Friday saw the news that Victoria’s Secret had entered administration with Deloitte’s overseeing a light touch administration process.
Victoria’s Secret launched their fashion show in 1995 which used to be a major pop culture event and a significant money earner for the brand, reportedly drawing millions of viewers each year and launching the career of many a model. Now the shows are deemed “sexist” and “dated” with 2018 seeing the lowest television ratings ever, causing the show to be cancelled for 2019.
It is therefore not surprising to see that the company made a loss of £170m in the year ending February 2019.
With faux pars from the management team such as (former) chief marketing officer, Ed Razek suggesting that there was no place in the fashion show for transsexual people, it appears that the brand not keeping up to date with current trends and strong values of the current millennials, who seek inclusivity from their chosen brands for size, skin colour and gender. Victoria’s Secret seemed to be alienating what should be their target market.
Whilst this may on the face of it look like another victim of the pandemic, it seems the pandemic has merely sped up the inevitable for Victoria’s Secret.