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Victoria’s Secret appoints John Mehas as new CEO

Lingerie retailer Victoria’s Secret has appointed John Mehas as CEO, effective early 2019, replacing Jan Singer who has resigned.

Mehas is currently serving as the president of lifestyle brand Tory Burch, and previously led Club Monaco, a Polo Ralph Lauren brand, for 13 years as president and CEO. He gained his early retail and merchandising experience at The Gap and Bloomingdales.

Leslie Wexner, chairman and chief executive officer, said: “John is an outstanding retail merchant and we could not be more excited for him to lead Victoria’s Secret Lingerie to a new phase of success. I wish Jan well. I greatly appreciate her passion and know she will succeed in whatever she pursues next. We appreciate all that she brought to the brand.”

The group also announced its 2018 third quarter results, revealing that operating income for the period was $54.4m (£42.3m), compared with the $231m (£180m) reported in Q3 2017. Net loss was reported to be $42.8m (£33.3m) compared with the net income of $86m (£66m) during the same period in 2017.

The group also reported a loss per share of $0.16 for the third quarter ending 3 November 2018, compared with earnings per share of $0.30 for the quarter ended 28 Oct 2017.

Wexner added: “During the quarter, we made some tough decisions that enable us to increase our focus on our core businesses and highest growth opportunities. These actions, including the closure of the Henri Bendel business and the pursuit of alternatives for La Senza, will strengthen our company in the long term.

“Looking ahead, we remain focused on executing our strategy, sticking to the fundamentals of our business, staying close to our customers and leveraging the strength of our brands to deliver on our commitments for our customers, associates and stakeholders.”

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