L Brands names a new chief to lead Victoria's Secret, as it works to revive the lingerie brand

Key Points
  • L Brands named Martin Waters as the new head of its Victoria's Secret lingerie business, replacing John Mehas, who has served in the role since February 2019.
  • The company has been looking to revive the brand for some time.
  • In addition to Waters, L Brands made several other hiring announcements Wednesday.

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A woman wearing a protective mask passes a homeless person during the coronavirus pandemic on May 12 2020 in New York City.
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L Brands announced Wednesday a new head of its Victoria's Secret lingerie business, as it works to revive the brand.

Effective immediately, the company has tapped Martin Waters, current head of L Brands' international division, as CEO of Victoria's Secret, replacing John Mehas, who has served in the role since February 2019.

L Brands shares were down around 2% in early trading.

It also named Laura Miller, previously chief human resources officer at Royal Caribbean Cruise Lines, as chief human resources officer of Victoria's Secret. It has promoted Becky Behringer to EVP of its North America store sales and operations division. And Janie Schaffer, previously a director at the British retailer Marks and Spencer, was named chief design officer of Victoria's Secret Lingerie.

"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," said Sarah Nash, chair of L Brands' board, in a statement.

L Brands earlier this month reported better-than-expected quarterly results, with record sales at Bath & Body Works and higher demand at Victoria's Secret. Same-store sales at the latter were up 4%, boosted by sales of sleep and lounge wear. More women are looking for comfortable clothes to wear as they spend more time at home during the pandemic.

L Brands shares are up 116% through this year. The company has a market cap of $10.8 billion.

Find the full press release announcing the leadership changes here.

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