October 16, 2019 Finance and Tech Publication

The head of stores at Victoria’s Secret to step down

Pedestrians walk past a Victoria’s Secret LLC store, a subsidiary of L Brands Inc., in New York.

Craig Warga | Bloomberg | Getty Images

The head of Victoria’s Secret’s stores and store operations is stepping down, CNBC has learned.

April Holt, who has been with L Brands’ lingerie division for more than 16 years, most recently overseeing the chain’s real estate, will leave the company imminently. Becky Kritek-Behringer, currently senior vice president of store operations, will assume some of her responsibilities until a successor is named.

A reason for Holt’s resignation couldn’t immediately be determined.

An L Brands spokesperson confirmed Holt’s departure.

The loss comes amid a broader shake-up among management at Victoria’s Secret, as the lingerie brand has been trying to pull itself out of a sales slump.

Chief marketing officer Edward Razek resigned earlier this year. Victoria’s Secret CEO Jan Singer resigned suddenly at the end of last year and was replaced by former Tory Burch president John Mehas.

Speaking at an investor day in September, Mehas said Victoria’s Secret needed to “evolve.” The company knows its styles and sexy branding haven’t been resonating as much as they used to, with younger consumers turning to body-positive start-ups including Adore Me, Aerie and ThirdLove for bras and underwear.

L Brands’ shares have fallen more than 34% this year.

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