The rise, fall, and latest stumbles of Victoria’s Secret
I will explain the market-capturing tactics of Victoria’s Secret the world-famous lingerie brand and the reason behind creating the Victoria’s Secret Pink edition. Today, my article will resolve all confusion and questions like;
Since 1977 founded by Roy and Gaye Raymond the lingerie brand Victoria’s Secret captured a large market cap as fashionable lingerie, loungewear, and women’s luxurious innerwear, but the growth of market competition triggered the brand to change its business strategy to gain stable profit and identity, let’s understand the few critical points that changed the victoria’s secret completely;
Competition in the innerwear market:
Yes! industrialization has opened a large market for everyone and accessibility to products and resources for all. The positive environment has affected the lingerie brand victoria’s secret negatively because the audience started getting multiple options. Hence, to avoid the competition and to gain a more niche market the brand victoria’s secret took over a few companies like Bath & Body Works and Adore Me. However, on 2nd August 2021, Victoria’s Secret slit with Bath & Body Works, etc.
Competition in innerwear price & margin:
12.5 Million dollar bra? yes, such a thing or edition is part of victoria’s secret but normally buyers avoid stone or diamond stretched bras, simply because of comfortable victoria’s secret was famous for a push-up bras but with trends buyers started focusing on buying more sports bras than push-ups. The luxurious lingerie brand Victoria’s Secret recorded its highest product price from $98 to $ 486, which is normally very expensive and not affordable for all consumers. In such situations, other brands like Tommy Hilfiger started selling bras, bikinis, and swimwear for just $19 and in a better comfortable condition.
The Victoria’s Secret fantasy edition:
The brand is the world eyeball of fantasy bras and lingerie where the cost starts from millions of dollars and goes high. For example; the 2001 THE HEAVENLY STAR BRA by Victoria’s Secret, featured by HEIDI KLUM, bra value US $ 12.5 MILLION
ROI matters: The rise and fall of victorias secret America’s most famous lingerie retailer
Victoria’s Secret was at the top in the late 1990s and 2000s, but in recent years the brand has struggled and lost relevance.
The founder of victoria’s secret brand, Raymond, was inspired to create a place where men would feel comfortable shopping for lingerie. In 1982, Victoria’s Secret was near bankruptcy when Les Wexner acquired it and turned Raymond’s vision on its head by creating a store focused on women, and things worked in the favor of victoria’s secret by the early 1990s, Victoria’s Secret had become the largest lingerie retailer in the US with cracking sales of $1 billion.
The brand started sales and promotional activity by launching its famous annual Fashion Show in 1995, which became an internet-breaking moment in 1999 as reported that time the internet got crashed.
The idea to attract the market become successful when victoria’s secret decision to launch the “Angel” edition in 1997, and throughout the ’90s and early 2000s, its commercials featured heavily made-up and scantily dressed Angels. For the brand every year was new and a new edition of angels and a lavish runway show was becoming very common.
Body By Victoria:
Victoria’s secret turned into a market trendsetter with the success of its heavily padded Miracle Bra and Body by Victoria. Body by Victoria is a Floral Woody Musk fragrance for women and it was a “blockbuster success” in 2002.
Victoria’s Secret CEO Power Play:
New prospects build when Sharen Jester Turney joined victoria’s secret as CEO in 2002 and decided to work on catalogs she completely powered in 2006 the 9 years of leadership the brand was able to thrive the sales record by 70% but in 2016 Turney was succeeded by Wexner as interim CEO. In a flash moment, Wexner changed the catalog of swimwear and apparel and decided to focus only on the main core part of the business which was lingerie. He split the brand into three parts to generate more revenue and niche consumers — Victoria’s Secret Lingerie, Victoria’s Secret Beauty, and Pink — and appointed CEO for each division.
“But the strategy negatively impacted in 2015 when Victoria’s Secret sales started going down”
Brands like Aerie, ThirdLove, and Lively cropped up and were able to impress the market and competition, Between 2016 and 2018 victoria’s secret market share in the US dropped from 33% to 24%. due to poor quality, and feedback from buyers, but the flame turned into tragedy when Razek said “he didn’t think the show should feature “transsexuals” because the show is a “fantasy.” “It’s a 42-minute entertainment special. That’s what it is,” he said in the interview. Later he made a formal apology online.
“But Singer resigned from the position”
However, in 2019 John Mehas tried to control the damage as the new CEO of victories secret,
But Barrington CEO, James A. Mitarotonda pronounced the brand victorias secrets as “OUTDATED”
The brand was subject to criticism from the society that nine out of 12 board members in a women’s innerwear company are men, according to the wall street journal victoria’s secret also looked for the replacement of three members.
Now the brand is trying to manage the numbers stability by adding new editions and appointing new models. In 2019 Victoria’s Serect appointed Hungarian model Barbara Palvin as one of its newest Angels.
“In 2022 Victorias Secret appointed the first model with Down Syndrome Sofía Jirau”
Victoria’s Secret 2023:
Victoria’s Secret CFO Timothy Johnson said in an interview: “We’re going to continue to lean into the marketing spend to invest in the business and also to support the new version of our fashion show, which is to come later this year.”
In 2023 featured big model names such as Adriana Lima, Gisele Bündchen, Kendall Jenner, Gigi, and Bella Hadid, the top-ranking of which were famously named ‘Angels’ – is returning.