Victoria’s Secret is heading to Israel. The lingerie brand’s parent company has announced a partnership with Tel Aviv-based Delta Galil and a European franchise partner as it seeks to revamp its international business. L Brand’s also plans to launch Bath & Body Works in the Israeli market.
“In Israel, Victoria’s Secret is a beloved brand. There’s a lot of excitement in the country about this,” said Inbar Schwartz, senior vice president of business development at Delta Galil. “And Bath & Body Works is a little less well known, but we think it’s a great brand and a great franchise and we have no doubt the Israeli public will take to it as well.”
While the number of stores L Brands plans to launch remains unclear, the company is planning to roll out franchise stores in the later half of 2021. This will mark the first time the company will have freestanding Victoria’s Secret and Bath & Body Works stores in Israel.
“We will go to the best malls, the best sites, whatever will maximize or whatever will make the best success for these brands in Israel,” Schwartz said in an interview with WWD.
Victoria’s Secret’s expansion into the Israeli market comes as the company has made a series of maneuvers to revive its business. In recent months, it has closed several unprofitable stores, sold the majority stake of its business in the U.K. and has sought to expand to more lucrative markets such as Milan. The lingerie brand has also hired several high-profile senior executives and has reduced its expenses by $400 million by reducing corporate headcount. One such hire is Condé Nast’s Creative Director Raúl Martinez, who will be joining the company in the same capacity in January 2021.
The efforts come at a time when Victoria’s Secret’s market share has steadily declined over the last five years. According to Euromonitor International, the lingerie giant controlled 32 percent of the U.S. market in 2015, but in September, market research firm The NPD Group reported that Victoria’s Secret’s share had fallen to 16 percent.