Victoria’s Secret Brings Rihanna’s Savage X Fenty Former CEO, Hillary Super, to Lead Success

Facing ongoing challenges, Victoria’s Secret has made a strategic move by appointing Hillary Super, the former CEO of rival lingerie brand Savage X Fenty, as its new chief executive. The announcement, made on August 14, indicated that Super would replace Martin Waters, who stepped down from his role as CEO and board member effective immediately. Super is set to begin her tenure on September 9, with Tim Johnson, the company’s chief financial and administrative officer, serving as interim CEO until then. Donna James, chair of Victoria’s Secret, expressed confidence that Super would lead the company’s next phase of growth in North America, which is in line with its transformation strategy.

Super is tasked with overhauling Victoria’s Secret’s image, which has long been associated with narrow beauty standards, predominantly featuring white, ultra-thin supermodels. Competing brands like Rihanna’s Savage X Fenty have successfully embraced inclusivity and diversity, leaving Victoria’s Secret to play catch-up. The new CEO will also need to address the company’s recent streak of declining sales, signaling a tough road ahead.

Though Super’s time at Savage X Fenty was short—she joined in June 2023—her experience has sparked hope among retail experts. While Victoria’s Secret is not the first struggling retailer to attempt a turnaround, it remains to be seen whether Super’s expertise will be sufficient to draw shoppers back to its over 1,350 stores. By hiring a top executive from a brand known for its inclusive approach to lingerie, Victoria’s Secret appears to be returning to its original appeal—sexiness—with a more modern and inclusive twist. Retail analyst Gabriella Santaniello noted that the brand seems poised for a comeback by reconnecting with its core identity.

Victoria’s Secret, founded in 1977 and purchased by retail magnate Leslie Wexner in 1982, became a cultural icon that shaped beauty ideals throughout the late 20th century. The brand’s annual fashion show, launched in 1995, helped propel models like Gisele Bündchen and Heidi Klum to fame and drew millions of viewers. At its height in 2016, the company generated over $7 billion in revenue.

However, the brand’s dominance has waned in recent years. The fashion show that once symbolized its success faced backlash for promoting narrow beauty standards, leading to its indefinite cancellation in 2019 due to declining viewership. Additionally, Wexner’s association with convicted sex offender Jeffrey Epstein and the controversial comments by former chief marketing officer Ed Razek about excluding plus-size and transgender models from the brand’s shows tarnished Victoria’s Secret’s reputation. Wexner stepped down in 2020 amid these controversies.

In recent years, Victoria’s Secret has struggled to modernize its image and fend off competition from emerging brands like ThirdLove and Kim Kardashian’s Skims, which have gained market share by offering bras in a wider range of sizes and skin tones. Jessica Ramirez, a retail analyst at Jane Hali & Associates, pointed out that the decline of Victoria’s Secret began in 2014 when Aerie, a sub-brand of American Eagle, stopped retouching photos of its models, marking a significant shift in intimate apparel marketing. By the time Victoria’s Secret adopted similar practices, it was too late, and the effort seemed insincere.

Savage X Fenty, launched in 2018, further challenged Victoria’s Secret by featuring diverse models, including queer, transgender, and BIPOC individuals, in its fashion shows. These inclusive efforts have paid off, with Savage X Fenty reportedly considering an IPO in 2022 that could value the company at over $3 billion. The brand also secured $125 million in funding to expand beyond its direct-to-consumer model and open physical stores. Under Super’s leadership, Savage X Fenty entered the wholesale market through a partnership with Nordstrom, its first U.S. retail partner.

Victoria’s Secret has also made strategic missteps, such as discontinuing its swimwear line in 2016, which contributed to declining sales. The brand reintroduced swimwear in 2021, but it has been slow to adapt to trends favoring more casual styles like bralettes and sports bras. As consumers moved away from the ultra-sexy push-up bras that Victoria’s Secret is known for, sales continued to lag, according to Ramirez.

Despite these challenges, Victoria’s Secret remains a significant player in the lingerie market, with over $6 billion in net sales in 2023, though this represents a 3% decline from the previous year. While no single competitor has completely overtaken Victoria’s Secret, the collective impact of these rivals is significant.

In 2021, Victoria’s Secret separated from its parent company, L Brands, and became a publicly traded entity. During his time as CEO, Waters focused on revitalizing the brand’s stores, reducing its overall footprint, experimenting with off-mall locations, and hiring more diverse models. However, analysts have noted that these efforts have yet to yield significant results, largely due to inconsistent marketing.

As part of its strategy to attract new customers, Victoria’s Secret acquired the direct-to-consumer lingerie brand Adore Me in January 2023 for $400 million. Adore Me, known for its inclusive approach and online-only model, generated approximately $250 million in revenue in 2022. Waters emphasized that Adore Me’s digital-first innovation would enhance the experiences of Victoria’s Secret and Pink customers. However, analysts believe that the acquisition has not yet had a meaningful impact on revitalizing the brand.

Melissa Minkow, director of retail strategy at digital consultancy CI&T, commented that the acquisition of Adore Me was a smart move, as the brand’s inclusivity and different target audience could help extend Victoria’s Secret’s reach. However, she added that Victoria’s Secret needs to make it more explicit that it owns Adore Me for the acquisition to be truly effective.

There is optimism among analysts that having a woman at the helm of Victoria’s Secret could be a positive change. The company’s biggest competitors, including ThirdLove, Savage X Fenty, Skims, and Lively, are either led by or founded by women, while all of Victoria’s Secret’s CEOs have been men since it went public.

Have you read?
World’s Best Countries For Retirement.
World’s Best Countries For Women.
World’s Best Countries To Visit In Your Lifetime.
US States With the Largest Gender Pay Gaps.
CEOs who have secured the most funding during their tenure in companies in each US state.