L Brands Announces Leadership Changes at Victoria’s Secret

COLUMBUS, Ohio, Nov. 25, 2020 (GLOBE NEWSWIRE) -- L Brands, Inc. (NYSE: LB) announced several key leadership appointments at Victoria’s Secret. Effective immediately, Martin Waters was named Chief Executive Officer of Victoria’s Secret Lingerie, replacing John Mehas, who has served in the role since February 2019. Waters will report to Stuart Burgdoerfer, Interim CEO of Victoria’s Secret and CFO of L Brands. Laura Miller was named Chief Human Resources Officer of Victoria’s Secret; Becky Behringer was promoted to Executive Vice President of North America Store Sales and Operations; and Janie Schaffer was named Chief Design Officer of Victoria’s Secret Lingerie.

“The Board and I are thrilled by the appointments of these talented leaders with demonstrated records of execution,” said Sarah Nash, chair of L Brands’ Board of Directors. “Martin Waters is an experienced retail executive who has led our international business for the past 12 years. He is an exceptional leader and is widely respected both within and outside of our business. Laura brings a wealth of experience and knowledge to the role of CHRO, combined with a passion for helping people reach their full potential. Becky’s deep knowledge of our stores organization and the customer will help us deliver success as we approach the Holiday season and beyond. Janie is a proven leader with a record of creating and re-positioning brands and growing profitable sales across international markets.”

Nash continued, “With their collective expertise and working together alongside the entire leadership team at Victoria’s Secret, we will continue to drive the business forward and reposition it for success. We thank John for his contributions to the brand during his tenure.”

About Martin Waters:
Waters joined L Brands in 2008 as head of the international division. Under Martin’s leadership, the international business has expanded from the early phases of incubation to more than 700 stores globally. Prior to his role with L Brands, Martin was managing director for Boots International, Europe’s leading health and beauty retailer. Martin also has significant experience in strategic planning, merchandising, planning and allocation, brand management, marketing and supply chain operations.

About Laura Miller:
Laura Miller has more than 30 years of Human Resources experience working in a variety of roles in large global organizations. She most recently served as the CHRO of Royal Caribbean Cruise Lines, Ltd. Previously, she served as CHRO for ADT, as well as Coca Cola Refreshments, and held a variety of HR roles at the Raytheon Company. Miller has a degree in Industrial and Labor Relations from Cornell University. 

About Becky Behringer:
Becky Behringer joined Victoria’s Secret in 2002. Her most recent role was Senior Vice President of Store Operations at Victoria’s Secret, where she oversaw the business’ response to the COVID-19 pandemic. Under her leadership, the North American stores organization was able to quickly close, then methodically re-open stores in a phased approach, implementing industry-leading health and safety protocols to ensure the well-being of 35,000+ associates and customers. Previously, Behringer served in a number of field leadership roles, from Store Manager to Regional Manager, across Victoria’s Secret.

About Janie Schaffer:
Janie Schaffer has more than 30 years of specialty retail experience and is a recognized expert in the intimates world. She previously served as Director of Lingerie and Beauty at Marks and Spencer plc, a leading British retailer. From 2008 to 2012, she served as head of design for Victoria’s Secret Lingerie, a period of rapid growth in the brand’s best-at and win-at categories. Prior to joining Victoria’s Secret in 2008, Janie founded and then sold UK-based lingerie brand Knickerbox.

ABOUT L BRANDS:
L Brands, through Bath & Body Works, Victoria’s Secret and PINK, is an international company. The company operates 2,681 company-operated specialty stores in the United States, Canada and Greater China, and its brands are also sold in more than 700 franchised locations worldwide. The company’s products are also available online at www.BathandBodyWorks.com, www.VictoriasSecret.com and www.PINK.com.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made by our company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “planned,” “potential” and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or otherwise made by our company or our management:

• General economic conditions, consumer confidence, consumer spending patterns and market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises or other major events, or the prospect of these events;
• divestitures or other dispositions, including any divestiture of Victoria’s Secret and related operations, could negatively impact our business, and contingent liabilities from businesses that we have sold could adversely affect our financial statements;
• the seasonality of our business;
• difficulties arising from turnover in company leadership or other key positions;
• our ability to attract, develop and retain qualified associates and manage labor-related costs;
• liabilities arising from divested businesses;
• the dependence on mall traffic and the availability of suitable store locations on appropriate terms;
• our ability to grow through new store openings and existing store remodels and expansions;
• our ability to successfully expand internationally and related risks;
• our independent franchise, license and wholesale partners;
• our direct channel businesses;
• our ability to protect our reputation and our brand images;
• our ability to attract customers with marketing, advertising and promotional programs;
• our ability to protect our trade names, trademarks and patents;
• the highly competitive nature of the retail industry and the segments in which we operate;
• consumer acceptance of our products and our ability to manage the life cycle of our brands, keep up with fashion trends, develop new merchandise and launch new product lines successfully;
• our ability to source, distribute and sell goods and materials on a global basis, including risks related to:
  • political instability, environmental hazards or natural disasters;
  • significant health hazards or pandemics, which could result in closed factories, reduced workforces, scarcity of raw materials, and scrutiny or embargoing of goods produced in infected areas;
  • duties, taxes and other charges;
  • legal and regulatory matters;
  • volatility in currency exchange rates;
  • local business practices and political issues;
  • potential delays or disruptions in shipping and transportation and related pricing impacts;
  • disruption due to labor disputes; and
  • changing expectations regarding product safety due to new legislation;
• our geographic concentration of vendor and distribution facilities in central Ohio;
• fluctuations in foreign currency exchange rates;
• stock price volatility;
• our ability to pay dividends and related effects;
• our ability to maintain our credit rating;
• our ability to service or refinance our debt;
• shareholder activism matters;
• the ability of our vendors to deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations;
• fluctuations in product input costs;
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• fluctuations in energy costs;
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• claims arising from our self-insurance;
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• our ability to comply with regulatory requirements;
• legal and compliance matters; and
• tax, trade and other regulatory matters.
  

We are not under any obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.

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