Rethinking Sexy in an Era of Diversity: Can Victoria's Secret Make a Comeback?
This retailer has dealt with a swarm of criticism following the notion that its marketing objectifies women and is regarded as a peddler of male lust.
Whilst the brand is renowned on the global stage for its use of models that are of a specific physique and "look", this tradition is finally being put to the test, challenging their age-old business strategy as a means to up profits.
Nevertheless, the biggest problem that the company proved to be facing was its reliance on heavily discounted items for sales. This weighed down on profitability as it's parent company's overall gross margin shrank by about 8 percentage points from 2016 to 2019.
As a new strategy, Victoria's Secret is now looking towards new horizons in terms of their marketing strategy. This includes broadening what defines the term "sexy" and will highlight plus-sized and transgender models as well.
In addition, the group has also brought on prominent female figures to vouch for the chain and craft its revitalisation. From actress and celebrity Priyanka Chopra to soccer star Megan Rapinoe, these famous and powerful women will prove vital in creating a stronghold and making it the most sought after, thus giving the brand the exposure it needs to further capitalise on.
Later in the year, the brand seeks to spin off into its own public company, which will increase pressure when drawing the attention of Gen Zs, a cohort who have much stronger views on "what brands stand for" in comparison to older generations.
"There may be people who may not like it", said Victoria's Secret Raul Martinez. "We have to have ethics, and we have to on the right side of history in a sense".