Victoria’s Secret: Beyond the Wings
By: Leanne Kwong & Saniya Niyoosha
The Ivey Business Review is a student publication conceived, designed and managed by Honors Business Administration students at the Ivey Business School.
Behind the Name
Named after Queen Victoria to evoke the taboo nature of lingerie, Roy Raymond founded Victoria’s Secret (VS) in 1977. VS is a specialty realtor offering modern collections of bras, panties, lingerie, sleepwear, swim, athleisure, fragrances, and body care. The brand was built to create a lingerie store that would provide a comfortable shopping experience for both men and women. Raymond and his wife Gaye, designed the store with a Victorian-inspired aesthetic aiming to evoke the elegance and class associated with the Victorian era. The name "Victoria" was chosen to reinforce this historical connection, while "Secret" was intended to add an element of intrigue and intimacy to the shopping experience.
While the company experienced growth, it wasn’t until VS held its inaugural 1995 Fashion Show that it skyrocketed in popularity, positioning itself as a luxury brand distinct from the uniformity of supermarket offerings. The brand further differentiated itself when it introduced the concept of “Angels”. These models hold exclusive contracts with the brand, a status granted through an internal selection process at VS’ headquarters. The annual fashion shows grew in popularity and being an Angel evolved into a symbol of modeling success, elevating VS beyond just being an everyday lingerie brand.
VS primarily targets Millennials and Generation Z (Gen Z), ages 21 to 45. To appeal to younger consumers, VS launched PINK in 2002, a sub-brand focused on high school and college-aged girls ages 14 to 22. Unlike VS, which is known for elegant lingerie, PINK emphasizes loungewear and casual essentials. In 2022, the two brands merged, and the company is now working to differentiate their identities to better serve their respective audiences.
According to Consumer Edge U.S. transaction data, VS is nearly 1.4 times more exposed to 18 to 24-year-old shoppers than the average brand in the Apparel, Accessories & Footwear category. However, this demographic has increasingly gravitated toward competitors like SKIMS, which have gained market share by promoting inclusivity and redefining beauty standards. Gen Z in particular seeks brands that not only deliver high-quality products but also actively uphold progressive values and demonstrate social responsibility. With social media amplifying calls for transparency and diverse representation, brands must adapt quickly to remain competitive. New entrants like Savage X Fenty and SKIMS have set a high bar, forcing legacy brands like VS to evolve and redefine their market position to stay relevant.
A Secret Under Scrutiny
In the 2010s, VS began to face extreme public pressure for promoting unrealistic body standards. VS models were famously known to be tall and thin, offering limited body diversity. In interviews, models often spoke about their extreme diets, with Angel Adriana Lima revealing she once stopped eating all solid foods for nine days prior to walking the runway. Adding to the controversies, Ed Razek, former Chief Marketing Officer of VS’s previous parent company L Brands, stated in a 2018 Vogue interview that he did not believe transgender women belonged in the VS Fashion Show. Exacerbating this issue, movements like #MeToo were gaining momentum, calling for greater social accountability and demands for VS to let go of outdated norms that promote harmful standards for women. Measuring the direct impact of the show by sales is challenging due to its overlap with the holiday season; the company's most profitable quarter. However, the attention and brand awareness it generates are significant. Despite its traction, the company’s US market share fell 9 percent between 2016 and 2018 as it has struggled to recover since, with revenue falling to $6.18 billion in 2023, a 21 percent drop since 2016. After the 2018 show, the brand decided to halt their annual fashion shows amid backlash.
In response to public criticisms and declining sales, VS attempted to rebrand with more diverse models and body-positive messaging. After six years, the brand decided to bring back the fashion show with a promise to celebrate all women. As such, the 2024 Fashion Show featured new faces, including Alex Consani and Valentina Sampaio, the first transgender women to walk the VS runway. Despite this feat, many deemed the show to be “performative” and criticized the different treatment of plus-size models Ashley Graham and Paloma Elsesser, who appeared more covered up than thinner models.
Viewers tuning in for nostalgia were also left disappointed as many iconic elements were missing from the show, including the glitter runway, behind-the-scenes interviews, big blowouts, and extravagant lingerie. For the first time, runway outfits were immediately shoppable to help boost sales, causing a shift away from bedazzled bras towards simple underwear suitable for the average consumer. The VS fashion shows are traditionally seen as creative outlets for experimentation, but many viewers were left unimpressed by VS's seemingly compromising creativity for mass appeal. This lacklustre comeback of a once-beloved brand highlights the severity of VS's brand dilution, especially with the rise of lingerie brands that effectively embrace diversity, such as Aerie and Savage X Fenty.
Savage X Success: A Lingerie Love Affair
Launched in 2018 by renowned singer Rihanna, Savage X Fenty revolutionized the lingerie industry by redefining inclusivity and challenging traditional beauty standards. The brand offers an expansive range of sizes and price points, making lingerie accessible to consumers of various body types and budgets. Partnering with software company Fit Match, Savage X Fenty uses AI technology to offer personalized product and size recommendations, ensuring customers are satisfied and able to find their perfect fit. Savage X Fenty’s fashion shows further showcase its commitment to diversity, featuring models and performers of different body types, ages, skin tones, and gender identities.
To reinforce inclusivity values, Savage X Fenty uses behind-the-scenes content and interviews to foster storytelling, authenticity, and community. In one interview, Rihanna mentions that inclusivity is like “second nature” to her as it reminds her of people in her own life when designing apparel. This reinforces the idea that inclusivity is not just a marketing strategy but a core, intrinsic value for the lingerie company. With strong brand equity, Savage X Fenty successfully disrupted the lingerie market, achieving revenue growth of over 200 percent in 2020 and a valuation of $1 billion by 2021. Building on Savage X Fenty’s success, VS can draw inspiration by hosting behind-the-scenes interviews with models, offering audience members a glimpse into their daily lives to deepen storytelling and authenticity. Furthermore, if VS maintains its premium market positioning, it can distinguish itself from Savage X Fenty, acting as the go-to retailer for high-quality designs and luxury lingerie that exudes elegance. This approach can help VS restore its brand resonance and appeal to consumers seeking an elevated shopping experience.
