In the ever-evolving world of business, it’s clear that companies must adapt or risk fading into obscurity. Victoria’s Secret, a brand known for its iconic “angels,” decided to take a bold leap into the future, and while the journey has been challenging, it’s a testament to the brand’s willingness to embrace change.
In July 2022, Victoria’s Secret made headlines by announcing a significant shift in its approach. The brand bid farewell to its traditional image of supermodel “angels” and welcomed a more diverse array of models and brand ambassadors. The decision to bring on board the outspoken soccer sensation Megan Rapinoe, alongside a group of “plus size” models, sparked both applause and controversy.
While the move may have resonated with some in boardrooms filled with soy lattes and kale chips, it raised questions among consumers. Would this transformation align with the desires of the everyday American woman shopping for lingerie? The answer was not as straightforward as the company had hoped.
As the dust settled, Victoria’s Secret experienced a notable dip in its stock value, a trend that began in February 2022. The brand’s shares, which had once soared, tumbled to $26.80 by July of the same year. This financial struggle led to the difficult decision to let go of 160 management employees from its Ohio headquarters, a move that represented about 5% of its home office workforce.
Fast forward to January 12, 2024, and Victoria’s Secret’s stock price stands at $24.23. It’s a far cry from the over $56 it boasted at the start of 2022, indicating that the path to transformation was not without its challenges.
The transformation didn’t happen overnight. Victoria’s Secret began to offer plus sizes, feature plus-size models in its marketing, and even introduced mastectomy bras for the first time. The brand expanded its horizons with its first-ever Mother’s Day campaign and adopted a more inclusive and empowering message, partnering with influential figures like Megan Rapinoe and actress Priyanka Chopra Jonas.
While the brand’s sales had been declining for years, critics occasionally accused it of being “sexist” and “out of touch.” In response, the company decided to pivot toward a more inclusive message. However, this transition came at a cost – the loss of its iconic “sexy” image, which had long defined its identity.
The question arises: did Victoria’s Secret’s executives prioritize their commitment to inclusivity over their financial success? The answer remains complex. The brand’s business model had always thrived on its sex-appeal image, whether or not it was attainable for the average American woman. With the departure of the angels and the arrival of Rapinoe and others, the brand ventured into uncharted waters, and its stock price took a hit in the process.
In conclusion, Victoria’s Secret’s journey of transformation is a testament to the ever-changing landscape of the business world. The brand’s willingness to embrace inclusivity, diversity, and empowerment is a step forward, even though it has faced its share of financial challenges. As time progresses, only the future will reveal whether this bold move will ultimately prove successful in redefining the brand and its place in the hearts and minds of consumers.
