by Ray Hayes
Victoria Secret is under criticism after Ed Razek, the chief marketing officer for L Brands, the parent company of Victoria’s Secret said that transgender models will never be included in the company’s televised fashion show because the goal of said show was to provide a ‘fantasy’. While Razek later issued an apology for his comments, criticism of his statement have not stopped.
Following the incident, Victoria’s Secret CEO Jan Singer announced his resignation after only being with the company for two years. Many have speculated that Singer is stepping down due to the criticism the brand consistently faces regarding the lack of diversity and inclusion.
Jaymie and I have written several articles about the value of diversity and inclusion and how it can increase the profit of a company. Therefore, the next CEO of Victoria Secret must value diversity and inclusion and understand its business value. As of now, the company does not market to transgenders or plus size women, but could you imagine how much profit they would make if they did and how many new customers they would bring in. Therefore, by not being inclusive, Victoria Secret may be losing out on millions due to its archaic thinking.
The next CEO of Victoria Secret must remember that without change there is no progress. Janice Gassam, contributing writer for Forbes, said it best, “When companies do not put a focus on creating products and services that appeal to a wide array of audiences and demographics, it will be hard to sustain the business in the long-term.”