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L Brands on Thursday announced major moves within its executive ranks, with Chief Financial Officer Stuart Burgdoerfer planning to retire in August, and Martin Waters, (who since November has led its lingerie business), taking over as Victoria s Secret CEO. Burgdoerfer was serving in that role in the interim.
Burgdoerfer has been at the company for two decades, serving as CFO for the past 14, according to a press release. L Brands said it s begun its search to replace him and will consider internal and outside candidates.
Thanks to strong January results, L Brands also raised its fourth quarter guidance, saying it now expects comparable sales to rise 10% reflecting a 22% increase at Bath & Body Works and 3% decrease at Victoria s Secret.
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American Eagle Outfitters executives on Thursday outlined plans for profitable growth at both its banners the fast-growing Aerie lingerie brand, where there s a lot of room to grow, and its denim-focused American Eagle brand, where there s less.
Executives seemed upbeat as they detailed lessons learned during a year dominated by a pandemic, which forced some changes in inventory management, supply chain and store operations that will be intentionally applied going forward.
At Aerie, the idea is to grab more market share, which Chief Creative Officer Jennifer Foyle, who now leads both brands after a run of success at the lingerie business, described as an enormous untapped opportunity. Aerie has expanded into swimwear and activewear and continues to add more categories. Upgrades are planned at each label, to feature details and quality that stand out from the competition