SKIMS: Shaping Success with Authenticity
Consistency is essential to showcasing authenticity to the VS audience. Founded in 2019 by Kim Kardashian and Jens Grede, SKIMS was created to reimagine shapewear, addressing Kardashian’s personal struggles with finding effective and comfortable options. A key driver of SKIMS' growth has been collaborative marketing, using limited-edition and seasonal collections to humanize much of its products, making it relatable but also attainable. This strategy has fueled the brand’s rapid success, with SKIMS generating an estimated $750 million in revenue in 2023, a 50 percent increase from 2022. Notably, 70 percent of its customers are Millennials or Gen Z, aligning with a similar target market to VS.
VS can adopt a similar strategy by embracing partnerships and campaigns with artists who bring a fresh, relevant, and inclusive perspective. Collaborating with rising talents can allow consumers to connect with figures beyond the modelling industry. These artists would represent diverse industries and help redefine beauty standards that would help VS reposition its brand image. Creating an environment where messaging is more transparent and authentic helps foster a deeper connection with consumers. SKIMS' has a 14 percent retention rate within 15 months of a first purchase. By implementing a strategy similar to SKIMS, VS can drive greater customer loyalty. By prioritizing consistent messaging and forging authentic collaborations, VS can better capture younger consumers and strengthen its brand resonance.
Angel’s Touch
Reviving a Legacy Through Inclusive Design
While VS has addressed some consumer concerns through its rebranding, there is still a long way to go to rebuild trust and improve brand perception. The VS Angels have historically been a differentiator for the company and should therefore play a key role in building back brand equity. For their next fashion show, VS should launch “Angel’s Touch,” a unique limited-edition product line showcasing custom-made designs from ten diverse, fan-favourite Angels. Ensuring a diverse selection of models to feature in this collection is critical since this allows customers the opportunity to purchase a design from the model that resonates most with them. In doing so, VS will benefit through secondary associations with the featured Angels. This fashion show will bring back the iconic glitz and glamour that was missing in their comeback fashion show. This campaign should be spearheaded by celebrity model Alex Consani who resonates strongly with Gen Z audiences and was named Model of the Year at the 2024 Fashion Awards. As one of the first two trans women to walk the VS runway, Consani being the face of this campaign can bring in a diverse perspective to reinforce VS’s shift towards inclusivity authentically.
Limited-Edition Runway Collection
The custom pieces from this collection should be worn on the catwalk by their respective designers. Seeing this should motivate aspirational consumers to purchase these exclusive runway items in order to match with their favourite models. After the fashion show, the Angel’s Touch collection should become available both online and in-store for a month following the premiere. To supplement this product launch, VS should release a video series on YouTube featuring each Angel’s design process, from initial brainstorming to walking the runway. Shorter bite-sized clips of key moments from the video series should be posted on TikTok, Instagram Reels, and YouTube Shorts to engage Gen Z consumers who respond better to short-form content. With Gen Z showing a growing interest in product personalization, highlighting their favourite models’ custom designs and unique self-expression could help VS better connect with this consumer segment. To ensure the feasibility of mass-producing these items, the models can choose from a selection of options provided by VS in terms of materials, colours, and design to make their bejeweled bras. By fostering greater customer engagement while simultaneously attracting loyal fans of the selected Angels, VS can improve both brand perception and boost sales.
Redefining What It Means to Be an Angel
In the weeks leading up to the show, VS should launch teaser videos in a social media campaign called “Ready to Spread Your Wings?” to build excitement around the new limited-edition collection. The narrative surrounding this show and campaign should dispel the notion that the title of “Angel” is tied to a specific beauty standard. The fashion show should support this approach by creating cohesion with key elements, from choreography to musical performances. Models should be encouraged to incorporate a signature move to their walks to highlight individuality and reinforce that there is no single way to be an Angel. In addition, VS should embrace partnerships with rising talent like Sabrina Carpenter and Chappell Roan as performers. Chappell Roan is a rising pop star and member of the LGBTQ+ community. Sabrina Carpenter is a cultural phenomenon that represents female empowerment. Both artists have bold and authentic lyricism in their songs that would align strongly with VS’s central theme of celebrating diversity and self-expression.
From Runway to Retail: Fashion’s Best-Kept Secret
To ensure this campaign isn’t seen as a publicity stunt, VS should strive to weave aspects of Angel’s Touch into its long-term strategy to meet evolving consumer values. Beyond a one-time fashion show, the brand should continue to prioritize collaborations with diverse models, celebrities, and designers for its seasonal collections. A key initiative in sustaining this momentum is through the “Angel’s Atelier” series. This series will feature VS’s collaborators in YouTube videos that document their creative process while giving them a platform to share their personal journey, style, and perspectives on self-confidence and inclusivity. By transforming the runway show into an ongoing conversation, this series will reinforce VS’s commitment to celebrating individuality while keeping audiences engaged long after the fashion show ends. By making a consistent, long-term effort to work with artists from diverse backgrounds, VS could continue to bring fresh, unique ideas and combat perceptions of being performative.
By integrating a long-term approach to innovation, inclusivity, and storytelling through the Angel’s Touch collection and Angel’s Atelier series, VS could gradually rebuild consumer trust while still staying true to its legacy. This strategy allows the brand to resonate with both longtime fans and new generations, giving VS a chance to spread its wings once again.
