Victoria’s Secret brand CEO Amy Hawke has stepped down after less than a year in office, the company announced Tuesday.
Hawke, who was also CEO of the company’s teen apparel brand Pink, informed the company last week of his resignation, the company said. He left Victoria’s Secret in March.
Martin Waters, CEO of the brand’s parent company, Victoria’s Secret, will take over as CEO of the brand.
Shares of Victoria’s Secret fell 8% on the news in after-hours trading on Tuesday.
Victoria’s Secret has struggled in recent years, as some customers have turned to niche bra brands, refusing marketing full of supermodels and “Angel’s” fashion shows. As Wexner became embroiled in turmoil over his relationship with Jeffrey Epstein, the clothing became obsolete among some longtime buyers.
The company overhauled its advertising, started using a wider range of models, and ended the Angels fashion show. The company also acquired emerging rival Adore Me for her $400 million. The deal closed last week.
But since the pandemic began, Victoria’s Secret sales have been erratic.
Sales dipped in 2020 during the peak of Covid-19, but recovered in 2021. It is projected to drop by up to 7% this year.