Victoria’s Secret has learned a mighty expensive lesson in that if you go woke, you go broke. Men do not buy sexy lingerie for women with penises.
In 2020 before going woke, Victoria’s Secret made $7.5 billion dollars. In 2021 they went woke and made just $6.5 billion in 2022 and will make just $6.2 billion this year after hiring LGBT activist Megan Rapinoe and transgender model Valentina Sampaio, among others, along with a litany of plus-sized models.
Megan Rapinoe decried Victoria’s Secret (VS) as “patriarchal” and “sexist,” which she claimed was marketed “through a male lens and through what men desired.”
Gee, imagine that. Men don’t buy lingerie for other men or plus-sized women. VS has learned what many other companies have learned but continues to lose money. But, to their credit, they accept they made a mistake and will now reverse their wokeness. Will their customers return? We shall soon see.
The attempt to redefine “sexy” in the image of woke social justice may have earned “favorable reviews from online critics,” according to Business of Fashion, but it “never translated into sales.”
Victoria’s Secret CEO Martin Waters told investors at a meeting this month:
“Despite everyone’s best endeavors, it’s not been enough to carry the day.”
They are hoping that sales will recover once they go back to their old formula.
Last month, the Victoria’s Secret Fashion Show returned with a format that Business of Fashion described as “somewhere in between the personification of male lust of the brand’s aughts-era heyday and the inclusive utopia promoted by its many disruptors.” The company is also featuring models like Hailey Bieber and Emily Ratajkowski, among other supermodels who have worked for the company in the past, in new ad campaigns.
It’s a far cry from the direction the company tried to carve out just a few years ago.
By tightly controlling its brand’s image, updating its brick-and-mortar locations, and offering new active and swimwear, Victoria’s Secret hopes to push its annual revenue back over the $7 billion hump.
The admission about the woke rebrand and changes in company direction come less than a year after Amy Hauk abruptly resigned as CEO. Under Hauk’s leadership, Victoria’s Secret leaned into the woke changes, and declining sales followed.
Renowned lingerie brand Victoria’s Secret & Co (NYSE:VSCO) is reportedly returning to its previously “sexy” image, moving away from its recent inclusive narrative. This shift has been prompted by a significant decline in sales.
A report by Fox Business on Monday revealed that Victoria’s Secret’s transition from a “hyper-sexualized” image to a more inclusive one has not resulted in any financial gains. The company’s projected revenue for 2023 is slated at $6.2 billion, a 5% decrease from last year and well below the $7.5 billion revenue of 2020.
The company had made efforts to promote inclusivity, appointing pro-LGBTQ women’s soccer player, Megan Rapinoe, and a transgender woman as brand ambassadors. However, these initiatives did not lead to an increase in sales.
The sales slump followed the company’s decision to establish a predominantly female board of directors and discontinue the use of the famous “Angels” supermodels. These moves were criticized for perpetuating a “patriarchal, sexist” message, according to Rapinoe.
At its peak, Victoria’s Secret featured prominent models including Tyra Banks, Heidi Klum, Gisele Bundchen, Adriana Lima, and Alessandra Ambrosio at the peak of their sales.
The company was criticized that brand was catering to a “woke” culture.
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