Victoria’s Secret Hires CEO From Tory Burch to Lead Turnaround

(Bloomberg) -- L Brands Inc. named John Mehas, the president of luxury label Tory Burch, as chief executive officer of Victoria’s Secret Lingerie, just days after Bloomberg News reported former chief Jan Singer’s abrupt exit.

Key Insights

• Mehas, who starts early next year, previously led Club Monaco for 13 years and had stints at the Gap and Bloomingdales, according to a statement.
• L Brands also forecast fourth-quarter earnings per share that beat the midpoint of analysts’ estimates, and boosted its full-year outlook, signaling its efforts to appeal to changing millennial shoppers is working. Victoria’s Secret has been under scrutiny for failing to be inclusive of all body types and for not fully embracing female empowerment and diversity as consumer attitudes change.
• The outgoing Victoria’s Secret Lingerie CEO Singer had been working to made panties a strong business -- rather than a marketing tool -- by embracing a fast-fashion model where styles are updated frequently.

Market Reaction

• L Brands shares fell 3.3 percent to $33.42 at 5:03 p.m. in late trading. They have tumbled 43 percent this year.
• Read more on the results here.

To contact the reporter on this story: Hema Parmar in New York at hparmar6@bloomberg.net

To contact the editors responsible for this story: Anne Riley Moffat at ariley17@bloomberg.net, Lisa Wolfson, Cecile Daurat

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