Faced with huge losses and major criticisms, popular American lingerie brand Victoria’s Secret is finally making some necessary changes.
A controversial interview with former CMO Ed Razek revealed negative comments about transgender and plus-sized women, leading to the resignation of CEO Jan Singer. Soon after, the current president of Tory Burch, John Mehas, was named as her replacement, starting in 2019.
One of the massive changes already announced for next year is to bring Victoria’s Secret swimwear back.
While both Pink and their lingerie section were to blame for their downward sales spiral, the main problem was caused by discontinuing the swimwear line in 2016. Originally, cutting the swimwear line was made so the company could focus solely on their Pink line and lingerie.
While bras priced in the $20-$30 range are selling, the more expensive lines like Body by Victoria and Angels are not. Structured-type bras like “the push-up,” formerly the brand’s best-seller, is not as popular these days. The company also appeared to have missed out on the ongoing bralette and triangle bra trend, which they could’ve monopolized on.
According to Fashionista, swimwear will be back by spring 2019, and we couldn’t be more excited!
Some other new categories, which may include eyewear and UGG products through licensing agreements. The brand is going to have to take some big steps to get their “model” image back and will have to make additional changes to be a more inclusive brand.
According to CNN.com, sales at Victoria’s Secret stores that have been open for at least a year dropped 6% last quarter. Victoria’s Secret has had to close almost 1,000 stores in the United States, many of them tied to struggling malls.
The lingerie brand can also attribute its slowdown in growth to tough competition.
Consumers have moved towards direct-to-consumer digital startups like Rihanna’s Savage x Fenty and Aerie, which focuses on the inclusiveness of varying sizes, ages and race. They want an authentic brand that represents the way most women look. Other companies are providing more options to other body types, including plus-sizing.
In addition, Victoria’s Secret has been hit by quality complaints with both its lingerie and its Pink apparel.
The issue appears to be losing loyal customers who say the quality doesn’t match with its price points, said Business Insider.
Lowering the prices might help them sell better but it would most likely hurt Victoria’s Secret’s profit margins in the future. Lots of major companies go through issues like this, but with the right changes made, it will likely continue to succeed.
We will have to wait and see what happens now, but for now, at least we have swimwear to look forward to!
Featured image: Instagram/@victoriassecret