Victoria’s Secret, once the undisputed queen of lingerie retail, has faced intense scrutiny and significant financial challenges in recent years. Speculation about the company going out of business has circulated widely, fueled by store closures, declining sales, and shifting consumer attitudes. But is Victoria’s Secret really going out of business, or is this a story of transformation and adaptation?
This article explores the factors behind Victoria’s Secret’s struggles, the reasons fueling rumors about its demise, and what the future might hold for this iconic brand.
The Rise and Reign of Victoria’s Secret
Founded in 1977 by Roy Raymond, Victoria’s Secret revolutionized the lingerie market by creating an inviting, glamorous shopping experience targeted primarily at women. It was acquired by L Brands (formerly Limited Brands) in 1982, which aggressively expanded the brand nationwide and internationally.
By the 1990s and early 2000s, Victoria’s Secret had become a cultural phenomenon, known for its sexy advertising campaigns, the iconic annual fashion show, and the “Angels” — supermodels who became celebrities. The brand commanded a dominant market share and strong emotional loyalty from many consumers.
Emerging Challenges: Why Talk of Victoria’s Secret Going Out of Business Increased
1. Changing Consumer Preferences
In the past decade, consumer preferences shifted away from highly sexualized and narrow definitions of beauty towards more inclusive, comfortable, and sustainable options. Brands like Savage X Fenty by Rihanna championed diversity in body types, gender expression, and styles, resonating strongly with younger shoppers.
Victoria’s Secret’s traditional image, long criticized for lack of inclusivity and perpetuating unrealistic beauty standards, increasingly appeared outdated. This caused waning appeal among millennials and Gen Z consumers who seek authenticity and representation.
2. Declining Sales and Store Closures
From 2016 onwards, Victoria’s Secret experienced consecutive years of falling sales and profits. The company reported missed earnings targets and inventory issues, leading to an excess of unsold stock. In response, L Brands announced plans to shutter over 200 stores in the US alone by 2020.
These closures sparked media headlines questioning the brand’s viability. While store closures are common during retail downturns, the scale was unprecedented for Victoria’s Secret, intensifying speculation about possible bankruptcy or going out of business altogether. Wikipedia in English
3. Negative Publicity and Leadership Turmoil
Victoria’s Secret also faced reputational damage linked to controversies involving former CEO Les Wexner’s connections to Jeffrey Epstein, as well as allegations of toxic workplace culture and exclusionary practices. These scandals eroded consumer trust and further hurt the brand’s image.
Leadership changes, including the appointment of new executives aiming to revamp the brand, added uncertainty to the company’s direction during a volatile period.
The Turnaround Attempts: Is Victoria’s Secret Really Going Out of Business?
Rebranding and Embracing Inclusivity
Recognizing the urgent need for change, Victoria’s Secret has undertaken several bold initiatives to modernize its image. Starting in 2020, the company began rebranding efforts emphasizing body positivity, diversity, and empowerment.
The brand introduced new spokesmodels representing various body types, ethnicities, and gender identities, moving away from the “supermodel angel” concept. Marketing campaigns focused on comfort and everyday wear, rather than only glamour and sex appeal.
Product Innovation and Expanded Offerings
Victoria’s Secret expanded its product range beyond lingerie to include sportswear, loungewear, and beauty products. This diversification aims to capture a broader audience and reflect lifestyle changes brought on by the pandemic and shifting societal norms.
The company also invested in improving its digital presence, enhancing online shopping experiences, and leveraging social media influencers to regain relevance with younger consumers.
Financial Moves and Corporate Restructuring
In 2021, Victoria’s Secret was separated from L Brands and restructured as a stand-alone entity, allowing for sharper focus on the brand’s turnaround. The new leadership set goals to achieve sustainable profitability while rebuilding consumer trust.
While results remain mixed, early signs show improvements in market performance and customer feedback, suggesting that Victoria’s Secret is navigating a tough transition rather than heading toward closure.
What the Future Holds for Victoria’s Secret
Victoria’s Secret is unlikely to vanish from the retail landscape anytime soon, but its traditional business model is undoubtedly evolving. The company faces stiff competition from brands that have capitalized on inclusivity, sustainability, and digital innovation faster and more effectively.
Survival depends on Victoria’s Secret’s ability to continuously adapt its marketing, product offerings, and corporate culture to meet changing consumer values. There are risks ahead, but equally, opportunities to reclaim market share through authenticity and innovation.
For many longtime fans and newcomers alike, the brand remains an important part of lingerie retail history—its next chapters will determine whether it can regain its former glory or become a cautionary tale of a legacy brand unable to keep pace with changing times.
Frequently Asked Questions
Is Victoria’s Secret going out of business?
No, Victoria’s Secret is not going out of business. While the company has faced challenges including store closures and declining sales, it is actively undergoing a major transformation to adapt to changing consumer preferences and market conditions.
Why did Victoria’s Secret struggle in recent years?
The brand struggled due to shifts in consumer values toward inclusivity and comfort, increased competition from newer brands, negative publicity, and a failure to quickly adapt to evolving market trends.
What changes has Victoria’s Secret made to stay relevant?
Victoria’s Secret has rebranded by embracing body positivity and diversity, expanded its product line to include loungewear and sportswear, improved its online presence, and revamped marketing campaigns to better reflect contemporary values.
Will Victoria’s Secret continue to have physical stores?
Victoria’s Secret has significantly reduced its number of physical stores but continues to operate a selective retail footprint alongside a growing focus on e-commerce and digital sales channels.
How does Victoria’s Secret compare with newer lingerie brands?
Newer brands like Savage X Fenty prioritize diversity, inclusivity, and sustainability, appealing strongly to younger consumers. Victoria’s Secret is working to align with these trends but has historically been slower to shift away from its traditional image.