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Victoria’s Secret: From Angels to Ashes

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Victoria’s Secret: From Runway Royalty to Retail Reality Check

For years, the Victoria’s Secret Fashion Show was synonymous with lingerie luxury, drawing millions of viewers captivated by its glamorous displays. But the brand’s once unassailable reign is facing a stark reality: consumers are demanding more than just a "fantasy."

The iconic brand, once a dominant force in the intimate apparel market, is grappling with declining sales and a tarnished image, leaving investors wondering if it can reclaim its former glory.

"There’s a widening chasm between what Victoria’s Secret sells as sexy and what most women look like," notes a recent video analysis, highlighting a key issue: the brand’s failure to adapt to changing consumer preferences.

Victoria’s Secret’s initial success stemmed from shrewd marketing and savvy understanding of its time. The brand captured the zeitgeist of the 1980s, when the rise of working women coincided with the sexual revolution, leading to increased spending on lingerie.

However, the brand’s reliance on a specific "bombshell" image, epitomized by its "Angels" models, has become increasingly problematic.

"They’re not very diverse and you don’t get that much representation," says one customer, reflecting a growing sentiment among consumers who crave inclusivity and authenticity.

Competitors like Aerie, ThirdLove, and Rihanna’s Savage x Fenty have seized upon these shifts, embracing diversity and prioritizing comfort over constricting "sexiness." This strategy is resonating with a new generation of consumers, who are also increasingly attuned to ethical concerns.

"Victoria’s Secret found itself in hot water when Chief Marketing Officer Ed Razek implied in a 2018 Vogue interview that neither plus-sized nor transgender models could sell the Victoria’s Secret fantasy," the analysis underscores. This statement sparked widespread backlash and highlighted a disconnect between the brand’s messaging and its target audience.

Despite initial success with its "Body by Victoria" line in 1999, the brand has struggled to maintain its momentum. They have been criticized for being slow to adapt to the growing demand for bralettes, athleisure, and more inclusive sizing.

"They’re still trying to appeal to the men of the Mad Men era. And that’s over," states the analysis, emphasizing the need for a more nuanced approach.

Victoria’s Secret is now attempting to salvage its image through collaborations, re-entering the swimsuit market, and streamlining its retail presence. However, analysts question whether these changes will be enough to win back a consumer base that has moved on.

The brand’s future hinges on its ability to address the concerns of a new generation of consumers seeking comfort, inclusivity, and ethical practices. In a rapidly evolving marketplace, maintaining relevance requires more than just a "secret."

Victoria’s Secret’s Angel Wings Are Losing Their Shine: Can the Lingerie Giant Reclaim Its Glory?

For decades, Victoria’s Secret was synonymous with lingerie, a brand that captured the hearts and wallets of millions of women. The iconic "Angels" strutted down the runway in their glamorous lingerie, while pop stars belted out catchy tunes, and the annual fashion show drew millions of viewers. But in recent years, the company has faced a dramatic shift in consumer preferences, struggling to stay relevant in an increasingly diverse and inclusive market. The once unshakeable market leader is now grappling with declining sales, falling stock prices, and a backlash from consumers who are demanding more than just a romanticized idea of beauty.

Key Takeaways:

  • Victoria’s Secret, once a dominant force in the lingerie market, is facing declining sales and a waning brand image.
  • Changing consumer preferences, especially a growing demand for comfort, inclusivity, and ethical practices, are key factors contributing to the company’s struggles.
  • The brand’s reliance on a narrow and outdated definition of beauty, as seen in its famed "Angels," has alienated a significant portion of the market.
  • The company is facing stiff competition from brands that are embracing diversity, offering inclusive sizing, and promoting body positivity.
  • Victoria’s Secret is attempting to adapt with new product lines and collaborations, but whether these efforts will be enough to regain its lost glory remains to be seen.

