Built the first aspirational lingerie brand for mainstream America with the Angels campaign. Supermodels became household names — Gisele, Tyra Banks — and the annual fashion show was a cultural event. Captured over a third of the entire U.S. market.
The world shifted beneath them. Women wanted comfort and authenticity over unattainable beauty standards. The Me Too movement made their male-gaze marketing toxic. Meanwhile, competitors like Lululemon and comfort-first brands ate their lunch. Malls declined, inflation hit, and Victoria's Secret kept running the same playbook while culture moved on.
Three CEOs in four years. Market share cut nearly in half. Stuck in no-man's land — not luxury, not discount, not clear what they stand for. Still operating but the identity crisis is visible on every shelf.
