “had trended down over the last several years and management believes store space will be better used for VS Sport.”
Two people familiar with the situation tell BuzzFeed that the company would be “exiting out of all current inventory by the end of this year.”
A spokesperson for the company declined to comment on the matter, except to say that more details about the retailer’s changes would be addressed on an upcoming earnings call.
Earlier this month, L Brands announced it would streamline operations and focus more on its core merchandise offerings: lingerie, the PINK brand, and Victoria’s Secret Beauty.
The company said that the restructuring would also include changes in how it connects with customers “through more focus on loyalty programs and brand-building engagement rather than traditional catalogues and offers.”
Victoria’s Secret Is Getting Out Of The Swimsuit Business [BuzzFeed News]
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