Victoria’s Secret has closed a number of its beauty and accessories outlets, amid a slump in sales for its second quarter results.
Three outlets in China and 19 partnered-operated retail spaces closed in the six months to 30 July 2022, according to the brand’s most recent financial filings.
Victoria’s Secret Beauty and Accessories are smaller concept stores, which focus on fragrances, body care and accessories.
Locations include airports, street locations and shopping centers throughout the world.
Sales also sank by 6% to US$1.52bn during the Q2 2022 period, compared to net sales of $1.614bn it gained in 2021.
Victoria’s Secret said this was the result of “decelerated” customer traffic trends across its operating regions throughout the quarter.
Net income also plummeted to $70m from $151m last year, with the largest impact stemming from a pre-tax charge of $29m related to the group’s leadership restructuring plans.
“Even in a very difficult macroeconomic environment, thanks to our team’s relentless focus on execution, we were able to deliver second quarter adjusted operating income and adjusted earnings per diluted share results within our guidance range,” said Martin Waters, CEO of Victoria’s Secret.
“We expect customers will continue to be challenged by inflationary and other financial pressures for the balance of 2022, and we have adjusted our inventory position and cost structure accordingly while allowing for continued investment in growth initiatives.”
The brand – best known for its long standing Victoria's Secret 'angels' models – attempted a feminist repositioning in 2021.
An 'empowerment' communications strategy, which included hiring female role models as spokespeople, along with cancelling its controversial annual runway, was among the rebrand.
The US multinational has been embroiled in a series of controversies, including alleged accusations of misogyny and workplace harassment.
In August the brand came under fire again, after American singer Jax created a song specifically about the effect that Victoria’s Secret’s original branding had on her as a child.
She staged a flash mob outside one of the brand’s US stores to perform the song and posted the video to her YouTube account, which currently has 3,854,272 views.
Victoria's Secret CEO Amy Hauk posted a response to the video on her Instagram account, and said: “As CEO of Victoria's Secret and PINK, I can wholeheartedly say that we are all committed to building a community where everyone feels seen and respected.
“And if we mess up or can do better, we want to know."