The Rise and Fall of an Icon

Victoria’s Secret was not always the lingerie powerhouse it once was. The brand’s journey began in the 1970s with a small Palo Alto store owned by Roy Raymond, who envisioned a more glamorous approach to lingerie shopping. But it was Leslie Wexner, founder of The Limited, who saw the brand’s potential and acquired it in 1982. Under Wexner’s leadership, Victoria’s Secret underwent a dramatic transformation. He moved away from the focus on male shoppers and adopted a more feminine aesthetic, aiming to create a space where women felt pampered and empowered.

The brand’s success was fueled by several factors, including:

  • The emergence of a new generation of women who were entering the workforce and had disposable income.
  • The rise of the "power suit" which made women seek out lingerie that offered both functionality and sexiness.
  • The sexual revolution which encouraged women to embrace their own sexuality and indulge in self-care.

The launch of the "Body by Victoria" line in 1999, catering to the growing demand for comfortable and supportive bras, propelled the brand even further. The annual Victoria’s Secret Fashion Show became a cultural phenomenon, attracting millions of viewers and launching the careers of iconic models like Heidi Klum, Gisele Bündchen, Adriana Lima, and Tyra Banks. By 2006, the brand dominated the market, with one out of every three lingerie purchases made at a Victoria’s Secret store.

The Cracks in the Foundation

However, the tide began to turn in the early 2010s. Sales growth started to slow, and the image of Victoria’s Secret as a trendsetting and relatable brand began to fade. The company’s struggles can be attributed to several key factors:

  • Shifting Consumer Preferences: Women are prioritizing comfort and practicality over unrealistic ideals of beauty. They’re opting for bralettes, bandeaus, and comfortable undergarments instead of heavily padded, wired bras. The rise of athleisure further underscored this change, with women finding comfort and functionality in versatile clothing that seamlessly transitions between workouts and everyday life.
  • The Demand for Inclusivity: Consumers are increasingly demanding representation and diversity in advertising and fashion. Brands that cater to a broader range of body types, ethnicities, and gender identities are gaining significant traction. Victoria’s Secret’s focus on a specific, narrow aesthetic has been criticized for its lack of inclusivity and perpetuation of unrealistic beauty standards.
  • Ethical Concerns: The rise of ethical consumerism has pushed brands to address their social and environmental impact. Victoria’s Secret has faced scrutiny over its labor practices, facing accusations of using child and slave labor. These accusations have further damaged the brand’s image and led to consumer boycotts.

The Fight for Relevance

Undeterred, Victoria’s Secret is attempting to regain its relevance by implementing several changes:

  • Re-entering Neglected Categories: The company plans to re-enter the swimsuit market and revive other product lines that were previously discontinued.
  • Strategic Collaborations: L Brands, the parent company of Victoria’s Secret, is pursuing collaborations with popular brands like Ugg and fashion designers like Balmain and Mary Katranzou.
  • Streamlining Real Estate: The company is evaluating its retail footprint, recognizing that it may have too many stores across the country.

However, many analysts remain skeptical about the company’s ability to turn things around. Victoria’s Secret is still struggling to adapt its product offerings and marketing messaging to meet the changing needs and demands of modern consumers. The brand’s attempts to re-enter the market with new product lines and collaborations may be too little, too late, and fail to address the core issues that have alienated consumers.

A New Era of Lingerie

The struggles of Victoria’s Secret have paved the way for a new era of intimate apparel brands. Companies like Aerie, ThirdLove, Savage x Fenty, Fabletics, and Ivy Park are embracing diversity, inclusivity, and body positivity in their marketing and product offerings. These brands are demonstrating that embracing comfort, authenticity, and a broader definition of beauty is not only ethical, but also smart business.

Victoria’s Secret faces a monumental task in regaining the trust and loyalty of its customers. The brand must acknowledge the changing landscape, adjust its products, messaging, and business practices to reflect the values of modern consumers, and ultimately, deliver on the promise of inclusivity and empowerment that once defined its brand identity. Whether the legendary "Angels" can soar again in a landscape where comfort and authenticity reign supreme remains to be seen.

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Alex Kim
Alex Kim
Alex Kim is a financial analyst with expertise in evaluating and interpreting analyst ratings on various stocks.

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