DISCUSSION
Victoria’s Secret CEO stepping down after eight months on the job
Written by George Anderson
Photo: Victoria’s Secret & Co.
Amy Hauk is stepping down as CEO of Victoria’s Secret on March 31 after having just been named to lead the lingerie giant in July.
The chain’s parent, Victoria’s Secret & Co. (VS&Co), said Ms. Hauk is leaving to spend more time with her family in Florida, reports The Columbus Dispatch.
Ms. Hauk, who also served as CEO of PINK since 2018, will be replaced by Martin Waters, CEO of VS&Co, on a permanent basis at the lingerie chain.
The news of Ms. Hauk’s departure came on the same day that VS&Co closed on a $400 million deal to acquire Adore Me, an online lingerie brand. Adore Me, which was founded in 2011, is profitable and has over 1.2 million active customers. The company, which offers items in 77 different sizes, appeals to a younger and more diverse group of customers than Victoria’s Secret. It is also the only B Corp Certified lingerie brand based in the U.S.
The deal for Adore Me, which was first announced in November, is expected to make a major contribution to boosting Victoria’s Secret digital expertise. Adore Me is known for its “Home Try-On” and monthly subscription service. Members pay a styling fee and receive four to seven lingerie and loungewear items monthly, paying for only the items that they keep.
“From the beginning, we evaluated Adore Me as a two for one opportunity — a technology-led, digital-first innovator in the intimates category and a highly efficient, growing and profitable standalone business model,” said Mr. Waters in a statement. “I am thrilled with the swift completion of the acquisition and excited to welcome the entire Adore Me team into the VS&Co family.”
“In Adore Me, we have acquired a business and a team that will help us deliver improved, elevated and differentiated experiences for Victoria’s Secret and PINK customers. This acquisition will be a significant accelerant as we pivot toward growth and modernize the foundation of our company with technology at the forefront of everything we do,” he said.
Adore Me’s sales were expected to reach $240 million last year. The company, which will continue to operate as a standalone business, is led by its founder and CEO Morgan Hermand. It currently operates six mall-based stores in New Jersey, New York, Rhode Island and Tennessee.