Victoria's Secret ditches prioritizing wokeness over 'sexiness' after sales drop
Victoria's Secret reportedly has seen a revenue drop since moving away from 'hyper-sexualized' image
Victoria's Secret gets back in the swimwear business; Netflix cuts ties with Apple
Victoria's Secret is bringing back swimwear due to popular demand; streaming giant Netflix says they will not make their movies and TV shows available through Apple's upcoming video service.
Lingerie chain Victoria’s Secret is reportedly ditching its woke, feminist makeover of recent years as it hasn’t translated to business success.
Since the brand decided to move away from its "hyper-sexualized" image – as BusinessOfFashion.com described it in a recent article – Victoria’s Secret has seen a significant revenue drop.
As such, it has looked to revamp itself and bring back "sexiness," the outlet noted in a piece that was also published by editorial partner CNN on Tuesday.
Cathaleen Chen reported that the brand’s efforts to promote inclusivity – which included making LGBTQ pro women's soccer player and outspoken leftist Megan Rapinoe, as well as a transgender woman, brand spokesmodels and getting rid of its famous "Angels" supermodels – gained "favorable reviews from online critics [but] never translated into sales."
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Victoria’s Secret's pivot to "inclusive," "body-positive" advertisements and initiatives failed to win over more customers. (In Pictures via Getty Images / Getty Images)
According to the numbers, the lingerie brand’s projected revenue for 2023 is $6.2 billion, which is 5% lower than it was last year, and even lower than 2020, when the brand’s revenue was $7.5 billion.
The drop in Victoria’s Secret’s sales also followed the company’s move to make its board of directors mostly female.
In 2021, Rapinoe called out what the brand had been before the revamp, claiming it had sent out 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."
"And it was very much marketed toward younger women," the U.S. Women’s soccer star added at the time.
In the fashion outlet, Chen noted that the lingerie company’s attempt to stop the financial drain body-positive marketing was causing was to bring back its runway show format, and blend the sexiness the brand had become famous for with some of its more inclusive initiatives.
Victoria's Secret is turning away from prioritizing inclusive branding after consecutive years of declining revenue. (Hugo Hu/Contributor / Fox News)
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She described the Victoria’s Secret: The Tour ’23 as a display that "fell somewhere in between the personification of male lust of the brand’s aughts-era heyday and the inclusive utopia promoted by its many disruptors."
Victoria’s Secret and Pink brand president Greg Unis summed up this new direction for the company, reportedly telling investors, "Sexiness can be inclusive." He explained that "Sexiness can celebrate the diverse experiences of our customers and that’s what we’re focused on."
Victoria's Secret CEO Martin Waters said North American sales for Victoria's Secret and Pink are not where executives hoped they would be.
(FromL) Filipino model Kelsey Merritt, New Zealand model Maia Cotton, US model Willow Hand, US model Iesha Hodges, Dutch model Myrthe Bolt and Ivorian model Melie Tiacoh walk the runway at the 2018 Victoria's Secret Fashion Show on November 8, 2018 a (Timothy A. Clary/AFP via Getty / Getty Images)
"So in terms of igniting growth, we feel really good about where we are. So on the first two of the three pillars, really, really good work. The reality is we all know the performance of the company and so there must be something that's not going to plan. It can't all be at green status," he said. "And the harsh reality is that the most important aspect of the work that we had to do in 2023, which was strengthening the core of the company, by which I mean our sales for Victoria's Secret and PINK in North America, are not where we need them to be. And despite everybody's best endeavors in this room and some really, really good initiatives, particularly around the launch of loyalty, which as I said earlier, has got to 18 million followers already around some of the good launches that we've had, the Icon Bra was spectacular, Featherweight Max, really, really good. We've had some great fragrance launches like Bare Rose, some really good initiatives within the business, but in the end, in the end, not enough to carry the day."
"And so the challenges of operating in a market that's been shrinking mid-single-digit decline in the intimates market, the reality of operating in a consumer environment where sales are going backwards for most people, where the customer has less money, where the customer is skewing to a lower value item, have all been very challenging."
According to BusinessOfFashion, the company’s new goal is to "Improve profitability and cross back over $7 billion in annual sales." To meet this objective, the brand plans to roll out activewear and swimwear, update its existing stores and open up 400 new ones outside the United States.
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EDITOR'S NOTE: This article has been updated to include additional comments made by Victoria's Secret CEO Martin Waters about the company's sale performance in 2023.
