The name 'Victoria's Secret' has been the subject of many (often misogynistic) jokes. Arguably the not-so-secret is that the company was actually founded by a man - Roy Raymond - in 1977 as a lingerie shop that men could feel comfortable in. Raymond chose the name 'Victoria's Secret' as he wanted to evoke the refinery of the Victorian period. In 1982, the company, nearing bankruptcy, was sold to Les Wexner for $1 million. Wexner, a key figure in future controversies for the company and founder of L Brands, turned the brand around into a successful lingerie retailer aimed at women. By the early 1990s, the brand was generating $1 billion in annual revenue, a massive improvement from Raymond's management.
1995 saw the launch of the infamous Victoria's Secret fashion show, an annual parade of skinny and busty 'Angels'. The fashion show began to be broadcast from 1999 and regularly drew in millions of viewers per year. Many of the most well-known supermodels of the past twenty years have been Angels - Karlie Kloss, Heidi Klum and Tyra Banks are all household names that even those who don't pay attention to the fashion world will have heard of them. As Aliza Licht, the author and host of the Leave Your Mark podcast, said "Back in the day, becoming an Angel was proof that you had arrived at supermodel status". A feature of the fashion show were the 'Fantasy' bras. Ridiculously expensive and encrusted with jewels, these bras were the opposite of the brand's goal to create luxury lingerie at an affordable price point.
By the early 1990s, the brand was generating $1 billion in annual revenue
Contributing to the downfall of the brand (like many other brands) is the shift to online shopping. During the 80s and 90s, Victoria's Secret capitalised on the development of shopping centres in both the US and UK. It is rare to find one of their stores on a local high street. There are 26 stores in the UK and every single one of them is located in a shopping centre. Shopping centres have long been in decline, and Victoria's Secret has been feeling the blow for a long time. Research conducted by Coresight Research shows how Victoria's Secret's market share dropped from 31.7% in 2013 to 24% in 2018.
Another factor in the lingerie brand's downfall is the controversy surrounding the leadership. The first female CEO of the company was Sharen Jester Turney who was appointed in 2000 for their catalog business, and became CEO of the full company six years later. After she stepped down in 2016, Les Wexner returned as interim CEO. Wexner was forced to step down entirely from the board in 2019 after his links to Jeffrey Epstein were made public. Several of Epstein's victims alleged that he used his connection to Victoria's Secret to coerce them into sexual acts.
Victoria's Secret has been subject to many criticisms of a lack of inclusivity, criticisms that run all the way to the leadership which for most of its history has been overwhelmingly male. I previously mentioned Sharen Jester Turney, the first female CEO. Following her time in the role, Wexner split the brand into three sections - Victoria's Secret Lingerie, Victoria's Secret Beauty and Pink. Each sub-brand had their own CEO and Jan Singer was appointed for the Lingerie section. Singer later resigned after Ed Razek, who developed the Angels, made comments in a interview with Vogue that he didn't think the fashion show should feature "transsexuals" because "the show is a fantasy", comments which sparked an outcry and saw viewership for the 2018 show a week later tank.
“Do the CEOs of these companies value true inclusivity? Or do they just value money?”
With inclusive competitors such as SAVAGE X FENTY, Victoria's Secret is (finally) making strides to be more inclusive. The Angels are gone and replaced by activist women such as Priyanka Chopra. Advertising features a diverse range of models, particularly plus-size models. Following the announcement that the fashion show will be returning in 2023, Lizzo tweeted "This is a win for inclusivity for inclusivity's sake. But if brands start doing this only because they've received backlash then what happens when the 'trends' change again? Do the CEOs of these companies value true inclusivity? Or do they just value money?"
Will Victoria's Secret be able to make it's successful comeback as a cultural phenomenon? Or is the brand's time in the spotlight well and truly over? With the damning reveals in the Hulu documentary - Victoria's Secret: Angels and Demons - and the Leave Your Mark podcast, the culture of the brand needs to change and urgently adapt to the times.