New York CNN store —
Amy Hauk, CEO of the Victoria’s Secret brand, has resigned from her job after less than a year, the company announced on Tuesday.
Hauk, who was also CEO of the company’s teen-focused clothing brand Pink, announced her retirement to the company last week, the company said. She will be leaving Victoria’s Secret in March.
Martin Waters, CEO of the brand’s parent company, Victoria’s Secret & Co., will lead the brand.
Victoria’s Secret shares fell 8% on the news during Tuesday’s after-hours trading.
Victoria’s Secret has struggled in recent years as some customers rejected its marketing with supermodels and “Angels” runway shows and switched to niche bra brands. As Victoria’s Secret also became upset about founder Leslie Wexner’s ties to Jeffrey Epstein, his clothes fell out of style with some longtime buyers.
The company revamped its advertising, starting with a wider range of models and ending its Angels runway show. The company also bought up-and-coming rival Adore Me for $400 million. This deal closed last week.
But Victoria’s Secret sales have been patchy since the pandemic began.
Sales plummeted in 2020 during the peak of Covid-19 but recovered in 2021. They are forecast to fall by up to 7% this year.