BUSINESS

Victoria’s Secret Reveals Closure Of 53 Stores

Victoria’s Secret, the American designer, manufacturer, and marketer of women’s lingerie, womenswear, and beauty products is shedding more of its clothing stores.

L Brands Inc., owner of the lingerie chain, recently announced that it plans to close about 53 Victoria’s Secrets in North America this year, more than three times its yearly average of 15 in the recent past.

Victoria’s Secret square footage in North America will drop by about 3 percent, it said, even as it continues to grow the footprint of its more successful Bath & Body Works chain.

“Given the decline in performance at Victoria’s Secret, we have substantially pulled back on capital investment in that business versus our history,’’ the company said in written earnings commentary after reporting disappointing holiday-quarter results.

L Brands Inc. has had to contend with fierce and intense competition with the arrivals of brands such as Rihanna’s lingerie company Savage X Fenty, American Eagle Outfitters Inc.’s Aerie, ThirdLove, among others.

Pollyanna Davy, Readers Bureau, Fellow

Edited by Jesus Chan

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