Victoria’s Secret is set to close 53 stores this year
Image via @victoriassecret/Instagram
Words by Tara Smith
Can’t say we’re surprised.
Things aren’t going so well for Victoria’s Secret.
Following its lowest ratings yet for the VS fashion show late last year, the brand is set to close 53 stores across North America.
In a statement released by parent company L Brands, it claims the closures are due to falling consumer sales.
“Given the decline in performance at Victoria’s Secret, we have substantially pulled back on capital investment in that business versus our history.”
It comes following 30 store closures in 2018, an increase from the brand’s average rate of 15 closures a year.
Apparently, funds previously allocated to Victoria’s Secret will instead go to Bath and Body Works, which is also owned by L Brands.
During a time where competitors (such as Fenty x Savage and ThirdLove) are embracing size diversity and inclusivity, we can’t say we’re all that surprised.
Liked this? You’ll love these...
