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L Brands to close 53 Victoria’s Secret stores, says ‘everything is on the table’ for lingerie brand


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https://www.cnbc.com/2019/02/28/l-brands-plans-to-close-roughly-53-victorias-secret-stores-this-year.html

 

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The company has pulled back on investing in new and remodeled Victoria’s Secret stores and is speeding up its store closure plans from its previous average of roughly 15 store closures a year, executives said during a conference call Thursday. They said the company is evaluating every element of the brand, whether that be merchandising, pricing or format.

 

The planned store closures for 2019 make up roughly 4 percent of the company’s 1,143 Victoria’s Secret stores worldwide.

 

Shares of L Brands, which also owns Bath & Body Works, were trading down more than 7 percent on Thursday morning, after it reported mixed results in the holiday quarter Wednesday evening. The weakest part of its business continues to be Victoria’s Secret, where same-store sales fell 3 percent.

 

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The brand, which was once known for its sexy bras, has lost out as women have switched to more comfortable bra styles and brands that seem more inclusive from the likes of American Eagle’s Aerie, Third Love, Lively and Adore Me. The $7.2 billion bra category is also seeing new competition from Target, which this spring plans to launch three new lines of lingerie and sleepwear.

 

Millennials, who comprise more than a third of the women’s intimate apparel market, spent a third of their bra dollars in 2018 on sports bras, according to retail trade group the NPD Group.

 

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18 minutes ago, CitizenVectron said:

Well yeah, sports bras are apparently far more comfortable and are also healthier, long-term. Obviously they are not suitable for all situations (there will always be a market for all types of bras), but they are cheaper and more comfortable, so it makes sense that they are dominating.

Sports bras also fit in the causal sportswear that is all the rage these days

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