Victoria’s Secret brand CEO Amy Hauk will step down after just eight months at the helm of the lingerie giant, according to a filing Tuesday with the Securities and Exchange Commission.
Hauk, whose resignation is effective March 31, will also step down from her responsibilities as brand CEO of PINK, the sister company that sells clothing for teens.
News of Hauk’s departure sent shares in parent company Victoria’s Secret & Co. (VSCO) down about 8%.
“Amy Hauk will step down as CEO of Victoria’s Secret and PINK to spend more time with her family in Florida,” the company said in a statement.
Hauk, 56, will be replaced by longtime chief executive Martin Walters, who is stepping down from his role as CEO of Victoria’s Secret & Co.
In 2021, VSCO became a public company after being spun off from L Brands, which also owned Bath & Body Works.
Hauk, who has worked at L Brands since 2008, took over PINK in 2018 and was named Victoria’s Secret brand CEO last July.
The Post has reached out to Victoria’s Secret for comment.
Amy Hauk steps down as brand CEO of Victoria’s Secret. Robb McCormick Photography
The Ohio-based conglomerate also announced Tuesday that it has completed its $400 million acquisition of Adore Me, the New York City-based direct-to-consumer lingerie startup.
Adore Me, which recently celebrated its 10th anniversary, bills itself as “the first lingerie brand to offer extended sizes across a variety of styles and categories.”
Victoria’s Secret hopes the acquisition of Adore Me will boost revenue and cash flow in the new year.
The parent company’s third-quarter sales fell 8.5% year over year due to slowing activity at its North American stores.
Once known for its glitzy fashion shows starring supermodel Angels, Victoria’s Secret is struggling to keep up with the competition. AFP via Getty Images
Victoria’s Secret & Co. also reported 29 cents of earnings per share, beating estimates but still well below the 81 cents reported in the third quarter of last year.
Over the past 12 months, Victoria’s Secret & Co.’s stock price has fallen about 40%, outperforming the S&P 500’s roughly 20% drop.
Victoria’s Secret is striving to reclaim its once dominant position in women’s intimates.
Victoria’s Secret has been slow to adapt to changing consumer tastes, including a preference for “body-positive” products, critics say. In Pictures via Getty Images
The company, which had annual sales of more than $7.7 billion in the early to mid-2000s, has been slow to adapt to the changing tastes of consumers who prefer “body-positive” products, critics say.
At the height of its power, Victoria’s Secret owned more than a third of the market share in the lingerie category. In 2018, the market share was around 24%.
The company suffered another reputational hit after it was revealed that Leslie Wexner, the billionaire entrepreneur credited with building Victoria’s Secret into a giant, had close ties with the late pedophile Jeffrey Epstein.
The brand, once known for promoting its sheer supermodel Angels, has been introducing plus-size additions to its catalog in recent years, hoping to keep up with current trends.
Last July, the company laid off 160 managerial employees whose jobs were based at the group’s headquarters.