Victoria’s Secret, the lingerie, clothing and beauty retailer, is returning to its roots and ditching its “feminist makeover” in an attempt to save its plummeting stock price, according to new reports.
The company, founded in 1977, has since grown into a global empire best known for its lingerie. The brand was once known for its Victoria’s Secret Angels—lingerie models who walked the ramp with wings at its iconic fashion show.
Well-known supermodels such as Tyra Banks, Gisele Bündchen and Heidi Klum have all donned wings, but in 2019, the brand canceled its fashion show in a reversal of strategy.
In 2021, a significant rebrand saw the company replace its Angels with what it termed the VS Collective, described as a group of “trailblazing,” diverse women. At the time, Martin Waters, the former head of Victoria’s Secret’s international business who was appointed chief executive, said, “We needed to stop being about what men want and to be about what women want.”
This move saw a mixture of models used in campaigns and advertising, including plus-size and transgender models.
However, recent news of the company’s declining revenue almost year on year since 2020 has prompted it to step away from its rebrand, according to media reports. The policy reversal has sparked an online backlash against the lingerie brand.
Newsweek has contacted Victoria’s Secret press team via email.
In its most recent results, for the second quarter of this year, Victoria’s Secret reported a net loss of $1 million compared to net income of $70 million for the same period in 2022. Second quarter 2023 operating income also fell to $26 million compared to $98 million for the same period last year.
Victoria’s Secret shares have slumped from a high of $74.77 on August 13, 2021, to $19.45 as of Friday.
In a social media post about the news, Internet personality Oli London said: “Victorias Secret has vowed to ditch ‘woke’ policies and get back to its roots- after seeing sales plummet.
“Executives have vowed to bring back the brand’s iconic ‘Sєx appeal’ and ditch Diversity, Equity and Inclusion policies that saw the iconic Angeles replaced with plus sized and transgender models.”
He posted the caption on X, formerly Twitter, alongside two images, one of newer model and soccer player Megan Rapinoe, who is a lesbian and had green hair at the time of the pH๏τo, and Victoria’s Secret Angel Candice Swanepoel with the brand’s wings on.
An X user said: “Too late… damage is done…”
Another responded: “Too late @VictoriasSecret is not a secret any longer. You are Woke B*******. Shown your true colors. We will never forget.”
“Moral lesson ‘If it aint broke dont fix it,'” a third user commented.
However, some current and former fans of the brand had a different stance.
One said: “I think it’s a mistake to ditch ‘plus sizes.’ Look at the demographics!”
Another pointed out: “Actually it’s bc we can go to Target and get the same s*** for a hell of a lot better quality for 1/4 of the price but go off.”
This was echoed by another user who had moved shops: “Has nothing to do with policies. More of the fact I spent $80+ on a bra that didn’t last 3 months. Panties that fade in the wash. And let’s not talk inflation or the cheap material.”
The brand’s experiment with a strategy change has apparently failed to stop a decline in revenue, with leaders now wanting to take the focus back to Sєx appeal.
Speaking to CNN, Greg Unis, brand president of Victoria’s Secret and its sub-brand Pink, said, “Sexiness can be inclusive.”
He said: “Sexiness can celebrate the diverse experiences of our customers, and that’s what we’re focused on.”
Chief executive Waters said: “Despite everyone’s best endeavors, it’s not been enough to carry the day.”
“We’ve been insufficiently differentiated in this difficult market,” Waters said. “(But) our ambition of being the world’s leading fashion retailer of intimate apparel is unchanged.”