victoria's secret

Fallen Angels: The Long Decline of Victoria’s Secret

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Rashida

2020. The new decade is a time with so many advances and endless possibilities… and the first year in decades without the Victoria’s Secret Fashion Show. The cancelation of the VS fashion show paired with the brand selling its majority stake ($1.1 billion) to a private equity firm marks the grave decline of this long-standing lingerie company.

The Sale to Sycamore Partners

L Brands sold its majority stake in Victoria’s Secret to Sycamore Partners, who will now have 55% interest in VS. The hope is that privately-held Sycamore Partners can restore the VS brand to its former glory. While the future is currently unclear for VS, one thing is certain: drastic change is in order.

The Decline of VS

When Victoria’s Secret launched in the late ’90s, it quickly grew into one of the most popular brands in the nation. It was a brand that defined sexy and took risks with its racy lingerie and iconic runways shows. VS was THE women’s underwear brand, but then things changed.

2017 is the year things took a twist. With the launch of the #MeToo movement, VS sales plummeted by $.6 billion. Since then, the brand has been unable to recover and slowly on the decline. The Victoria’s Secret Fashion Show has been losing viewership since then as well, with it finally being canceled this year. In addition to the tone and content of the fashion show clashing with modern views, there were also accusations of “misogyny, bullying, and harassment” in a report signed by over 100 models.

Why Did the Angels Fall?

Whenever a brand that reaches such status plummets, we all wonder why. Just what went wrong?

  • Inability to adapt to the times. In the 90s, dangerously slim and sexy were in. Teeny tiny crop tops and mini skirts dominated the early 2000s. But then things changed. The nation gravitated toward body positivity and acceptance, but VS failed to adapt in many ways. The physical products were still being made to cater to certain bodies and certain views of sexy, and the VS Fashion Show still included only unrealistically thin models. In November 2018, VS chief marketing officer stated that the brand would not use transgender or plus-size models on its runway show, and this didn’t sit well with a nation largely focused on inclusion.
  • The VS Fashion Show lost its audience. Because of the way VS values clashed with the values of so many around the nation, its show began to lose appeal for many. With the rise of #MeToo and conversations surrounding the issues that movement brought to light, the show declined, which impacted the brand overall.
  • There are more progressive options. As new progressive underwear brands like ThirdLove, MeUndies, and TomboyX rose, VS began to lose market share. All of these brands are focused on being empowering to women, size-inclusive, and prioritizing comfort instead of sex appeal. The value proposition of such brands fell in line with consumer values, and VS began to fall by the wayside.

Despite all that has happened, VS still remains a powerful force and holds a sizable market share in the underwear industry. The new sale to Sycamore Partners could be exactly what the brand needs to revamp itself and regain popularity.

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