Victoria’s Secret wants to return to the runway, and probably in the not too distant future.
The troubled lingerie brand has been busy implementing its new marketing strategy, having put to rest its bedazzled angels for a more inclusive image, changing everything from its pink store interiors to its cast of models and spokepersons, to bringing relevance to its collections.
The company is set to becomes its own entity from August, partially breaking away from parent conglomerate L Brands, and will begin testing a new retail format outside of shopping malls.
In a virtual presentation Victoria’s Secret CEO Martin Waters stated: “We have historically had a very significant amount of our marketing spend that was around the fashion show, and we saved that money in the last two years. Our intent is to get back into the fashion show business.”
“We’re not in a hurry to announce when that will be or how that will be ... but we will redefine it in a way that’s culturally relevant in the coming years.”
Victoria’s Secret’s makeover is going all the way to the top, with a new board of which six out of seven directors are women, including its chair. Only two members will come from within L Brands, certifying its independence.
New products, including a return to swimwear and launching nursing and maternity bras are set to return Victoria’s Secret to its former sales prowess, according to forecasts. The brand saw a 25 percent increase in same-store sales in the first quarter.
Since November 2020 the company has been implementing changes under its new CEO and management team.