Lingerie retailer Victoria’s Secret is reportedly abandoning its recent attempts at a “woke,” feminist rebrand, as it hasn’t translated into business success. In recent years, Victoria’s Secret shifted away from its traditionally “hyper-sexualized” image but saw a significant drop in revenue as a result. The brand is now looking to revamp itself and return to a “sexy” image.
Efforts to promote inclusivity and body positivity, including featuring LGBTQ and transgender spokesmodels and eliminating the famous “Angels” supermodels, received favorable reviews but failed to boost sales. The company’s projected revenue for 2023 is $6.2 billion, a 5% decrease from the previous year and lower than the $7.5 billion in 2020.
In an attempt to reverse the declining sales, Victoria’s Secret aims to blend the sexiness it was known for with its more inclusive initiatives. The company is returning to its runway show format with Victoria’s Secret: The Tour ’23, which falls between the brand’s aughts-era image and its more inclusive recent initiatives.
Victoria’s Secret and Pink brand president Greg Unis explained that “sexiness can be inclusive” and should celebrate the diverse experiences of customers. CEO Martin Waters admitted that the inclusivity initiatives were not profitable for the company, stating, “Despite everyone’s best endeavors, it’s not been enough to carry the day.”
Victoria’s Secret’s new goal is to improve profitability and surpass $7 billion in annual sales. To achieve this, the brand plans to introduce activewear and swimwear, update existing stores, and open 400 new stores outside the United States.