Ready or not, executives say a reboot is in the works.
Victoria Secret dominated the 2000s with a lingerie empire built on signature bras, prestigious fragrances and picture-perfect models.
But behind all the glitz and the glam, was a company plagued with issues, from allegations of ties with sex offenders, to executives refusing to cast more diverse talent, to problematic and out-of-touch marketing techniques. This all came to a fever pitch in 2019, pushing the company to call off its famous televised fashion show.
In the past few years, the lingerie retail giant has been rebranding towards more inclusive, female-empowered messaging, most visibly through the group of models, athletes and activists that make up the VS Collective, a more inclusive and thoughtful alternative to the brand’s famous Angels. With these new marketing tactics, Victoria Secret seems to believe it has evolved enough past it’s problematic past to reboot the annual fashion show after a four-year hiatus.
Victoria Secret CFO Timothy Johnson revealed this during the brand’s 2022 earnings call on Friday, while discussing the company’s marketing expenditures. “We’re going to continue to lean into the marketing spend to invest in the business, both at top-of-funnel and also to support the new version of our fashion show, which is to come later this year,” he said.
“At VS&Co, we are always innovating and ideating in all spheres of the business to continue to put our customer at the center of all we do and reinforce our commitment to championing women’s voices and their unique perspectives,” the brand shared in a statement to Fashionista after the call. “As we’ve previously shared, our new brand projection and mission will continue to be our guiding principle. This will lead us into new spaces like reclaiming one of our best marketing and entertainment properties to date and turning it on its head to reflect who we are today. We’re excited to share more later this year.”
The call was largely an update on the company’s ongoing turnaround efforts. “We believe we are two years into a five-year journey in the turnaround of our business, and we have a clear road map to be the world’s leading fashion retailer of intimate apparel,” shared Martin Walters, CEO of Victoria Secret, during the call. He also touched on plans to majorly refresh the Pink brand. “We have completely scrubbed all aspects of the business, and we’ve edited out things that we think don’t fit.”
When it comes to revenue, the company remains the leading competitor when it comes to intimates, despite volatility and competition in the market. According to the company’s earnings release, it is forecasting full year 2023 net sales to increase in the mid-single digit range, in comparison to last year’s net sales of $6.344 billion.
Please note: This story was updated after publishing to include a statement provided by Victoria’s Secret
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Source: Fashionista.com
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