L Brands Inc. said on Tuesday the firm is increasing its second quarter earnings guidance, as strong customer response to merchandise assortments and improved inventory management saw promotional activity reduced.
Additions to the brand's leadership include Martin Waters as CEO; Laura Miller as chief HR officer; Becky Behringer as VP of North America store sales and operations; and Janie Schaffer as chief design officer.
Having recently said goodbye to founder and former CEO Leslie Wexner, the Columbus, Ohio-based owner of Victoria’s Secret and Bath & Body Works reported a 37.1% decline in revenues for the first quarter on Wednesday.
L Brands said on Monday it has agreed to call off the sale of its majority stake in Victoria’s Secret lingerie business to Sycamore, averting a bitter legal battle between the two companies over the $525 million deal.
Sycamore Partners disclosed it has walked away from a $525 million deal to acquire a majority stake in Victoria’s Secret, after the lingerie brand shut down stores and furloughed staff in response to the coronavirus