November 14, 2018 / 4:59 PM / a month ago

Victoria's Secret CEO to step down: WSJ

Models appear together on he runway at the conclusion of the 2018 Victoria's Secret Fashion Show in New York City, New York, U.S., November 8, 2018. REUTERS/Mike Segar

(Reuters) - Victoria’s Secret Lingerie Chief Executive Officer Jan Singer is leaving the company a little over two years after she took the job, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.

Victoria’s Secret, the high-end lingerie brand of L Brands Inc (LB.N), and its teen-focused PINK brand have been losing customers for years as more women shift to cheaper bralettes and sports bras from companies such as American Eagle Outfitter’s (AEO.N) Aerie.

In the last two years, quarterly same-store sales of Victoria’s Secret have risen only once.

L Brands CEO Leslie Wexner has been looking to shore up the company’s profits by closing its underperforming Henri Bendel business and reviewing options for its La Senza lingerie brand.

L Brands and Victoria’s Secret did not immediately respond to requests for comment.

Denise Landman, CEO of PINK, is also leaving the company at the end of the year.

Reporting by Uday Sampath in Bengaluru; Editing by Maju Samuel

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