With summer just around the corner, Victoria's Secret is bidding adieu to its famous swimwear line and is overhauling its collection with a new activewear line.

According to parent company L Brands, the decision to finally close Victoria's Secret swimwear line was made to "accelerate growth and to strengthen the business for the long term by narrowing focus and simplifying the operating model."

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A separate source revealed that the brand "will be exiting out of all current inventory by the end of the year." There are reports that the company will be scrapping off some 200 jobs and removing certain "merchandising categories" to emphasize its core goods.

"Decisions about people are the most difficult ones to make, and we are taking care to support associates who are being affected by these changes," Leslie H. Wexner, the chairman and CEO of the company, said earlier this year.

In August last year, Victoria's Secret posted lower sales of swimwears, saying that it "missed fashion and designed complex swimsuits," which Sharen Turnery, former Victoria's Secret head, called the "biggest disappointment."

"Coming off a record year, now is the best time to make improvements... going from best to even better," Wexner said. "I am certain that these changes are necessary for our industry-leading brands to reach their significant potential."

A spokesperson from the company revealed in a statement that Victoria's Secret is planning to break down its business model into three sections, namely, Victoria's Secret Lingerie, PINK and Victoria's Secret Beauty.

Victoria's Secret swimwear business is estimated to be worth about $500 million. It accounts for 6.5 percent of the total sales of its parent company L Brands.

TagsVictoria's Secret, swimwear line, Lingerie industry