Victoria’s Secret has brought in the CEO of Rihanna’s rival brand Savage x Fenty to help turn around the struggling lingerie maker, the company said Wednesday.
Hilary Super, 52, replaces veteran Martin Waters, who stepped down from his roles as director and CEO with immediate effect.
Following the news, Victoria’s Secret shares rose more than 16% to close at $22.16.
The Reynoldsburg, Ohio-based chain has been struggling with sagging sales and has been revamping its fashions and redesigning its stores.
Super had been CEO of Savage X Fenty since June 2023. The lingerie company appeals to younger consumers, and Super’s expertise running the company could help Victoria’s Secret better cater to this valuable customer demographic.
Donna James, Victoria’s Secret’s board chairwoman, said in a statement Wednesday that Super will be tasked with accelerating growth in the company’s core business in North America.
“VS&Co is pleased to welcome Hilary as our new CEO, who will drive a new chapter for the business and deliver on the most important tenets of our transformation strategy,” James said in a statement.
“She understands vertically integrated retail brands and has an intuitive understanding of consumer trends, based on customer insights that are essential to consistently deliver results in this industry and in ever-accelerating fashion and economic cycles.”
Victoria’s chief financial officer, Tim Johnson, will act as interim CEO until Super joins the company on Sept. 9. Waters, who has served as CEO since 2021 and previously held senior roles at the company’s former parent company, L Brands, will act as an adviser to the company until Aug. 31, the company said.
He was fired by the company on Aug. 12, according to a filing with the Securities and Exchange Commission.
The company has been stagnant since being separated from L Brands in August 2021 after years of mismanagement, including being embroiled in the MeToo movement over its ties to sexual abuser Jeffrey Epstein.
The deceased pedophile was the financial manager of Les Wexner, the billionaire retail mogul who was the former CEO of Victoria’s Secret and also headed famous brands such as Bath & Body Works and Abercrombie & Fitch.
The company has fallen into disfavor over sexual misconduct allegations against several of its executives, changing consumer tastes and the company’s reluctance to cater to more diverse body types, including plus-size.
In recent years, Victoria’s Secret has added several new products, including a collection designed for women with disabilities and bras for women who have had mastectomies, and has included plus-size models in its lineup.
Last year, the company Bringing back the iconic fashion showFeaturing the famous “Angels” After a four-year hiatusVictoria’s Secret canceled its popular catwalk event after 24 years in 2019.
Prior to Savage x Fenty, Super served as global CEO of Urban Outfitters’ Anthropologie Group.
Super will receive a base salary of $1.2 million, a $1 million signing-on bonus and up to $2.1 million in incentive compensation and other stock-based compensation per year, the company said in an SEC filing.
In a statement, she said she would transform the company into “the world’s leading lingerie fashion retailer” and “establish a leading position in global markets to rapidly expand its cultural influence and enhance shareholder value.”
