April 22, 2016 Comments Off on Victoria’s Secret Slashes Swimwear and Cuts Jobs, But Still Dominates Views: 351 California News, Midwest, National News, Ohio

Victoria’s Secret Slashes Swimwear and Cuts Jobs, But Still Dominates

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.

Read More at Business Insider

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