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Mail carriers may be the only ones cheering this decision: Victoria’s Secret said today it will cut 200 jobs, trim its product lines and shift its focus away from catalogs.
Given the growth in online shopping, Wendy Liebmann, head of WSL Strategic Retail, said it makes sense that the lingerie brand would put greater emphasis on its stores and digital.
“We have to be very pragmatic in the retail world these days,” she said, adding that she’s surprised the catalogs have hung on as long as they have. “The reality is it’s not the way women shop for themselves, and it’s not the way men shop for women.
L Brands, the Columbus, Ohio-based parent company of Victoria’s Secret, is restructuring the brand to focus on core businesses–traditional lingerie, the youth-oriented PINK line and Victoria’s Secret Beauty. That means there is likely to be less attention paid to fashion items.
“Sticking with what they are best known for is the way to go,” said Bridget Weishaar, a retail analyst at Morningstar.“I think one of their biggest secrets to success, if you look at the products, would be bras.”
Bras are complicated. Its can be frustrating to find the right fit. Weishaar says once a customer finds a brand she likes, she doesn’t want to have to shop around anymore. “Once you get it right, you want to be able to go back and pick up that size, and walk out of the store,” she said, adding that it’s that kind of brand loyalty that’s helped Victoria’s Secret dominate the lingerie market.
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