Victoria’s Secret Hires Rihanna Savage X Fenty CEO for $18 Million

Rihanna’s lingerie brand Savage X Fenty just lost its CEO to Victoria’s Secret, which reportedly offered the style executive $18 million to work remotely.

August 14 Victoria’s Secret announced the addition Hillary Super, former CEO of Savage X Fenty, will assume her latest position on September 9, the news outlet reports.

“(Victoria’s Secret) welcomes Hillary as our new CEO, who will lead the next chapter in the company’s history and drive the most important tenet of our transformation strategy: accelerating growth in our core North American business,” said Chairwoman Donna James in a press release.

“We are particularly impressed by her commercial leadership skills, combined with her operator discipline and focus on value creation.”

Victoria’s Secret spent hundreds of thousands to amass Super, who is about to receive a base salary of $1.2 million and a $1 million signing bonus. Her employment contract also includes an annual money bonus expected to range from $2.1 million to $2.4 million and a stake within the veteran lingerie brand, which is typical for the corporate’s top executives.

As a part of Super’s ownership of Victoria’s Secret, she’s going to receive a one-time stock award price $5.75 million that can fully vest over three years, together with an annual equity grant in 2025 price $7.7 million. Including her salary and equity in the corporate, Super’s employment contract is price greater than $18 million. She will give you the option to work a hybrid schedule with some distant days and will likely be required to relocate from Los Angeles to New York City to be closer to her frequent business trips to Columbus, Ohio, to go to the foremost corporate offices in nearby Reynoldsburg.

Super replaces Martin Waters, the previous CEO who led Victoria’s Secret after it was separated from its previous parent company, L Brands, in 2021. Since the shakeup, Victoria’s Secret has been trying to vary its image from a horny lingerie brand for women with supermodel figures to an organization more inclusive to all body types.

Inconsistent marketing was cited as a reason Waters’ approach to the corporate didn’t work. As a part of the corporate’s technique to attract latest customers, Victoria’s Secret acquired lingerie brand Adore Me for $400 million in January 2023. Adore Me is valued for its inclusive approach and online-only model, which brought in $250 million in revenue in 2022.

Waters believed the Adore Me acquisition would improve the shopper experience for Victoria’s Secret and Pink. Analysts, nonetheless, say there isn’t any visible impact yet. The latest inclusive approach that Victoria’s Secret desires to take is a very good fit for Super, as she led Savage X Fenty, which is thought for bringing sex appeal to people of all sizes and backgrounds.

Many are hoping that a girl will finally lead Victoria’s Secret, which might help higher position the corporate against its foremost competitors, ThirdLove, Savage X Fenty, Skims and Lively, that are all run or founded by women. All of Victoria’s Secret’s CEOs have been men for the reason that company went public.