Victoria's Secret's Real Problem Isn't Sales—It's Trust

Victoria's Secret just made a hiring decision that says more about its strategy than any ad campaign could.

The lingerie retailer has appointed Josephine Bertrams as its new chief communications officer (CCO). Bertrams spent the last 11 years at Heineken, including as the chief corporate affairs officer for Heineken USA. Before that, she worked for nine years at Edelman, one of the world's largest PR firms, across the UK and Netherlands.

That career path matters. It tells you exactly what kind of problem Victoria's Secret thinks it needs to solve.

This Is Not a PR Hire

There is a difference between hiring a spokesperson and hiring a corporate affairs strategist.

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A spokesperson manages media. A corporate affairs executive manages everyone who has a stake in the company: investors, regulators, employees, journalists, and the public. They protect the company during a crisis, shape the narrative during a turnaround, and keep institutions onside when the business is under pressure.

Bertrams is the second type. Her Heineken work included sustainability communications, regulatory engagement, and executive profiling. She even served as Heineken's interim chief people officer, meaning she has managed internal communications and employer reputation too. This is not a hire for press releases. This is a hire for a company that needs to communicate with investors, boards, regulators, and the public all at once.

Why Victoria's Secret Needs That Right Now

Victoria's Secret reported fiscal 2025 net sales of US$6.553 billion, up 5% year over year. Comparable sales grew for three consecutive quarters, including an 8% jump in the final quarter. By most financial measures, the business is recovering.

But the situation is more complicated than the sales figures suggest.

Brett Blundy's BBRC investment group holds approximately 13% of Victoria's Secret stock and is running an activist campaign ahead of the company's June 11, 2026 annual meeting. BBRC is targeting two board members directly. When an activist investor controls 13% of your stock and is actively trying to reshape your board, investor communications become a daily strategic priority, not a quarterly update.

CEO Hillary Super, who joined in September 2024, is also navigating the credibility gap left by the brand's earlier, widely criticized rebrand that was seen as performative rather than substantive. Bertrams' specific mandate, based on the company's own Path to Potential strategy, appears to be building credibility through proof, not positioning.

What the FMCG Crossover Tells Comms Leaders

Bertrams joining Victoria's Secret from a beer company is not as unusual as it sounds. FMCG companies such as Heineken operate under constant pressure from regulators, retailers, sustainability advocates, and investors. They have historically built more rigorous corporate affairs functions than fashion brands, which have traditionally focused more on consumer-facing marketing.

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The crossover signals that fashion brands are starting to professionalize their external communications in the same way FMCG companies did a decade ago. As McKinsey's State of Fashion 2026 notes, premium brands face growing competitive pressure from value players, making brand communications a direct competitive tool, not just a support function.

For APAC marketing leaders, the lesson is straightforward. When a company under pressure elevates communications from a support role to a C-suite strategic function, it signals that the company understands its core risk is not product or price. It is trust.

Bertrams described joining Victoria's Secret at "a moment of strong momentum." That positioning places the CCO as protecting a recovery rather than managing a crisis, a distinction that shapes how investors, media, and employees perceive the company's direction.

The hire itself is the message.