Victoria's Secret
Pictured: The 2016 Victoria's Secret Fashion Show in Paris, France.

Victoria’s Secret’s parent company L Brands (NYSE:LB) have announced a new chief executive of the lingerie brand amid declining sales.

The lingerie giant officially announced the departure of CEO Jan Singer during their quarterly job earnings.

John Mehas, formerly president of fashion brand Tory Burch, is set to take over the role.

In recent years, the brand has been struggling to compete against newer competitors in the lingerie market.

Moreover, Victoria’s Secret has also come under scrutiny for the lack of diversity of its models, particularly its so-called ‘Angels’.

Earlier this month, Victoria’s Secret held its much publicised fashion show in New York.

After various years away from the Big Apple in Paris and London, the fashion show returned to its roots in NYC.

Reportedly, the show costs around $12 million to put on, making it one of the most expensive ever fashion show productions in the world.

L Brands Earnings for Q3

Shares fell on Monday after L Brands, which also owns Bath & Body Works, said it intends to cut its dividend in half to $1.20.

Specifically, the company reported adjusted earnings of 16 cents a share. It also posted $2.77 billion for q3, proving in line with figures released earlier in November.

The firm also raised full-year earnings expectations, with earnings anticipated to be between $2.60 to $2.80 a share. This proved an improvement from the $2.45-2.70 aa share previously forecast.

Shares in Victoria’s Secret owner, L Brands, are currently trading -2.07% as of 10.43AM (GMT).