Analysts attribute this decline to Victoria’s Secret’s struggle to adapt to consumer demand for more custom-fitted bras and its brand messaging and advertisements.Īlthough marketing trends in lingerie changed, Victoria’s Secret mostly stuck to the same playbook that helped it dominate the industry for years: push-up bras and scantily-clad celebrity models, long known as its “Angels.” Victoria’s Secret’s sales dropped to $5.4 billion in 2020 from $7.7 billion in 2015. Victoria’s Secret did not respond to request for comment on Harrington’s criticisms. “It’s interesting to see Victoria’s Secret pick up little bits and pieces of where the industry is moving, but somehow still be reluctant to go all in in some pretty significant ways,” she said. Harrington also noted that plus size models are still not featured as prominently in Victoria’s Secret marketing as competitors such as Rihanna’s Savage X Fenty brand. Offering a range of sizes “makes people feel like there’s something there for them and encourages people to visit the site, shop the site and share things with their friends,” she said. Consumers are demanding that they see that within the internal corporate structures and the supply chain.”Ĭora Harrington, author of “In Intimate Detail: How to Choose, Wear & Love Lingerie” and founder of the blog The Lingerie Addict, said Victoria’s Secret needs to expand its bra and underwear sizes to appeal to a broader group of consumers. “Inclusivity is not something that you can simply tack on to a product or to a marketing campaign. “The future of Victoria’s Secret looks like more inclusive branding, which is going to be a long road for them,” said Erin Schmidt, a retail analyst at Coresight Research. “But they’ve done it.”ĭespite the turnaround, Victoria’s Secret still has work to do winning back consumers it lost in recent years and fending off upstart bra brands, say analysts. “I think most people probably doubted their ability to recover after what was a really challenging three to four years,” said Janine Stichter, a retail analyst at Jefferies. The brand also closed more than 250 stores - a quarter of its stores in the United States and Canada last year - allowing it to shed some of its weaker performing locations. Retail analysts attribute Victoria’s Secret’s rebound to more inclusive marketing, a wider array of merchandise, fewer markdowns and moves to adapt to online shopping. The brand is now targeting mid-single digit percentage sales growth annually over the next three to five years. They will also work on new product lines, develop content and support social causes on behalf of Victoria’s Secret. And Victoria’s Secret is tapping a new group of women, including soccer star Megan Rapinoe, actress Priyanka Chopra Jonas and plus-size model Paloma Elsesser, to become public faces of the brand. (LB) around 90% this year, making the stock one of the hottest performers on the S&P 500. Victoria’s Secret’s improving performance and investor enthusiasm about its prospects as a standalone company have helped drive up shares of L Brands (LB) is planning to spin off the intimate apparel brand into a separate public company in August. Sales and profits at Victoria’s Secret are growing, and L Brands Victoria's Secret is overhauling its image. (Photo by Michael Regan - FIFA/FIFA via Getty Images) Michael Regan/FIFA/Getty Images MILAN, ITALY - SEPTEMBER 23: The Best FIFA Women's Player Award finalist Megan Rapinoe of Reign FC and United States poses for a portrait in the photo booth prior to The Best FIFA Football Awards 2019 at Excelsior Hotel Gallia on Septemin Milan, Italy.
0 Comments
Leave a Reply. |