L Brands Inc (LB) saw its stock dip on Thursday following news of restructuring plans at Victoria’s Secret.
The changes coming to the L Brands business include organizing it into three specific business units. These units will be Victoria’s Secret Lingerie, PINK and Victoria’s Secret Beauty. It will also change how it engages with customers and put more focus on the brand and loyalty programs.
L Brands also announced that it will be cutting 200 home office jobs in Columbus and New York to streamline the business. It will also be removing certain merchandise categories to better focus on its core offerings.
“We are making these changes to accelerate our growth and to strengthen the business for the long term by narrowing our focus and simplifying our operating model,” Leslie H. Wexner, CEO of L Brands and Victoria’s Secret, said in a statement.
LB shares were down 1% as of Thursday morning.
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