Rihanna's lingerie brand Savage X Fenty has lost its CEO to Victoria's Secret, which has offered the fashion director $18 million to work remotely.
On Aug. 14, Victoria's Secret announced the addition of Hilary Super, the former Savage X Fenty CEO, who will begin her new role on Sept. 9, The Star reported.
"(Victoria's Secret) welcomes Hilary as our new CEO to drive the next chapter of the business and execute on the most important tenet of our transformation strategy: accelerating the growth of our core business in North America. We are particularly impressed with her sales leadership qualities, combined with her speaker's discipline and drive to create value," said Chairman Donna James.
Victoria's Secret dropped millions to acquire Super, who will receive a base salary of $1.2 million and a $1 million signing bonus. Her employment contract also includes an annual cash bonus, which reportedly ranges between $2.1 and $2.4 million, and an equity stake in the 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 that will fully vest in three years, along with an annual stock grant in 2025 valued at $7.7 million. Between salary and equity interest in the company, Super's employment agreement totals over $18 million. She will be allowed to work hybrid-some days remotely-but will be forced to relocate from Los Angeles to New York to be closer to the company's frequent trips to Columbus, Ohio, to visit the main corporate offices in nearby Reynoldsburg.
Super replaces Martin Walters, the former CEO who headed Victoria's Secret after parting ways with its former parent company, L Brands, in 2021. Since then, Victoria's Secret has been trying to rebrand itself from a sexy lingerie company for women with supermodel figures into a more inclusive company for all body types.
Inconsistent marketing has been cited as the reason why Walters' approach to the company hasn't worked. As part of the company's strategy to attract new customers, Victoria's Secret acquired lingerie brand Adore Me for $400 million in January 2023. Adore Me is known for its inclusive approach and online-only models, which brought in $250 million in revenue in 2022.
Waters believed that the acquisition of Adore Me would improve the customer experience at Victoria's Secret and Pink. However, analysts say there is no visible impact yet. The new inclusive approach that Victoria's Secret is looking to adopt is right up Super's alley, as she ran Savage X Fenty, which is popular for offering sex appeal to people of different sizes and backgrounds.
The hope is that finally having a woman at the helm of Victoria's Secret will help better position the company against its biggest competitors - ThirdLove, Savage X Fenty, Skims and Lively - which are all run or founded by women. All of Victoria's Secret's chief executives to date have been men. | BGNES