L Brands Names Victoria’s Secret Board, Celebrity Partners
(Bloomberg) -- L Brands Inc. proposed a woman-majority board for Victoria’s Secret as a standalone company and said the plan to separate the lingerie company from Bath & Body Works remains on track for August.
Donna James, managing director at Lardon & Associates LLC, will be the chair of the standalone company once Bath & Body Works is separated from the company. Six of seven of the board members are women, part the lingerie chain’s effort to respond to what female customers want out of the brand.
Martin Waters, the chief executive officer of Victoria’s Secret, was the only man named to the board. The other board members are all independent of the company, L Brands said in a statement.
“Today marks an exciting milestone in our plans to launch Victoria’s Secret as an independent, publicly traded company,” Sarah E. Nash, chair of L Brands’ board, said in the statement. “These individuals collectively bring immense leadership and industry experience as well as financial and governance expertise, which will be instrumental as the Victoria’s Secret team continues to realize the brand’s full potential.”
The company also signaled Wednesday what its new, independent company will look like as it reinvents itself after the split. In a separate statement, Victoria’s Secret announced new partnerships with several female athletes, models, activists and entrepreneurs who will help develop new product collections and content, including a podcast.
Among the women are Indian actor Priyanka Chopra Jonas, professional soccer player Megan Rapinoe, and refugee and model Adut Akech.
“So often I felt myself on the outside looking in with brands in the beauty and fashion industry, and I’m thrilled to be creating a space that sees the true spectrum of all women,” Rapinoe said in a statement.
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