Victoria’s Secret brand manager Amy Hauk is stepping down abruptly

New York
CNN Business
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Victoria’s Secret brand manager Amy Hauk has resigned less than a year into the job, the company said Tuesday.

Hauk, who was also CEO of the company’s Pink clothing brand aimed at teenagers, notified the company of her resignation last week, the company said. She is leaving Victoria’s Secret in March.

Martin Waters, CEO of the brand’s parent company, Victoria’s Secret & Co., takes over as CEO of the brand.

Shares of Victoria’s Secret fell 8% on the news during after-hours trading on Tuesday.

Victoria’s Secret has struggled in recent years as some customers rejected its marketing filled with supermodels and “Angels” fashion shows and switched to niche bra brands. When Victoria’s Secret was also embroiled in turmoil over founder Leslie Wexner’s ties to Jeffrey Epstein, the clothes went out of fashion among some longtime shoppers.

The company revised its advertising, began using a wider range of models and ended the Angels fashion show. The company also acquired Adore Me, an upstart rival, for $400 million. That deal closed last week.

But sales of Victoria’s Secret have been uneven since the start of the pandemic.

Sales fell in 2020 during the peak of Covid-19, but rebounded in 2021. They are forecast to fall by up to 7% this year.