Victoria's Secret to close 53 stores in 2019

U.S. lingerie giant Victoria's Secret announced that it is planning to close 53 stores this year, due to declining sales.

Angel Jasmine Tookes shows off favorite pieces from 2018 Victoria's Secret Fashion Show on November 29, 2018 in New York City. [Photo: IC]

Its parent company L Brands said that the fourth-quarter turnover shows that sales at stores that have opened for at least a year fell seven percent. The company's other brand, Bath and Body Works, is doing well.

The brand has been struggling in recent years. Last year, it closed 30 stores.

Also, the brand's annual runway show has seen dropping ratings for years. Last year, 3.3 million people watched the fashion show, down from 5 million in 2017 and 6.7 million in 2016.

Victoria's Secret has also been eyeing expansion in China and moved its annual show to Shanghai in 2017. The brand has opened at least nine flagship stores in China. However, many Chinese customers have not shown as much interest as expected.

Many complain that the brand has not made any special fitting adjustments for its Asian customers, while others say the designs presented during its shows have become less attractive year by year.

(Story includes material sourced from AP)