Bath & Body Works looks to skincare to drive future growth
Ahead of its separation from iconic lingerie brand Victoria’s Secret next month, beauty retailer Bath & Body Works has revealed plans to expand in skincare and hair products as it carves a path for itself as an independent company.
Presented on Monday, during an investor meeting hosted by the retailer’s Columbus, Ohio-based parent company, L Brands, the new strategy for Bath & Body Works also contemplates the possibility of widening the brand’s assortment of organic and natural products. According to the retailer, it could develop and make its own products or collaborate with an external partner.
After its separation from Victoria’s Secret, Bath & Body Works will be looking to try and maintain and capitalize on the momentum that has carried it through the Covid-19 pandemic, a crisis that helped drive skyrocketing sales of its soaps and hand sanitizers. Prior to the pandemic, the beauty and bath products retailer had already been outperforming Victoria’s Secret and leading growth at L Brands for some time.
If the company wants to continue with this kind of growth moving forward, doubling down on skincare would seem to be a solid strategy. Similarly to personal hygiene products, the category has received a serious boost during the pandemic, with New York-based cosmetics conglomerate Estée Lauder, for example, having seen strong growth in skincare, despite declining makeup revenues.
In parallel to the plans for Bath & Body Works, L Brands also revealed Victoria’s Secret’s post-split strategic priorities on Monday. The lingerie brand, which has been working hard on reformulating its image in recent months, will now be focusing on category and international expansion, the roll-out of a new store concept and the development of its digital experience.
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