Speciality retailer Limited Brands is to reorganise its business operations into three business groups covering lingerie, beauty and personal care and apparel.

The company, which has appointed a separate president for brand and product across each division, said the change was necessary to pursue growth strategies.

Limited Brands' chairman and chief executive Leslie Wexner said that the company was ready for rapid expansion, and that it needed "the depth and breadth of leadership to achieve it."

Wexner, who has been chief executive since he founded the company in 1963, will oversee the lingerie division, which includes the Victoria's Secret chain.

Len Schlesinger will be in charge of beauty, and Jay Margolis - former president of sports giant Reebok International - will oversee apparel, including the Express and The Limited chains.

The retailer also said that Martyn Redgrave, currently executive vice president and chief financial officer for hospitality firm Carlson Companies, will become Limited Brands' chief administrative officer.

Deborah Fine, founder and president of Avon Future, was named chief executive of the sleepwear and loungewear line Pink.

In addition to its three main retail segments, Limited Brands owns Henri Bendel Inc, which operates a single specialty store in New York, and Mast Industries Inc, a contract manufacturer and apparel importer.