NEW YORK – Management changes are sweeping across Limited Brands Inc., with a new leadership structure at Victoria’s Secret and several other high-level shifts expected to be announced today, WWD has learned.
According to sources, Sharon Jester Turney, currently chief executive and president of Victoria’s Secret Direct, is being promoted to head up what will be called Victoria’s Secret Group. The new structure will include the direct, stores and beauty businesses of Victoria’s Secret, all reporting into her. Mindy Meads, president of Lands’ End until last August, will succeed Turney at VS Direct. Meads is expected to join the company in August. Grace Nichols will continue as ceo of VS Stores.
The VS team is being pumped up to more effectively manage the rapidly-growing and increasingly complex VS businesses. The reorganization also frees up Limited Brands chairman and chief executive Leslie H. Wexner to work on growth initiatives, particularly the beauty side of the business. The company is developing larger VS store prototypes, that some view “stores within a store” concept, seeking more third party beauty brands to sell inside VS stores as well as the Bath & Body Works division, and developing brand extensions.
“Victoria’s Secret is a very healthy operation. There are a lot of growth opportunities,” said a source close to the company. BBW is a less healthy operation, while the apparel businesses has been showing improvements.
“Les is turning over Victoria’s Secret to Sharon and moving more deeply into beauty,” said another retail source.
For complete coverage, see tomorrow’s WWD.