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Victoria's Secret shoppers have had time to accept the fact that VS swimwear is getting axed, thanks to a BuzzFeed scoop in April. Now, they have time to buy everything on steep sale: A quick check of Victoria's Secret swimwear on its website reveals that prices on bathing suits are now slashed up to 60 percent.
The discounts are the result of a company-wide decision, formally confirmed today by Victoria's Secret parent brand L Brands during an investors call, to ditch swim as well as its brand's famous print catalogs.
"We came to a conclusion that the swim business was not one of those core categories," Victoria's Secret CFO Stuart Burgdoerfer said on the call. "It had been a flat-ish businesss for the last several years, many years. And we’re putting our energy against those core categories to accelerate growth in bras, panties, and beauty."
Asides from clearing out swim, Victoria's Secret suggested on the call that, like many brands, its trying to rely less on old-school promotions such as direct mail coupons. "If we were starting the business today, would one of our marketing activities be paper catalog?" Burgdoerfer said.
In lieu of swimwear and the clothing-filled catalogs, VS will lean in to bras, panties, and beauty products and is reorganizing its business structure to match, according to The Columbus Dispatch. It's now broken into three arms: Victoria's Secret Lingerie, which will be headed by Jan Singer (former CEO of Spanx), Victoria's Secret Pink, and Victoria's Secret Beauty.
L Brand executives also credited VS Pink and Bath & Body Works, also owned by the parent company, for strong performances this year.
Victoria's Secret's Sexy Lingerie - Racked Haul