Martin Waters
The Reformer
Changing the system from inside it, principle turned into change.
Martin Waters emerges in this interview as a quintessential Reformer, someone who inherited a broken institution and systematically dismantled its foundational assumptions to rebuild on new terms. Waters is candid about the brand's decline, describing it as having 'become a caricature of ourselves,' and frames his leadership mandate as a full cultural reset rather than incremental adjustment.
“And then I've worked for my current employer for 15 years. I only changed job once. That's rare and admirable and increasingly unfashionable. If there was one skill above all else that you acquired when you were at Boots, what would it be? What boots had, and I think probably still does, is just an excellent training scheme.”
“One was Nick Feingold, who in fact is the connection here because through his fat gladiator investment club, I listened to you and was so intrigued with the story. Nick kindly put us in touch. But where did this passion for retailing begin? I wanted to be a football player. That's all I wanted to do.”
“That's where we're regaining share. We lost share consistently during that period 2016-2020 and we're gaining share again. And it's a $16 billion market just in North America. We don't need to get too fascinated with other categories. We just need to be the best that we are and the one that matters most to us.”
“Exaggerate, to make the point. And in the end, in the end, and I don't know when that is, but in the end, in the end, balance will prevail and we will, of course, be consistently talking to women about all aspects of their journey through life. And at some points, that's absolutely about being very provocative and very sexy.”
Money Maze Podcast: “Martin Waters, CEO of Victoria’s Secret & Co, Discusses Their Changing Business”
LISTEN AT THE SOURCE ↗THE RECORD IS CHECKABLE