August 19, 2024
Rihanna’s Savage X Fenty CEO jumped ship to Victoria’s Secret who has reportedly offered the fashion executive $18 million to work remotely.
Rihanna’s Savage X Fenty lingerie brand just lost its CEO to Victoria’s Secret, who has reportedly offered the fashion executive $18 million to work remotely.
On August 14, Victoria’s Secret announced the addition of Hillary Super, the former CEO of Savage X Fenty, who will begin her new role effective September 9, The Star reported.
“(Victoria’s Secret) welcomes Hillary as our new CEO to power the business’s next chapter and deliver the foremost tenet of our transformation strategy: accelerating growth in our core business in North America,” chairwoman Donna James said in a press release.
“We are particularly impressed with her merchant leadership capabilities paired with an operator’s discipline and bias for driving value creation.”
Victoria’s Secret dropped millions to acquire Super, who is set to receive a base salary of $1.2 million and a $1 million signing bonus. Her employment agreement also includes an annual cash bonus that is said to range between $2.1 million to $2.4 million and equity in the veteran lingerie brand, which is typical for company executives.
As part of Super’s ownership in Victoria’s Secret, she will receive a one-time stock award valued at $5.75 million, which will fully vest in three years, along with an annual equity grant in 2025 valued at $7.7 million. Between her salary and equity in the company, Super’s employment agreement totals over $18 million. She’ll be allowed to work hybrid with some remote days and be forced to relocate from Los Angeles to New York City to be closer to her frequent company travels to Columbus, Ohio, to visit the primary corporate offices in nearby Reynoldsburg.
Super replaces Martin Waters, the former CEO who led Victoria’s Secret following its separation from its former parent company, L Brands, in 2021. Since making the transition, Victoria’s Secret has tried to rebrand itself from a sexy lingerie brand for supermodel-type figures to a more inclusive company for all body types.
Inconsistent marketing was named as the reason why Waters’ approach to the company didn’t work. As part of the company’s strategy to attract new customers, Victoria’s Secret acquired the direct-to-consumer lingerie brand Adore Me for $400 million in January 2023. Adore Me is regarded for its inclusive approach and online-only model, which garnered $250 million in revenue in 2022.
Waters believed Adore Me’s acquisition would improve the experiences of Victoria’s Secret and Pink customers. However, analysts say there has yet to be any visible impact. The new inclusive approach Victoria’s Secret is looking to take on is right up Super’s alley as she led Savage X Fenty, which is known to bring the sexy to people of all sizes and backgrounds.
Many are hopeful that finally having a woman lead Victoria’s Secret will help better position the company against its top competitors, ThirdLove, Savage X Fenty, Skims, and Lively, which are all either led by or founded by women. All of Victoria’s Secret’s CEOs have been men since it went public.
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