Victoria's Secret Parent's Longtime Marketing Chief to Resign--Update
06 August 2019 - 7:51AM
Dow Jones News
By Khadeeja Safdar
L Brands Inc. said Edward Razek, its longtime chief marketing
officer, will step down from his role, as the parent company of
Victoria's Secret faces backlash from consumers about the unit's
marketing strategy.
Chairman and Chief Executive Leslie Wexner, in an internal memo
to staff Monday, said Mr. Razek had told him a few weeks ago about
his desire to retire from his role this month. Mr. Wexner said Ed
Wolf and Bob Campbell would assume Mr. Razek's duties for the time
being, "while we review how to transition Ed's work."
Mr. Razek, who has been with the company since 1983, helped put
on the company's fashion show and was in charge of selecting the
women who are chosen to become Victoria's Secret "Angels." He also
has been instrumental in pushing the overtly sexy marketing that
has become synonymous with the brand.
However, in recent years, Victoria's Secret's emphasis on images
of busty supermodels and padded bras has alienated customers and
invited criticism that the brand is out of touch. Demand for the
company's bras has cooled as customers have turned to brands
emphasizing comfort and inclusivity.
Last year in an interview with Vogue, Mr. Razek said he doesn't
think the Victoria's Secret fashion show should include transgender
models because it is supposed to be "a fantasy," prompting backlash
on social media. He later issued an apology, saying that he
"absolutely would cast a transgender model."
Some former executives have said the 71-year-old executive's
leadership has prevented the company from evolving and representing
a more inclusive image that many consumers have come to expect.
A spokeswoman for the company declined to make Mr. Razek
available to comment.
Ratings for the show have also declined in recent years.
Victoria's Secret said earlier this year it will no longer air the
spectacle on network television and would focus this year on
developing content and a new kind of event.
In his note to staff, Mr. Wexner attached a memo with Mr.
Razek's comments. "With the exception of Les, I've been with L
Brands longer than anyone," Mr. Razek wrote. "But all good things
must and do, inevitably, come to an end."
Meanwhile, Mr. Wexner has come under increased scrutiny for his
ties to Jeffrey Epstein, who has indicted on federal
sex-trafficking charges stemming from an alleged scheme to exploit
underage girl. Mr. Epstein was Mr. Wexner's personal money manager
for about two decades. Mr. Epstein has pleaded not guilty in the
case.
The company's board of directors has hired an outside law firm
to conduct a review of Mr. Epstein's role at the company. The
Journal has previously reported that Mr. Epstein inserted himself
into the business, buying a plane from the company for $10 million
and trying to offer input on which women should be Victoria's
Secret models.
Mr. Wexner said he wasn't aware of Mr. Esptein's alleged
criminal behavior and cut ties with him nearly 12 years ago. L
Brands has said it doesn't "believe he was ever employed by nor
served as an authorized representative of the company."
On Sunday, Victoria's Secret was trending on Twitter, with users
criticizing the company's marketing and Mr. Wexner's association
with Mr. Epstein.
Write to Khadeeja Safdar at khadeeja.safdar@wsj.com
(END) Dow Jones Newswires
August 05, 2019 17:36 ET (21:36 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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