NEW YORK — Victoria's Secret Beauty is focusing its growth efforts on its retail doors, opening new stores in the U.S. and expanding beauty space in existing doors. In addition, the beauty division has plans to expand internationally and grow its direct channel business and beauty presence in catalogues.
At a CEW Newsmaker event here on Tuesday, president and chief executive officer Christine Beauchamp said the beauty division has doubled company sales over two and a half years.
"The Victoria's Secret brand is worth $5 billion dollars, and the beauty segment is worth about $1 billion," said Beauchamp. While body care and fragrance are key categories for Victoria's Secret, the company is planning to expand some smaller, yet faster-growing business segments such as color cosmetics, hair and home care.
Beauchamp sees opportunity for growth, since many customers buy lingerie from Victoria's, but have not yet sampled the company's beauty offerings. "We found that half of our customer base buying lingerie haven't yet experienced our beauty products," she said.
According to Beauchamp, the large domestic business currently encompasses 1,000 stores, but the company is aggressively expanding its real estate and opening new, larger stores. The company is also planning to give beauty more space in some of its larger domestic lingerie stores. In addition, the retailer has started testing and selling Victoria's Secret items in La Senza stores in Canada, which were recently acquired by parent Limited Brands Inc.
"Our footprint of stores is getting bigger, especially in select areas within existing lingerie stores, since we're devoting more space to beauty," said Beauchamp. "The beauty business is such a great pick up and accent item, just to make it feel sexy."
The company is also further developing its direct channels of distribution and catalogues, and hopes to continue to expand internationally, both in existing markets such as England, Saudi Arabia and Brazil, and in new markets.
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