Parent company of Victoria’s Secret, L Brands has halted all global e-commerce orders for both Victoria’s Secret and Pink as distribution centres begin closing through 29 March due to the Coronavirus outbreak.
In response to the global health crises, L Brands has closed all of its Bath & Body Works, Victoria’s Secret, and Pink stores. The company has switched its business focus on Bath & Body Works orders as customer demands increase for soaps and hand sanitisers as a result of the epidemic.
Recently, L Brands sold its controlling stake in Victoria’s Secret to Sycamore partners and said the private equity firm will buy 55% of Victoria’s Secret for about $525 million (£407 million). Once the deal is complete Les Wexner, who has run the business for five decades, will step down.
L Brands, based in Columbus, Ohio, will keep the remaining 45% stake. Shares in L Brands slid 14.6% in pre-market trading last month.
Victoria’s Secret suffered a 12% drop in same-store sales during the most recent holiday season. It said same-store sales declined 10% during the fourth quarter. The brand has around 25 stores in the UK.