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The company’s chief financial officer, Timothy Johnson, said Victoria’s Secret plans to spend more on marketing in 2023, both to build brand awareness and to support the new version of our fashion show, coming later this year.
Victoria’s Secret is bringing back its famous fashion show after a four-year hiatus and a lingerie brand revamp.
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The company’s chief financial officer, Timothy Johnson, said Victoria’s Secret plans to spend more on marketing in 2023, both to build brand awareness and to support the new version of our fashion show, coming later this year.
Johnson, who made the comments during a quarterly earnings call, did not provide additional details about the program. A representative for the brand did not immediately respond to Insider’s questions about the show.
The show featured top models like Tyra Banks, Gisele Bündchen and Gigi Hadid modeling the brand’s lingerie and the Fantasy Bra, which featured real gemstones and diamonds.
In more recent years, the show has also included musical performances by the likes of Lady Gaga and Selena Gomez.
Viewership topped 9.7 million in 2013, but five years later, it dwindled to just 3.3 million people.
That same year, Ed Razek, then chief marketing officer of Victoria’s Secret’s former parent company, caused quite a stir when he said in an interview with Vogue that he didn’t think the show should feature transgender or plus-size models because “the show is a fantasy”.
Razek apologized for his comments and eventually resigned.
Consumer tastes had begun to shift away from push-up bras and the sexpot style defined by Victoria’s Secret and towards more comfortable bralettes and sports bras.
The retailer was slow to recognize the change, losing ground to American Eagle’s underwear brand Aerie and new competitors like ThirdLove and Lively.
By 2018, Victoria’s Secret’s market share dropped to 24%, from 33% just two years earlier, and customers complained that quality had also taken a nosedive.
Furthermore, fans and critics alike no longer liked the company’s fashion show and marketing in general, which featured only tall, lean, and conventionally beautiful bodies, for being out of touch with typical consumers.
Meanwhile, Limited Brands founder Les Wexner has been linked to the late sex offender Jeffrey Epstein.
He eliminated the angels in favor of a more diverse and inclusive lineup of models and spokespersons, including soccer star Megan Rapinoe and actress-investor Priyanka Chopra.
The changes have helped boost sales. “We believe we are two years into a five-year journey in turning our business around,” CEO Martin Water said.
