Victoria’s Secret has been under some heavy criticism lately and on the brink of bankruptcy but they’re reshaping their image with shapewear.
Victoria’s Secret has dominated the lingerie market for the last few decades. but their sales have been declining drastically yearly. Critics have labeled Victoria’s Secret to be sexist and out of touch with what women really want today. Today’s women aren’t buying lingerie to impress their partner. They wear it to make themselves feel confident and sexy.
Women shy away from retail stores such as Victoria’s Secret because it’s lack of diversity and limited sizing for today’s women. They prefer to shop at retail stores such as Nordstrom’s lingerie department as it doesn’t boycott curves or being a plus size. Women today are looking for inclusivity and empowering not degrading. Rihanna’s Fenty X Savage lingerie line has stepped up where Victoria’s Secret failed by creating a diverse collection for all shapes, sizes and skin tones.
Victoria’s Secret is recreating their image and now they are going to attempt making a comeback with their new line of shapewear. They recently established a partnership with the Columbian shapewear brand –Leonisa. Their new shapewear line will only be available, for now online, if it is popular then it will be sold in stores in the next few months.
Some might consider that shapewear and Victoria’s Secret’s sexy image might not meld together harmoniously. However, this might just be the strategy needed to turn Victoria’s Secret around.
Sales at Victoria’s Secret have declined more than 40% since 2017 and if they don’t connect with the consumer in the next few years, they are seriously facing the risk of closing their doors permanently.
Recently, the lingerie company has been attempting to win back their customers by employing some different tactics, such as bringing back their swimwear section. They have also hired their first trans-gender model and a series of plus-size models to create the appearance of being more inclusive. However, these strategies haven’t proved be as effective as planned.
The company had high hopes of surpassing last year’s sales of $4 billion, but they were only able to bring in $3.9 billion dollars in sales.
Shapewear might just be the solution to turn Victoria’s Secret plummeting decline around, as it is the fastest growing fashion industry at the moment. The shapewear industry is growing on average by 2% in sales each year. For example, last year alone shapewear sales brought in a whopping $529 million in a 12-month period.
Spanx has been a leader in the shapewear market for the last two decades, but it is facing fierce competition for similar reasons that Victoria’s Secret is facing bankruptcy. New shapewear brands having been challenging Spanx for a piece of that juicy shapewear market, such as Kim Kardashian’s SKIMS Solution wear line, Bali, among many more.
One of the main reasons for Victoria’s Secret’s claim of fame is due to the easy accessibility with more than 1,143 locations throughout the continental USA alone, making most women’s go-to stop all of their lingerie needs. If Victoria’s Secret is able to market their new line of shapewear, they might just be able to dominate the shapewear market.