If only Victoria’s Secret sold sexy toilet paper. In news that will certainly dash many men’s dreams, ladies did not rush out in droves to buy out every last piece of lingerie during the pandemic. In fact, Victoria’s Secret’s parent company, L Brands Inc., announced that most of the Victoria’s Secret’s sales over the last quarter were for sleepwear and loungewear.
L Brands, which also owns Bath & Body Works, is preparing to separate the two brands. Bath & Body Works sales have been soaring during the pandemic, while Victoria’s Secret’s have slumped as people clearly choose sanitizer over sexy.
Personal hygiene products such as hand sanitizer and soaps pushed Bath & Body Works sales up to around $600 million more than their sales from a year ago. Victoria’s Secret reported higher sales on sleepwear and lounge clothing, as people were “nesting” at home, but overall saw their sales drop about 14%.
A plan to sell off a controlling stake in Victoria’s Secret collapsed earlier this year when a private equity firm pulled out of a deal claiming furloughs and store closures from COVID-19 violated the terms they had agreed to.
L Brands announced a plan a couple of months ago to close 250 Victoria’s Secret stores and cut around 15% of its corporate jobs.
Victoria’s Secret also canceled its annual fashion show this year for the first time since its inception in 1990. Apparently, silk and lace face masks aren’t up to CDC guidelines.
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