When Victoria's Secret was founded in 1977, it was considered a revolution. Its founder Roy Raymond opened the first store designed as a place where men could go shop for women?s underwear and feel comfortable. This strategy - internal to women, who are elected and served by men - worked well and from the first year the company had a solid income.
The company was then sold to Les Wexner, CEO of L Brands, in 1982 for $ 1 million. Raymond certainly did not foresee that Victoria's Secret would become the largest women's underwear company, and notwithstanding success, 42 years later, the company would be embroiled in criticism.
Finally, sales have fallen, some stores have closed, the number of celebrity spectators has fallen year after year, and if not enough, the fest is canceled . The problem lies in the fact that Victoria's Secret - a company founded by a man and generally run by men - seems to have no plans to break with men's interests.
It has to be said that Victoria's Secret has never been "for women, by women", yet it has overwhelming market share. But finally, while sales may not be very high, companies like SecondLove and Savage x Fenty are applauding massively and fairly.
Surprised, the company let's say it fell into the trap of believing that no competitor could beat it, no matter how day by day, people were given new opportunities and all of a sudden they didn't have to buy Victoria's Secret alone.
New brands are not only "surviving", they are thriving. It seems that the Victoria's Secret angels no longer represent women. When the Angeles campaign first debuted in 1990, it was definitely a revolution because most brands did not advertise to the public. A great event was the use of supermodels.
But today things are different. People no longer need to tell you what is beautiful and what is not, but to tell them that they are beautiful, in all dimensions.
Victoria's Secret was either unaware of the change, or chose to ignore it because it excluded diversity. Exclusionary choices did not go in line with consumer demands.
Finally, a transgender model was first accepted to be part of Victoria's Secret campaigns. It seems like an approach to diversity and a step forward for a company whose recovery is difficult, but not impossible.
