Fashion is a dynamic realm, and one iconic name that has been reimagining itself is Victoria’s Secret. Over the past two years, this American lingerie chain has been undergoing a major transformation. The goal? To shed its hyper-sexualized image and regain relevance among younger consumers who have turned to trendier alternatives like Savage, X, Fenty and Parade.
While there have been some positive steps, such as featuring diverse spokesmodels like Megan Rapinoe and Valentina Sampaio, these initiatives haven’t translated into significant sales growth. The brand is projecting revenues of $6.2 billion this fiscal year, down about 5% from the previous year and well below the $7.5 billion mark from 2020.
New Faces, New Directions
Victoria’s Secret’s recent campaigns have featured models like Hailey Bieber and Emily Ratajkowski, reflecting a shift towards more inclusive representation. Plus-size models Paloma Elsesser and Ali Tate-Cutler have also joined as brand ambassadors.
Victoria’s Secret’s recent campaigns have featured models like Hailey Bieber and Emily Ratajkowski, reflecting a shift towards more inclusive representation. Plus-size models Paloma Elsesser and Ali Tate-Cutler have also joined as brand ambassadors.
Victoria’s Secret: The Tour ’23
An attempt to revive the runway show format, Victoria’s Secret: The Tour ’23, launched recently, falls somewhere between the brand’s aughts-era image of embodying male desire and the inclusivity promoted by its disruptors.
The Vision for the Future
In a recent presentation to investors, Victoria’s Secret’s executives made their vision clear. Brand president Greg Unis expressed that “sexiness can be inclusive” and that celebrating the diverse experiences of customers is their focus.
The Prime Objective: Profitability and Growth
The primary goal? Improve profitability and cross back over $7 billion in annual sales. To achieve this, Victoria’s Secret plans to invest in new categories, including activewear and swimwear, update its existing stores, and open 400 new locations outside North America. Cost-cutting measures will also be implemented, and the brand’s image will be more carefully curated.
A Changing Retail Landscape
Chief Executive Martin Waters acknowledges the challenges in the retail sector and consumers’ preference for off-price alternatives in times of economic inflation.
Expanding Product Offerings
Victoria’s Secret aims to offer more than just bras, underwear, and pajamas. The brand is returning to swimwear and activewear, two categories it exited in recent years. Additionally, it will expand its offerings to include loungewear, sweaters, slip dresses, and corset tops. The focus within the Pink sub-brand will be on improving the assortment of casual wear.
A Fresh Look
Perhaps the most visible change is in the brand’s physical stores. The revamp of retail locations eliminates the dark, austere atmosphere and embraces a brighter, more welcoming ambiance. Even the fixtures have undergone a transformation to evoke intimacy and create a more inclusive atmosphere for shoppers.
The Changing Competition Landscape
The fashion industry landscape has been evolving, with digital newcomers offering inclusive marketing and progressive language. However, competition from digital newcomers has diminished recently as the direct-to-consumer bust unfolds, and digital marketing costs become unsustainable.
Looking to the Future
While the competition landscape changes, Victoria’s Secret plans to venture into apparel conservatively, taking a test-and-learn approach. Despite the challenges in recent years, Victoria’s Secret retains a significant share of the North American underwear market.
The Unwavering Ambition
CEO Martin Waters emphasizes that despite recent difficulties, the ambition of becoming the world’s leading fashion retailer of intimate apparel remains unchanged.
Victoria’s Secret’s journey to redefine itself is a reflection of the ever-evolving nature of the fashion industry. As the brand strives to balance inclusivity and profitability, it keeps its focus on delivering intimate apparel that resonates with a diverse customer base.
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