In a surprising turn of events, Victoria’s Secret, the renowned lingerie brand, is reportedly moving away from its recent “woke” and feminist rebranding. This decision comes in the wake of a noticeable decline in sales, prompting the brand to re-embrace its iconic “sexiness” image.
Key Takeaways:
- Victoria’s Secret is transitioning from its recent feminist makeover due to a decline in sales.
- The brand’s efforts to promote inclusivity, including featuring LGBTQ and transgender spokesmodels, did not translate into increased sales.
- The projected revenue for 2023 is $6.2 billion, a 5% decrease from the previous year.
- The company’s new goal is to surpass $7 billion in annual sales by introducing activewear and swimwear lines and expanding its global presence.
A Deeper Dive
Victoria’s Secret had previously attempted to distance itself from its “hyper-sexualized” image, as described by BusinessOfFashion.com. However, this move did not resonate with their customer base, leading to a significant drop in revenue. The brand’s efforts to promote inclusivity, such as featuring LGBTQ pro women’s soccer player Megan Rapinoe and a transgender woman as brand spokesmodels, received positive feedback online but did not translate into sales.
According to the data, the lingerie brand’s projected revenue for 2023 stands at $6.2 billion. This figure is 5% lower than the previous year and even lower than the 2020 revenue, which was $7.5 billion.
Interestingly, the decline in Victoria’s Secret’s sales also coincided with the company’s decision to have a predominantly female board of directors. In 2021, Megan Rapinoe criticized the brand’s previous image, stating that it conveyed a “really harmful” message that was “patriarchal and sexist.”
To counteract the financial strain, the lingerie company is reintroducing its runway show format, blending the brand’s renowned sexiness with some of its more recent inclusive initiatives. Victoria’s Secret’s new direction is aptly summarized by the brand’s president, Greg Unis, who stated, “Sexiness can be inclusive.”
Chief executive Martin Waters acknowledged that the inclusivity initiatives were not profitable for the company. As a result, the brand’s new objective is to cross the $7 billion mark in annual sales. To achieve this, Victoria’s Secret plans to launch activewear and swimwear lines, revamp its existing stores, and open 400 new outlets outside the United States.
Looking Ahead
Victoria’s Secret’s strategic shift underscores the challenges brands face when trying to adapt to changing societal norms and customer preferences. While inclusivity and representation are crucial, companies must find a balance that resonates with their core audience.
For more insights into the world of fashion and the latest trends, stay tuned.