The brand of lingerie once known for its sexy, annual runway shows and salacious ads has had to rebrand in the post-#MeToo world. It has gotten rid of its sexy and glamorous model roster and replaced it with more diverse women—including disabled, trans, and plus-size models, along with celebrity allies like filmmaker Jade O’Belle and singer Candice Huffine. In addition to refocusing its message on inclusivity, the company has also been working to expand its offerings to include more everyday undergarments and sleepwear and has rebranded its PINK line as a one-stop shop for all a woman’s needs.
But, despite all these efforts, sales have continued to decline. In 2022, Victoria’s Secret’s parent company, L Brands, reported a $6 billion revenue loss as competition from brands like Aerie and Skims has made it harder for the retailer to connect with shoppers who are less interested in lace and underwire. This week, the company announced that private equity firm Sycamore Partners will take a controlling stake in the brand and attempt to turn things around. While many analysts believe that a confluence of bad news is responsible for the company’s slide, there are a few specific reasons why Victoria’s Secret has struggled in recent years.
Founded in 1977, the company was started by Roy Raymond and began as a niche player in the undergarment industry. After countless trips to department stores and underwhelming experiences with frumpy undergarments from brands such as Fruit of the Loom and Hanes, Raymond decided to create his own line of “sexy” undergarments for women. His first products were bras and panties that were marketed with a “fun and flirty” tagline. During the early years of the company, Victoria’s Secret focused on gaining a national presence through physical stores and a network of television commercials. In the late 1980s, Ed Razek joined the company as Chief Marketing Officer and helped re-shape the VS branding strategy.
At the time, Victoria’s Secret was one of the few lingerie retailers that used professional models to promote their products. The brand was so successful with this strategy that the models became mini celebrities in their own right. These models were referred to as “Angels” and were given the opportunity to travel to stores, be featured in tv commercials, and be the main focus of the yearly Victoria’s Secret Fashion Show.
Angels were a highly sought after position within the company and once a girl was made an Angel, it was hard to stop her from landing work outside of Victoria’s Secret. The brand’s use of recognizable names like Tyra Banks, Heidi Klum, and Rosie Huntington-Whiteley helped to give the company its reputation as an exclusive club for women.
Over the years, Victoria’s Secret expanded beyond a single product line to include a wide range of items including lingerie, sleepwear, beauty, active wear, shoes, and swimwear. It also introduced a number of sexy and fun limited-edition pieces to its collection, such as the Fantasy bra. Each year, an Angel was chosen to model this piece which featured a selection of diamonds, rubies, and other gems.