Added: Chrisy Cairns - Date: 24.11.2021 17:26 - Views: 12503 - Clicks: 6393
CNN -- Victoria's Secret plans to close 53 stores this year as more women desert the brand for lingerie startups and big retailers. The company's other flagship brand, Bath and Body Works, did well. Other retailers, including Walmart and Best Buy, have performed strongly in recent months. And the economy is strong. Victoria's Secret has failed to adapt to consumer demand for more custom-fitted bras and inclusive messaging and advertisements.
Although marketing trends in lingerie have changed, Victoria's Secret has mostly stuck to the same playbook that helped it dominate the industry: push-up bras and celebrity models. Victoria's Secret relied on heavy promotions to draw customers to its stores during the holidays — the types of discounts that generally hurt margins. L Brands CEO Stuart Burgdoefer said the company has been "more promotional than we would like over the last several years" in a call with analysts Thursday.
The difficult holiday period and planned store closures are the latest turmoil for the brand. In December, its annual fashion show sunk to its worst ratings ever. The company closed 30 stores last year as it tried to escape weak malls. The company has lost 3. Victoria's Secret's path to a turnaround looks challenging, too.
Victoria's Secret still has more than stores in the United States. Competition in the lingerie industry has increased in recent years. Startups like Adore Me and ThirdLove have broken Victoria's Secret's grip on the industry by selling better-fitting bras and using everyday women, not models, in advertising. Big retailers also threaten Victoria's Secret. Target launched a new bra and underwear brand for women and teenage girls called Auden on Monday. Lululemon and Walmart have also expanded their efforts in the space.
The company did not rule out ending the fashion show or using more inclusive marketing. But shifting its identity could prove difficult, said Janine Stichter, analyst at Jefferies. They don't have a great option.
News National. Actions Facebook Tweet. Victoria's Secret will close 53 stores as struggles mount. The Nielsen company said the show has lost more than half its television audience in two years.
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Victoria's Secret will close 53 stores as struggles mount