Victoria's Secret's recent attempt to rebrand itself as a more inclusive and diverse company has not yielded the expected results.
The lingerie giant, known for its iconic "Angels," has seen a decline in sales despite its efforts to diversify its models and marketing strategies.
In recent years, the company has made significant changes to its marketing approach, including hiring LGBT activist Megan Rapinoe and transgender model Valentina Sampaio. The company also diversified its model lineup, particularly in the plus-sized category. In 2019, Victoria's Secret discontinued its annual runway show amid criticisms of sexism and lack of diversity. By 2021, the company's famed "Angels" were no longer part of its branding.
Rapinoe notably criticized Victoria's Secret's image as "patriarchal" and "sexist," arguing that it was marketed "through a male lens and through what men desired." The company's attempt to redefine "sexy" through a lens of social justice may have garnered "favorable reviews from online critics," as reported by Business of Fashion, but it failed to translate into increased sales.
Victoria's Secret is projected to earn $6.2 billion in revenue this year, marking a 5% decline from the previous year. This figure is significantly lower than the $7.5 billion the company earned in 2020. "Despite everyone's best endeavours, it's not been enough to carry the day," Victoria's Secret CEO Martin Waters told investors at a recent meeting, as reported by Business of Fashion.
In an effort to reverse the decline in sales, the company is returning to its traditional marketing strategies. Last month, the Victoria's Secret Fashion Show made a comeback with a format that Business of Fashion described as a blend of the brand's past focus on male desire and the inclusive vision promoted by its recent changes. The company has also reintroduced models like Hailey Bieber and Emily Ratajkowski in its new ad campaigns.
This shift in direction is a stark contrast to the path the company attempted to forge just a few years ago. By revamping its brand image, updating its physical stores, and introducing new active and swimwear lines, Victoria's Secret aims to push its annual revenue back above the $7 billion mark.
This admission of the failed rebrand and the subsequent changes in the company's direction come less than a year after the abrupt resignation of former CEO Amy Hauk. Under Hauk's leadership, Victoria's Secret embraced these progressive changes, which were followed by a decline in sales.
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