Dive Brief:
-
Amy Hauk, who in July rose to take over leadership of a newly merged Victoria’s Secret and Pink brand operation, will leave the company March 31, according to a Securities and Exchange Commission notice filed Tuesday.
-
Martin Waters will take her place in addition to his duties as chief executive of the company, per the filing. Before her promotion last year, Hauk had led the Pink label for four years.
- Hauk previously led merchandising and product development at Bath & Body Works when it was part of L Brands with Victoria's Secret. Her merchandising experience also includes stints at The Children’s Place, The Disney Store, Gap Inc. and Macy’s.
Dive Insight:
Hauk’s impending departure will come less than a year after Victoria’s Secret integrated its two major labels into what it called “a single, collaborative organization” focused on growth and profits.
The company stated to the SEC that in late December, Hauk notified Victoria’s Secret that she would resign, suggesting the move was her idea.
“We believe this was her decision, and we do not expect to see any severance,” BMO Capital Markets analysts Simeon Siegel and Daniel Stroller said in emailed comments. In fact, her exit may only foster the cost-cutting aspect of the brand integration, they said, noting that the potential savings could be “not insignificant.”
In its filing Tuesday, the company also announced the closing of its $400 million acquisition of DTC lingerie brand Adore Me, announced in November. The filing didn’t include any preview of its fourth quarter results, an omission flagged by the BMO team.
“Notably absent from the announcement was any 4Q preannouncement, which has generally been the new management’s operating procedure when announcing non-earnings-related news,” they wrote, adding that they “do not expect a holiday update over the next couple of weeks.”
