As the Money Maze Podcast seeks to understand both the business and investment worlds, especially against the backdrop of a tougher economic environment, we are delighted to speak to Martin Waters, CEO of Victoria’s Secret & Co (VS&Co).
Martin begins by explaining his retailing journey, Victoria’s Secret’s history and evolution, as well as the challenges and opportunities that lie ahead. Spun off from L Brands in 2021, the Fortune 500 lingerie and beauty retailer is known for its high visibility marketing and annual fashion shows. They have over 1,350 stores globally and more than 30,000 employees.
Martin explains how it is adapting both to the economic climate as well as the issues specific to managing a world leading fashion and beauty retailer.
He discusses the vision for the company, its values, their multichannel distribution strategy, and the risks and rewards of brand extension. He then analyses this competitive market, the changes taking across retail, and how their board is composed. With 7/8 of their board being female, Martin explains how valuable women are in helping him think about strategy, and why he is so excited about the future.
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TOPICS:
00:00 – Introduction
01:00 – Martin’s Background
03:02 – Where Martin Gained Experience
04:53 – Valuable Skills Needed to Work in Retail
06:24 – The Inspiration for Victoria’s Secret
07:30 – Recent History of Victoria’s Secret
10:03 – Victoria’s Secret’s New Vision
12:02 – The Effects of the #MeToo Scandal
14:36 – Multichannel Distribution Strategy
17:04 – Adapting to the Current Downturn
19:36 – Possible Expansion & Diversification
21:17 – Victoria’s Secret’s Main Competitors
23:02 – Wall Street’s Perspectives
24:45 – Victoria’s Secret’s Balance Sheet
25:52 – ESG Focus
28:17 – Victoria’s Secret’s Core Values
30:09 – Has Retail had its Revolution?
31:14 – Other Brands that Martin Admires
32:51 – Advice for a 20 year old Martin Waters
35:03 – What Martin Enjoys About America and Misses About the UK
36:00 – The Skill or Talent Martin Wishes to Possess
38:01 – Summarising Victoria’s Secret
38:35 – Closing comments
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DISCLAIMER
All content on the Money Maze Podcast is for your general information and use only and is not intended to address your particular requirements. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions. Guests and presenters may have positions in any of the investments discussed.
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