SINKING SHIP?

Victoria’s Secret CEO Resigns Amid Dwindling Sales

Jan Singer, the CEO of Victoria’s Secret lingerie division, has reportedly resigned as the company faces dwindling sales. Sources cited by The Wall Street Journal on Wednesday confirmed Singer’s departure. The company is expected to offer more details Monday, when L Brands, the parent company of Victoria’s Secret, is due to report quarterly earnings. Singer joined the company from Spanx about two years ago and had served as a Nike executive for years before that. News of Singer’s resignation comes as experts say the lingerie company’s insistence on traditional marketing and a lack of diversity has turned consumers away to competitors. Last week, the company came under fire after Ed Razek, the chief marketing officer of L Brands, said he didn’t believe the Victoria’s Secret fashion show should feature transgender models because it’s meant to be a “fantasy.” Wells Fargo analysts wrote in a research note earlier this month that the company’s once-iconic fashion show is “no longer resonating with consumers whose attitude has shifted toward more natural looks and relatable beauty,” according to the Journal.