It was recently announced that Victoria Secret will be closing 53 of its stores due to consumers opting out for bigger retail stores and other lingerie startup companies. Victoria Secret and their other brand PINK have been struggling unlike stores like Walmart and Best Buy. In Victoria Secret’s last quarter, sales have dropped 7%. Its said by CNN that “Victoria Secret has failed to adapt to consumer demand for more custom fitted bras and inclusive messaging and advertisements”. It seems as if the brand hasn’t switched up the way they operate since day 1 of their store opening. The marketing that made them what they are today is the same and consistent one they keep using in present day.
Victoria Secret is known for their many different promotions that usually draw many people in. Their latest holiday promotion is what hurt their Margins. The L Brand CEO Stuart Burgdoefer says that the company has been more promotional than they would like over the last several years.
Last year was a not so good year from the brand. I’m November, the CEO of Victoria Secret resigned. In December, the super model studded annual fashion show ratings were at its absolute low since the show began. And lastly the brand closed 30 stores from weak malls.
Because of big time retailers such as Amazon, Victoria Secret lost over 3 million customers in the past two years. That’s a lot of customers lost and a lot of revenue lost.
Victoria Secret path of inversion looks a little challenging. But hopefully they get it together and get back on top.
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