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The Rise and Fall of Victoria’s Secret
Oct 20, 2024
Chantal Fernandez, co-author of "Selling Sexy: Victoria’s Secret and the Unraveling of an American Icon," shares her insights into the swift rise and dramatic fall of Victoria’s Secret. She discusses how founder Les Wexner’s understanding of consumer desires fueled early success, but the brand struggled to keep up with competition from companies like Skims and Aerie. Fernandez also delves into revitalization strategies, highlighting lessons from Abercrombie & Fitch’s turnaround, with an emphasis on quality, inclusivity, and modern consumer needs.
25:59
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Quick takeaways
- Les Wexner's understanding of American consumers and focus on retail theater revolutionized Victoria's Secret, emphasizing value and in-store experiences.
- Victoria's Secret struggles against emerging brands like Skims and Aerie due to outdated styles, highlighting the need for brand strategy adaptation.
Deep dives
The Shifting Landscape of Retail
Retailers are currently facing a significant challenge as consumer spending habits shift, particularly within the luxury market. Despite billions being spent annually on clothing, there is a perception that purchases are declining, leading to anxiety among fashion executives. The luxury sector is experiencing a slowdown, prompting brands to change leadership positions to revive interest and boost sales. This landscape highlights a trend where accessibility through e-commerce is becoming critical, yet brands like Victoria's Secret struggle with maintaining an elite identity while trying to capture a broader audience.
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