Just one month after its extremely lengthy, extremely questionable “Swim Special,” Victoria’s Secret is officially closing its swimwear division, and will no longer offer the category in stores or online, Buzzfeed reports. Hear that? It’s the sound of every eager spring breaker in the US freaking out.
Apparently Citi analysts said in an April 8 note to clients that L Brands, the lingerie store’s parent company, “will be eliminating swim from stores and online,” adding that the category “had trended down over the last several years and management believes store space will be better used for VS Sport.”
Earlier this month, Victoria’s Secret announced plans to cut 200 jobs as well as “certain merchandise categories” to instead focus on “core” goods, and Buzzfeed reports that instead of swim, the company will be channeling energy into the booming activewear market, while also axing its famous catalog.
And though it might seem like a strange decision for the retail giant to close its $500 million per year swim business, reports from 2015 show that this accounts for only roughly 6.5 percent of total sales, and in August the company saw lower than expected swimwear sales.
While Victoria’s Secret hasn’t confirmed the news, a source told Buzzfeed that swim would be done by the end of 2016, with the retailer “exiting out of all current inventory by the end of this year.”