Victoria’s Secret, the lingerie retailer, is set to abandon its endeavor to enhance inclusivity in its marketing. Instead, it will return to its initial image due to a decline in sales. This renowned brand, which historically featured attractive models, had made efforts to introduce more diversity in its model roster, incorporating plus-size and transgender individuals. Nevertheless, these rebranding efforts have not resulted in a boost in sales. The projected revenue for the current year stands at $6.2 billion, marking a substantial drop of nearly 20% when compared to the $7.5 billion achieved in 2020.
As part of their rebranding efforts, Victoria’s Secret made notable hires, such as Megan Rapinoe, an athlete and advocate for transgender women’s participation in women’s sports, and Valentina Sampaio, who became the first transgender model to join the brand. Following Sampaio’s appointment, Ed Razek, the former Chief Marketing Officer of Victoria’s Secret, chose to step down from his position.
The current objective of the retailer is to achieve an annual sales figure of $7 billion once more. To achieve this goal, the company plans to renovate its existing stores and expand by opening 400 new locations beyond the borders of the United States and Canada. Additionally, there will be an investment in offering a range of active and swimwear products.
Victoria’s Secret’s decision to discontinue its diversity initiative coincided with the return of several of its past models in August. This included the comeback of renowned figures like Gisele Bundchen, Naomi Campbell, Adriana Lima, and Candice Swanepoel.
Furthermore, in March, the retailer disclosed its intention to revive its annual fashion show. This event had been canceled in 2019 due to criticism regarding its lack of diversity. The show made a comeback in the form of “The Tour ’23,” a documentary that debuted on September 26 on Amazon Prime Video.