Looks like we may be seeing the end of cheeky-bottom swimwear and neon monokinis. CNBC has just reported that lingerie player and swimwear go-to for many, Victoria’s Secret, is about to exit swimwear.
It's reported the changes were announced during parent company, L Brands’, March sales release. And they’ve shocked many, considering the VS swimwear category is worth roughly $500 million.
It sounds like a lot of mullah, but VS swimwear sales have been slowly declining over the past few years. The move will give way for the brand to focus on its growing activewear category.
Analysts have stated this could be a shaky move for L Brands, with the reported axing has already correlating with a two per cent drop in L Brands shares. However new VS president Les Wexner, who is the founder of L Brands, doesn't agree:
“Coming off a record year, now is the best time to make improvements … going from best to even better," he told investors.