April 22, 2016
By: Daniella Soloway
As summer approaches, Victoria’s Secret has decided this will be its last season of selling swimwear, according to Citigroup and sources close to the company.
A year ago, analysts estimated that the company’s swimwear line could result in $1 billion of business, but after designing “overly complex swimsuits” and reporting slumping sales in the category, the company is adjusting its strategy.
L Brands, its parent company, also announced cutting about 200 employees and dividing the company into three: Victoria’s Secret Lingerie, Victoria’s Secret Beauty, and PINK.
Despite this news, the retailer still dominates the lingerie category with 61.8% market share.