Martin Waters
11/10/2022
Martin Waters, CEO of Victoria's Secret & Co, Discusses Their Changing Business

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).

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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.

Martin Waters

Mr. Waters is a career retail executive who is respected for leading businesses with strong financial performance and equally strong and healthy corporate cultures. He is currently Chief Executive Officer for VS&Co. Prior to his role leading VS&Co, Mr. Waters led the international division for L Brands from 2008 to 2020. During this tenure, the international business expanded from the early phases of incubation to more than 1,000 stores globally. Through a combination of wholly-owned and franchise operations, Mr. Waters led international retail for Victoria’s Secret, PINK, and Bath & Body Works. Before joining L Brands, Mr. Waters was Managing Director for Boots Retail International, a leading health and beauty retailer. Mr. Waters has lived and worked in five countries leveraging his experience in strategic planning, merchandising, brand management, marketing and supply chain operations to establish new business models in over 80 countries around the world. Mr. Waters received a Bachelor of Arts in Retail Marketing from Manchester University in U.K. As part of his commitment to the community, Mr. Waters is a Governor on the National Board of the Boys and Girls Clubs of America and has served as Chairman of the Midwest region.

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