Victoria’s Secret needs Massive Facelift

Victoria’s Secret needs a Massive Facelift.

The lingerie Mogul, owned by L Brands, is stuck in its archaic realm where it is desperately trying to peddle its traditional model of sexy, but it is not working any more. Same-store sales have fallen for the past three years, as women are desperately running away away from its bedazzled bras and underwear and opt for comfortable pieces in more neutral colors. A new group of start-ups led by Rihanna’s SavagexFenty are selling us the lingerie we need that is comfortable and speaks to the masses including a diverse range in the size, gender and colour of their models. Brands lke Adore Me, Third Love, Lively, Cuup and Knix are surging in popularity onsocial media platforms, especially Instagram and are winning over customers.

“The pivotal question on the stock is can L Brands rehabilitate the Victoria’s Secret brand image,” UBS analyst Jay Sole said in a memo to patrons, ahead of L Brand’s monthly sales report. He said he observed Victoria’s Secret’s January promotions had in fact “increased significantly” as compared to the promotions form over a year ago. This classically meant that the company did not sell adequate amounts during its holiday season and desperately needed to cut prices to lure shoppers in.

But even then, these hefty discounts and sales had more or less no impact. When it reported January sales earlier this year, L Brands said Victoria’s Secret same-store sales were down 1 percent, compared with an increase of 4 percent during January of 2018. Only looking at its brick-and-mortar stores, sales at Victoria’s Secret fell 8 percent in January, compared with flat sales in the year-ago period.

There’s “no real visibility to a turnaround at Victoria’s Secret,” Telsey Advisory Group analyst Dana Telsey said. “It’s not clear that incremental strategies to drive improved growth … and profitability are in place at this point.”

 “In five years, Victoria’s Secret won’t be able to market what they do today,” said Heidi Zak, co-founder and CEO of bra start-up Third Love. “I don’t know if they will carry larger sizes. I don’t know if that’s in their ethos. But change is being forced by more women and more companies.” This simple lack of diversity and unwillingness to change its ethos in a world that is fast ensuring that diversity is not just a publicity stunt, but is instead a core value indicates that companies like Victoria Secret no longer have a place in peoples mind. 

Brands like SavageXFenty and Third Love and many others are winning customers and patrons over as they have sizes for all the women and are not ashamed of it but instead are celebrating it! As these brands add more size options for women, provide tools that help to find the perfect size, and promote messages of “body positivity.”

 “It’s built around selling sex and sexy through a very specific lens,” she added, saying any turnaround approach is going to require “a change in their DNA.” said Joanna Griffiths, founder and CEO of Knix.

The imagery that Victoria’s Secret produces is tedious and wearisome. The same archetype of bombshell, vixen women are rendered as the zenith of beauty. The brand makes no attempt to skew even in the slightest to integrate fuller figures or females with different silhouettes. Accepting difference is now the new standard. VS needs to diversify, in every sense in the word, in order to sustain their business. It can learn a thing or two by way Ashley Graham and Rihanna both of whom make a major effort to endorse inclusion a centre it as their primary focus.

As it struggles to grow sales, the Victoria’s Secret brand has, meanwhile, gone through its fair share of management shakeups of late which has further jeopardised the company. Most recently, the brand’s CEO, Jan Singer, resigned, to be replaced by John Mehas from Tory Burch. The head of Victoria’s Secret’s teen and college-age brand Pink, Denise Landman, also recently resigned. “With new management only coming into the business early this year, 2019 could remain a transitional one for Victoria’s Secret,” Telsey said.

L Brands CEO Les Wexner and his team seem to have somewhat of a plan in place for the upcoming year to generate some excitement around the Victoria’s Secret brand again, but the details remain murky.

L Brands’ stock tumbled nearly 60 percent in 2018, making it one of the worst performers on the S&P 500. Shares were worth $100 roughly three years ago but today trade under $30. The stock is up about 3 percent so far this year, though.

Lastly the brand seems to make no attempt at being original, This factor is is the most salient especially as Victoria’s Secret starts to reorganise its marketing. VS also needs to restructure its identity without drawing or copying others. VS has been involved in a slew of lawsuits for allegedly stealing inspiration from artists and brands alike. Victims range in size from Pat McGrath to indie lingerie brand, Love Made. Hiring different, new creators who have a passion for designign underwear and lingerie will make a world of difference in the creation of a more forward-thinking company.

https://www.cnbc.com/2019/02/08/victorias-secret-is-retails-latest-fallen-angel.html

https://hypebae.com/2018/1/victorias-secret-sales-decline-op-ed