2019-11-22 23:26:421 Oct 2018 01:53 AM EST
By Chanel Adams, Photo source: Samantha Marx
The Victoria’s Secret slump continues. The lingerie retailer just released its quarter of declining sales as the brand fails to keep shoppers in its stores. Sales for Victoria’s Secret have been its lowest ever. During the same period year, the website went down to 7% in the last quarter, according to parent company L Brands.
L Brands is known for its stronger companies like Bath & Body Works. The company reported that it lost $252 million during that quarter year. Even though L Brands stock went up slightly up on Wednesday, it lost 50% over the last year and it stock price is continuing to plummet. In fact, it could reach its 10-year low, according to Channel 3000. Victoria’s Secret has lost out to other lingerie brands, including its rivals at American Eagle, Kohl’s and Target.
Kohl’s and Target have noticed an increased interest in their lingerie lines during those same quarters. Victoria’s Secret has been making headlines for CEO and L Brands founder Leslie Wexner’s ties to disgraced billionaire Jeffery Epstein. Epstein’s death has since been ruled out as a suicide.
He worked with Wexner as his personal money manager and trustee for the Wexner Foundation, Wexner’s charity in Ohio. Wexner revealed he cut business ties with Epstein back in 2007. According to CNN, Wexner revealed he was “embarrassed” that he trusted Epstein so much.
“Being taken advantage of by someone who was so sick, so cunning, so depraved is something that I am embarrassed that I was even close to, but that is in the past,” Wexner said during L Brands’ investor conference back in September.
The interest in the Victoria’s Secret brand continues to wane. The Victoria’s Secret Fashion Show isn’t happening this year. L Brands CFO Stuart Burgdoerfer revealed the company’s third quarter earnings call on Thursday, Nov. 21, saying that they’re currently working to “advances the positioning of the brand.”
“We’ll be communicating to customers, but nothing that I would say is similar in magnitude to the fashion show,” Burgdoefer added.
Earlier this year, rumors swirled that the fashion show was cancelled. The news got even more mainstream when model Shanina Shaik revealed back in July that the fashion show was no more. There has also been decreased interest in the fashion show over the years. It peaked in 2001 when it attracted 12.4 million viewers but hit an all-time low in 3.27 million in 2018, according to W magazine.
Burgdoefer revealed during Thursday’s call that having a fashion show wouldn’t make an impact on sales. Even though it’s the end of an era for the lingerie brand, the L Brands CFO called the fashion show a “remarkable marketing achievement” that was an “important aspect of the brand.”
The end of the Victoria’s Secret Fashion Show also comes on the heels of model Bella Hadid speaking out about her experience. She just revealed that she didn’t feel sexy or empowered while walking the fashion shows. Hadid opened up about her mental health and the pressures of working in the fashion industry at Vogue’s Fashion Festival. The former Victoria’s Secret model praised Rihanna’s Savage X Fenty show but doesn’t feel the same way about Victoria’s Secret.
“Rihanna’s amazing,” Hadid said. “For me, that was the first time on a runway that I felt really sexy. Because when I did Fenty, I was doing other lingerie shows and I never felt powerful on a runway, like, in my underwear.”
Hadid also talked about her mental health, including how it takes a toll on her while working in the fashion industry. Even though Hadid admits that it’s grueling to work with high fashion brands like Tom Ford and Mario Sorrenti, she said that she feels “guilty for being able to live this incredible life” but she still feels unhappy at times. “It doesn’t make sense,” Hadid added.
This is because the pop star allowed Hadid to walk a certain way that she wanted, which reduced the pressure she felt in the Victoria’s Secret Fashion Show.
“I like being another character. I think at this point I don’t necessarily love being myself sometimes,” Hadid admitted. “Sometimes on the runway you get either nervous or you forget how legs move.”
Victoria’s Secret no longer dominates the lingerie market like it once did. Whether it’s the end for Victoria’s Secret, or if they can retain their dominance is too soon to tell. This is definitely a wake-up call for a lingerie brand that used to be No. 1 in the market.
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