Legendary lingerie brand which used to sell a “fantasy” to male buyers. But time have changed and company experience fall in sales because, lack in diversity & quality. Also annual Victoria Secret runway shows cancelled because of dropped popularity.
Brand Vicroria Secret founded in 1977 in California. Company is listed in NYSE (LB symbol), current share price is $17, all time high price is $100.
Customers’ preferences changed but company continued the same style of business. Here’s what’s changed in customers preferences:
- Comfort is a key. Customers dont like uncomfortable underwear?
- Say no to push ups.
- Sports bra and panties popular for every day wear.
- Bralette instead of bra.
- Skin matching colors preferred.
- Durable fabrics.
- Machine washable.
Customers wanted to see a diversity in Victoria Secret fashion shows. But company preferred to invite skinny & tall girls with unnaturally low fat percentage in body. Definitely models looked impressive on runway but how many females in real life have Victoria Secret model’s body? Brand Angels follow the strict requirements to qualify for show (lets not forget crazy diet).
Potential buyers wanted to see more realistic models which represent different sizes. In Victoria Secret website available sizes from XS to XL only. What about potential buyers in plus size category? Company representatives was publicly denying to include plus size models. Just recently company signed up a contract with size 14 model (what about all other plus sizes).
A few big scandals made customers, boycott against of purchasing underwear fom this brand. Also if it’s company for females than why there’s no female CEO? Recently Chief Marketing Officer (now retired) made a controversial comments about not featuring plus size and transgender models in ther annual runway show.
While Victoria Secret top management followed no diversity conception another competitors made diversity as their brand image. Here I’m speaking about Rihanna’s lingerie line where all body type & skin color & ethnicity appreciated. Also Savage x Fenti teamed up with Amazon Prime Video for streaming. In same time Victoria Secret followed traditional TV show format.
As we can see lack of diversity slowly destroyed the brand. Sales falling, market size shrinking. It will be a hard task to rebuild reputation and attract customers which now enjoy the variety.
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