In addition, Victoria’s Secret is anticipating full fiscal-year 2021 revenues to increase by about 25 percent. In the most recent quarter, total company revenues were $1.4 billion, up from $1.35 billion a year earlier, helping the company log $75 million in net profits. “Our job is to just make the best out of the assortment that we’ve got and that’s what we’re doing on a day-to-day basis,” he said. “It shows up in the help of the file, shows up in our social media likes and follower-ship, 71 million followers on Instagram and some really strong responses. “The repositioning of the brand continues to gain great momentum and that shows up in our sales,” the CEO added in November. So far, shoppers are “ really noticing and voting with their wallet,” Waters said earlier last year. “This concept is all about femininity, openness and community,” Albert Gilkey, Victoria’s Secret’s senior vice president, store design and construction, told WWD in December.īut will the transformation work? And will consumers, many of whom abandoned the brand during the height of the #MeToo Movement, return? (T he other two will be in Houston and Birmingham, Ala.) The redesigned space includes an assortment of gender-neutral products, a larger size range, open flooring, a beauty bar, LED lighting and fluffy pink couches in the fitting room for relaxing or socializing.
Most recently, Victoria’s Secret unveiled the VS Store of the Future in Chicago, the first of three set to open in coming months. Victoria’s Secret’s first VS Store of the Future has opened in Chicago. It’s a very dramatic change for us and we have significant proof points already at this early stage in our journey that this is what the customer wants from us. So I couldn’t underscore how significant this turnaround and this repositioning is. It’s about including most women rather than excluding most women and being grounded in real life rather than mostly unattainable. We’re moving from sexy for a few to sexy for all. And it does reflect a very significant turnaround from where we’ve been, where we’re moving from what men want to what women want. “And that’s an incredibly powerful vision and mission for us to aim toward and it’s energizing for all of our people. “I have a bold ambition that Victoria’s should be the world’s biggest and best advocate for women,” Waters said. “We have a clear reason why we exist at Victoria’s now and that is to inspire women around the world with products and experiences that uplift them and champion them and support their journey. “ moving from a position of, frankly, being irrelevant to being relevant for being - for him to for her, being more inclusive rather than exclusive,” Martin Waters, chief executive officer of Victoria’s Secret Lingerie, said in May. The high-profile Victoria’s Secret Fashion Show, which served as a marketing tool for the company - but was criticized by many as culturally tone-deaf - was canceled in late 2019. The biggest change, however, came when Victoria’s Secret updated its marketing materials and store imagery. The strategy included updating the board to include a majority of women (six out of seven) adding a string of executives to the C-suite updating the assortment to include things like swimwear and sports bras, and closing unprofitable stores to make way for more lucrative markets, such as Milan, Israel and India. In fact, the company was in complete transformation mode. shooting up 29 percent on their first day of trading.īut the spin-off wasn’t the only thing Victoria’s Secret had in its favor. Investors applauded the separation, with shares of the new Victoria’s Secret & Co.
(L Brands was also rebranded as Bath & Body Works.) debuting on the New York Stock Exchange as an independent public company. Last August the plan became a reality, with Victoria’s Secret & Co. Courtesy PhotoĪfter a deal to sell a majority stake of the Victoria’s Secret Lingerie, Beauty and Pink businesses to private equity firm Sycamore Partners fell through, the retailer regrouped and thought of a new plan: Spin off the more lucrative Bath & Body Works operation from the lingerie and beauty businesses in order to unlock investor value in both brands. Stills from Victoria’s Secret’s 2021 holiday campaign.
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