The lingerie and beauty retailer Victoria’s Secret is known for its high-visibility marketing. The company’s marketing began with a popular catalog and a fashion show featuring supermodels. Today, the brand sells more than a billion dollars of lingerie and beauty products worldwide. Its secret? You can be the next Victoria! Read on to discover the secrets behind this successful brand! Here are some of its top tips:
In the early 1980s, the brand had five retail stores and a 40-page catalog. It made a profit of $6 million annually. In the early 1990s, Les Wexner, who was working with the Limited brand, reshaped the sales model. He started focusing on women’s fashion needs and changed the brand’s focus to cater to their needs. Within two years, Victoria’s Secret was a mainstay in the underwear market.
In January of this year, a Bank of America survey of 1,000 women between the ages of 18 and 65 found that complaints about Victoria’s Secret had decreased compared to the pre-pandemic years. However, more than half of the women surveyed had no change in their opinion of the brand within twelve months. In addition, many women cited poor brand image as a reason for disliking the company. Despite these findings, Victoria’s Secret remains the largest retailer in the world.
Today, Victoria’s Secret has two distinct divisions. The PINK brand, aimed at younger female consumers, has successfully managed to maintain its image despite increased prices. Its newer line of bras, the Love Cloud, aims to appeal to women of all ages and body types. Its new Love Cloud bra line includes six different silhouettes, aiming to appeal to a broad range of consumer demographics.
For those who regularly purchase lingerie at Victoria’s Secret, a store credit card could make sense. The high interest rate could offset any benefits the card offers. However, consumers should be aware that if they don’t pay their bills on time, the benefits can be completely wiped out. Despite the benefits of this card, it is not for everyone. If you are not a fan of Victoria’s Secret, you should avoid this card entirely.
Revenue for Victoria’s Secret fell by two billion dollars last year. The impact of the coronavirus pandemic forced the company to close down almost two hundred stores in North America. Also, sales per store were down significantly. The company attributed the decline in sales to the closure of several hundred stores. Analysts largely agree with this trend. Victoria’s Secret’s latest push to focus on its basics is paying off.