The new Hulu three-part documentary series “Victoria Secret: Angels and Demons” opens with a backstage scene as the lingerie company’s annual fashion show is about to start. With scads of photographers milling around, the “Angels,” as Victoria’s Secret calls its supermodels, smile and pose with cascading curls and sculpted cheekbones, clad in their lingerie, and the brand’s iconic pink and white and gold hues.
Founded in 1977 by Roy Raymond, who borrowed money from his in-laws to open the first store and create a 42-page catalog, Victoria’s Secret grew quickly. Within a decade, Raymond sold the business to Leslie Wexner’s retail empire, Limited Brands (now known as L Brands), for $1 million. Wexner kept the name and a large part of Raymond’s vision, but made the company more consumer-facing by putting an emphasis on women instead of men. He also introduced raunchier campaigns and a highly popular and heavily-padded Miracle Bra, which reportedly sold two million in its first year alone.
As a result, the fashion shows became more of a sexy fantasy than a realistic portrayal of an ideal female body. Models such as Stephanie Seymour, Tyra Banks, Heidi Klum, and Gisele Bundchen, whose bodies were swaddled in layers of lace and satin, were branded the face of the brand—and a mainstay for the Victoria’s Secret brand image.
By the time the #MeToo movement erupted and calls for greater representational inclusivity—in terms of body size, race and ethnicity, gender, and more—began gaining momentum, Victoria’s Secret’s vision of otherworldly and impossibly perfect models seemed less relevant than ever. More overtly inclusive lingerie brands, such as ThirdLove and Rihanna’s Savage X Fenty, began to take market share away from Victoria’s Secret, and sales began to decline.
By 2021, the company was in the midst of a complete rebrand, including dropping the notorious fashion shows and hiring curvy models to star in its new ads. However, the brand was still facing a number of other challenges, including the public connection between Wexner’s former CEO and convicted sex offender Jeffrey Epstein.
By 2024, Victoria’s Secret was still the largest underwear retailer in North America but had begun to lose its luster. A shift in marketing strategies and an emphasis on inclusion—such as using plus-size models, including disabled and transgender individuals, and letting customers define what is sexy—seemed to be resonating with younger generations, who expect progressive social stances from companies they support. However, even these changes couldn’t reverse a long-term slide in revenue. The lingerie company posted a second-quarter loss of $398.1 million, its biggest quarterly loss in a decade. Its stock has lost over 40% of its value since the beginning of this year. Amid the controversies, analysts have begun to speculate that Victoria’s Secret is on its way out. It’s not too late to turn things around, but it will require a significant shift in how the company presents itself. In a post-MeToo world, the magic of Victoria’s Secret may be gone, but its legacy remains intact.