Victoria’s Secret is pivoting its branding strategy after observing a decline in its revenues.
The lingerie retailer, which made a concerted effort in recent years to reposition itself away from its once “hyper-sexualized” persona, is now reintegrating the “sexiness” that once defined it.
The shift comes after attempts to promote a more so-called “inclusive” brand image did not yield the anticipated financial results.
Recent statistics reveal a concerning trajectory for the brand.
Projected revenues for Victoria’s Secret in 2023 are set at $6.2 billion, marking a 5% decline from the previous year, Fox News is reporting.
This is even more alarming when compared to 2020’s figures, which stood at $7.5 billion.
The inclusive initiatives introduced by the company in the past few years included making Megan Rapinoe, an LGBTQ pro women’s soccer player and renowned leftist, and a transgender woman the faces of the brand.
This was in stark contrast to its earlier use of “Angels” supermodels.
The company also pivoted to a majority-female board of directors.
However, these changes, though well-received by online commentators, did not seem to resonate in sales.
In 2021, Rapinoe criticized Victoria’s Secret’s older branding, stating it conveyed a “really harmful” message that was “patriarchal, sexist, viewing not just what it meant to be sexy but what the clothes were trying to accomplish through a male lens and through what men desired.”
She further noted, “And it was very much marketed toward younger women.”
Attempting to reconcile its identity, the company reintroduced its runway show format, blending its signature appeal with some aspects of its inclusivity drive.
The recently held Victoria’s Secret: The Tour ’23, as described by industry insiders, seemed to strike a balance between the brand’s early 2000s image and the more inclusive vision it fell into in recent years, Fox notes.
Greg Unis, Victoria’s Secret and Pink brand president, articulated the brand’s changing approach, saying, “Sexiness can be inclusive.”
He elaborated, asserting that “Sexiness can celebrate the diverse experiences of our customers and that’s what we’re focused on.”
On a similar note, Chief executive Martin Waters candidly acknowledged that the company’s inclusivity drive did not translate to profitability.
He remarked, “Despite everyone’s best endeavours, it’s not been enough to carry the day.”
Moving forward, the company has charted out clear goals.
As per industry sources, Victoria’s Secret is aiming to “Improve profitability and cross back over $7 billion in annual sales.”
