It’s no shock that despite many Y2K fashion trends coming back in recent years, Victoria’s Secret has been experiencing a steady decline. The company has been struggling, from filing for bankruptcy in 2023 to premarket shares plunging below 30% earlier this year.
One of the reasons for the underwear company’s dip in sales and popularity has been the rise of competitors. In the early 2000s, Victoria’s Secret and sister brand Pink were not only the height of fashion but also the premiere location for women’s intimates to shop. Soon, the brand branched out, selling more than just underwear, lingerie, and pajamas. They launched perfumes, skin care products, and even hair care. Despite their variety of goods, Victoria’s Secret’s biggest cash cow was marketing sex appeal through thinness.
As global trends shifted toward body positivity in the late 2010s and early 2020s, competitors popped up to rival Victoria’s Secret by offering products catered toward body diversity. Skims by Kim Kardashian and Yitty by Lizzo began offering consumers an alternative that didn’t require them to diet or strive to fit the stick-thin, stick-thin angel archetype Victoria’s Secret was known for. Other brands, like Urban Outfitters and Aerie, began marketing more affordable undergarments and loungewear sets.
Victoria’s Secret has also been priced out by LuLuLemon, which offers high-quality women’s workout products, like sports bras, for as low as $29. Victoria’s Secret’s lowest-priced sports bras retail at $45.
No longer the only option for women’s intimates, Victoria’s Secret needed to adapt to keep up with the changing market. Unfortunately, the company has slowly expanded its market to embrace body positivity or lower prices to compete with other brands. Additionally, with premier locations housed in shopping centers and malls across North America, which have seen a dramatic decrease in traffic with the rise of online shopping, Victoria’s Secret will continue to close stores, with an estimated 40 to shutter by the end of 2024.
