Victoria’s Secret announced new executive appointments in its ongoing effort to stabilize a ship that continues to sail in choppy waters.

Victoria’s Secret stock has fallen 47% in the year to date, while the S&P 500 SPX has gained 14%. Victoria’s Secret had sales of $1.4 billion in first quarter 2023 and only made $3.8 million — a 95% decrease in earnings.

On Thursday June 22, Zacks Investment Research selected Victoria’s Secret Stock as its Bear of the Day stock. Shares have traded as high as $48.16 in the past year but closed most recently at $18.30.

Greg Unis President of Victoria’s Secret and Pink

Greg Unis has new duties at Victoria's Secret & Co. promoted to become brand president of both the company's namesake lingerie brand and Pink.

Unis, who was most recently chief growth officer at the company, will lead the brands' design, merchandising, creative, planning, strategic patterning and business development efforts, reporting to chief executive officer Martin Waters.

Mr. Waters has been leading the brands directly since Amy Hauk stepped down as of March 31, 2023.

Victoria's Secret Shades Fall 2022 With Rich Hues in 'Body by Victoria' and 'Love Cloud' AOC Body

Anne Stephenson Chief Merchandising Officer

The company also named Anne Stephenson as chief merchandising officer, reporting to Unis.

Anne Stephenson has 15 years of experience at Victoria’s Secret and was most recently Chief Merchandising and Product Officer of Torrid Holdings Inc. and also Full Beauty Brands.

On March 31, 2023 Stephenson entered into a separation agreement with Torrid, with six months of base pay in the gross amount of $300,000, less applicable withholding and deductions and — separatelt — COBRA insurance coverage.

Greg Unis Expanded Background

Before becoming the new Victoria’s Secret and Pink brand president, and previously chief growth officer, Greg Unis was the CEO of Victoria’s Secret Beauty and Accessories business, and also the PINK Beauty business.

Prior to joining Victoria’s Secret Beauty, Unis held the role of Executive Vice President and Global Head of Men’s and Licensing Merchandising for Coach. The new CEO also held senior positions with Brooks Brothers and Gap, Inc.

Victoria's Secret Dream Angels Summer 2022 'Fresh Jams' Lingerie and Swimwear AOC Body

‘Tragic’ Is the Word

I’m so confused about the state of the world’s once greatest lingerie brand Victoria’s Secret, that it escaped me that Pink was merged with Victoria’s Secret a year ago, under longtime Pink head Amy Hauk. I knew about Hauk, just not her merger of two theoretically distinct brands.

After less than a year in her head position of running the whole show, Hauk was out. A year after abandoning Pink — which may have been the right decision, and I would not know — Pink is being relaunched.

Call Me ‘Blonde Bobble-Head’

As a decade-long, very-talented executive with VS as a key merchant, first fashion director and she who created the first product development group any division of then Limited/ Limited Brands, this situation is so needlessly sad.

The demise of Victoria’s Secret is tragic — which is a much-abused word in popular culture, but in this case, the word “tragic” applies.

Victoria’s Secret Should Be: Smart, Sensual and With Great Heart

As someone who writes every day about brands, Victoria’s Secret is what we call a “word salad”. To me, Victoria’s Secret is and should be for Smart Sensuality Women of every age — but obviously, young Gen Z women must be buying into the brand.

I want Victoria’s Secret to succeed, and yet when I went in search of the VS collective, all I found was this page VS Now. The VS Collective isn’t mentioned, but the strongest graphic message on the page is this one:

I don’t know of a successful brand that communicates a message of “undefinable”. And the name Victoria’s Secret on the website is so small, that it’s weak next to PINK.

Making the collage and using the best new Mac in the market, I couldn’t even stretch the name across the image. That’s a symbol, VS, of your weakness. The pre-men took over Victoria’s Secret — that was gloriously successful — was not so weak that we hid our name.

My Spring 2022 Victoria’s Secret Order Was Terrific!

In Spring 2022, I made a major order of Victoria’s Secret lingerie and was wonderfully surprised by the product and quality. Always a believer in beautiful lingerie as an enhancement to my sense of self, I want to write that the message is totally gone from Victoria’s Secret. But that’s actually not true. Featured above are two 2022 campaigns that I loved.

I have strong feelings about some of what Victoria’s Secret is doing. The VS website looks like Human Resources is running the VS show, not talented fashion merchants.

Please step back and look at both SKIMS and Savage X Fenty websites and IG. I just did again this Saturday morning June 24, 2023. These landing pages are set at the exact same resolution. On my big Mac, this is what I saw.

Victoria’s Secret June 24, 2023

Savage X Fenty June 24, 2023

SKIMS June 24, 2024

Victoria’s Secret Is Truly Vulnerable

I’ve said many times that if Victoria’s Secret isn’t careful, Savage X Fenty and SKIMS are going to take the business down. And I mean kaput down.

With LVMH backing Savage X Fenty via L Catterton, their incubator investment arm, and Kim Kardashion on the road now, raising $1 billion for her own venture capital fund — and also appearing on the cover of TIME Magazine —this message of Victoria’s Secret selling the message of “undefinable” breaks every rule of marketing I know about. And the customers seem to agree.

I am quite certain that SKIMS now has a market valuation higher than Victoria’s Secret. I find that possibility so extraordinary, that I’m checking again and again and again.

Is SKIMS undefinable? Is Savage X Fenty undefinable? NO!

VS is in very, very troubled waters and my instincts tell me that they are clueless as to just how serious their vulnerability is to SKIMS and Savage X Fenty. I’ve written these words for several years, but today I say the problem is dire. ~ Anne