Victoria’s Secret & Co. Announces New Curated Digital Platform Targeting New Customers and Category Growth
VS&Co-Lab will feature a diverse collection of unique brands with a focus on championing those that are women led
REYNOLDSBURG, Ohio, May 26, 2022 (GLOBE NEWSWIRE) -- Victoria’s Secret & Co. (NYSE: VSCO) is launching VS&Co-Lab, an inclusive shopping experience for all customers. This curated digital platform connects the modern consumer with unique brands, bringing their stories and their intimates, lifestyle and swimwear products to the forefront. VS&Co-Lab launched as a new section on VictoriasSecret.com, where it will showcase brands that align with its values of innovation and inclusivity.
"In addition to the growth we are driving through our core business, we see important growth potential through partnerships with innovative, relevant brands that can help us extend our reach into category and consumer segments where we have historically been underrepresented. We’re excited to launch this platform where we will showcase, market and create consumer engagement with such exciting, unique and relevant businesses,” said Martin Waters, CEO of Victoria’s Secret & Co.
Featured on the homepage of VS&Co-Lab, Nigerian American designer Buki Ade, founder of BFyne, has revolutionized the swimwear industry. “In a sea of sameness, it is crucial for any partnership to be with a business that aligns with our values,” said Buki Ade. “VS&Co-Lab’s mission to provide a platform for breakthrough voices, like BFyne, is vital to push forward diverse perspectives.”
“As women, we are multidimensional. Our past experiences define how we want to feel today and inform our future,” said Helena Kaylin, founder of fuller figure intimates brand MINDD also launching on the VS&Co-Lab platform. “Our partnership with VS&Co-Lab has strengthened our mission to drive the intimates industry forward through our obsession with continuous innovation. We harness cutting edge support technologies in order to blend style and comfort for the fuller figure consumer.”
VS&Co-Lab marks the evolution of Victoria's Secret & Co.’s journey to build strategic business partnerships with a focus on inclusive intimates and lifestyle brands on its own platform. At launch, a collection of 19 brands will be featured, 75 percent are founded, owned or led by women, including minority stake owned For Love & Lemons and Frankies Bikinis. VS&Co-Lab is committed to investing further with minority ownership in diverse brands that offer a differentiated view of the marketplace, customer and category.
“As one of the world’s most recognizable companies among women, and with nearly 90 percent of our store associates worldwide identifying as women, we have a responsibility to ensure women can advance and thrive in every aspect of their lives,” said Patti Cazzato, Head of Emerging Businesses for Victoria’s Secret &Co. “VS&Co-Lab evens the playing field for unique brands that speak to the modern consumer. Through leveraging the strength of Victoria’s Secret & Co. and our passionate customer base, we are meeting consumers where they are while simultaneously partnering with small business to drive economic empowerment for women and people of color."
About Victoria’s Secret & Co.
Victoria’s Secret & Co. (NYSE: VSCO) is a specialty retailer of modern, fashion-inspired collections including signature bras, panties, lingerie, casual sleepwear, athleisure and swim, as well as award-winning prestige fragrances and body care. VS&Co is comprised of market leading brands, Victoria’s Secret and Victoria’s Secret PINK, that share a common purpose of inspiring and uplifting our customers in every stage of their lives. We are committed to empowering our more than 30,000 associates across a global footprint of over 1,350 retail stores in more than 70 countries. We provide our customers with products and experiences that make them feel good inside and out while driving positive change through the power of our products, platform and advocacy.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
We caution that any forward-looking statements (as such term is defined in the U.S. Private Securities Litigation Reform Act of 1995) contained in this press release or made by us, our management, or our spokespeople involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. Forward-looking statements include, without limitation, statements regarding our future operating results, the implementation and impact of our strategic plans, and our ability to meet environmental, social, and governance goals. Words such as “estimate,” “commit,” “target,” “goal,” “project,” “plan,” “believe,” “seek,” “strive,” “expect,” “anticipate,” “intend,” “potential” and any similar expressions may identify forward-looking statements. Risks associated with the following factors, among others, could affect our financial performance and cause actual results to differ materially from those expressed or implied in any forward-looking statements:
- the spin-off from Bath & Body Works, Inc. (f/k/a L Brands, Inc.) may not be tax-free for U.S. federal income tax purposes;
- a loss of synergies from separating the businesses that could negatively impact our balance sheet, profit margins or earnings;
- we may not realize all of the expected benefits of the spin-off;
- general economic conditions, inflation, consumer confidence, consumer spending patterns and market disruptions, including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises or other major events, or the prospect of these events;
- the novel coronavirus (COVID-19) global pandemic has had and may continue to have an adverse effect on our business and results of operations;
- the seasonality of our business;
- difficulties arising from turnover in company leadership or other key positions;
- our ability to attract, develop and retain qualified associates and manage labor-related costs;
- our dependence on mall traffic and the availability of suitable store locations on appropriate terms;
- our ability to grow through new store openings and existing store remodels;
- our ability to successfully operate and expand internationally and related risks;
- our independent franchise, license, wholesale, and joint venture partners;
- our direct channel business;
- our ability to protect our reputation and the image of our brands;
- our ability to attract customers with marketing, advertising and promotional programs;
- our ability to maintain, enforce and protect our trade names, trademarks and patents;
- the highly competitive nature of the retail industry and the segments in which we operate;
- consumer acceptance of our products and our ability to manage the life cycle of our brands, keep up with fashion trends, develop new merchandise and launch new product lines successfully;
- our ability to source, distribute and sell goods and materials on a global basis, including risks related to:
- political instability, environmental hazards or natural disasters;
- significant health hazards or pandemics, which could result in closed factories, reduced workforces, scarcity of raw materials, and scrutiny or embargoing of goods produced in impacted areas;
- duties, taxes and other charges;
- legal and regulatory matters;
- volatility in currency exchange rates;
- local business practices and political issues;
- delays or disruptions in shipping and transportation and related pricing impacts;
- disruption due to labor disputes; and
- changing expectations regarding product safety due to new legislation;
- our geographic concentration of vendor and distribution facilities in central Ohio and Southeast Asia;
- the ability of our vendors to deliver products in a timely manner, meet quality standards and comply with applicable laws and regulations;
- fluctuations in freight, product input and energy costs, including those caused by inflation;
- our ability to adequately protect our assets from loss and theft;
- claims arising from our self-insurance;
- our and our third-party service providers’ ability to implement and maintain information technology systems and to protect associated data and system availability;
- our ability to maintain the security of customer, associate, third-party and company information;
- stock price volatility;
- shareholder activism matters;
- our ability to maintain our credit rating;
- our ability to service or refinance our debt and maintain compliance with our restrictive covenants;
- our ability to comply with laws, regulations and technology platform rules or other obligations related to data privacy and security;
- our ability to comply with regulatory requirements;
- legal and compliance matters; and
- tax, trade and other regulatory matters.
Except as may be required by law, we assume no obligation and do not intend to make publicly available any update or other revisions to any of the forward-looking statements contained in this press release to reflect circumstances existing after the date of this press release or to reflect the occurrence of future events, even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized. More information on potential factors that could affect our results is included in “Item 1A. Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 18, 2022.
For further information, please contact:
VS&Co Media Relations