Executive Summary:
This report will include research into possible reasons for Victoria’s Secret’s decline and proposed solutions. Body image, sustainability and overall values of the brand will be discussed. Primary research used was interviews, observations, surveys and focus groups. Secondary research focused on Mintel reports, past surveys, social media and articles on the brand. The quantitive research suggested Victoria’s Secret must change their values in order to coincide with consumer demographics. The brand is ‘luxury’ but the target market doesn’t have the income to match the prices tag so turns the consumer to opt for a more reasonably priced brand. We’re looking into the outdated imagery of Victoria’s Secret and how newly emerging competitors are combatting body positivity and inclusivity. The goal is to bring a wider audience into the brand.
This report will include research into possible reasons for Victoria’s Secret’s decline and proposed solutions. Body image, sustainability and overall values of the brand will be discussed. Primary research used was interviews, observations, surveys and focus groups. Secondary research focused on Mintel reports, past surveys, social media and articles on the brand. The quantitive research suggested Victoria’s Secret must change their values in order to coincide with consumer demographics. The brand is ‘luxury’ but the target market doesn’t have the income to match the prices tag so turns the consumer to opt for a more reasonably priced brand. We’re looking into the outdated imagery of Victoria’s Secret and how newly emerging competitors are combatting body positivity and inclusivity. The goal is to bring a wider audience into the brand.
The Brand:
Victoria’s Secret is a well-established lingerie brand, playing on sultry and sexy branding. The report looks into the position in the market and the values of the brands. It delves into the marketing of the fashion show and the loss in views and why this might be. As one of the biggest lingerie brands, the report discusses the current flaws in the brand compared to the current market. Barr, N. (2013) stated that Victoria’s Secret began in 1977 when Roy Raymond was buying lingerie for his wife. He wanted to create and experience for men where they felt comfortable shopping, creating a sexy and inviting atmosphere. However revolutionary this brand was, it was near bankruptcy within 5 years of opening. Leslie Wexner then bought the company. This was around women’s sexual liberation and the birth control pill, attitudes were changing. The brand needed to appeal to women. Later, it was branded as the media’s image of a fantasy and broadened the market for a more affordable luxury brand. This worked, it was on trend and a new wave of sexy. Fast-forward almost 50 years later, women’s values have changed. Feminism and the ‘me too’ movement have taken over as we have become a more inclusive and mindful society. Victoria’s Secret has failed to address this in the brand, refusing to use trans of plus-size models, Phelps. N (2018) spoke to chief marketing director of L Brans, Ed Razek. He classed the shows as a ‘fantasy’ and these models don’t fit into this. Causing a big amount of backlash, this may be one of the reasons for their decline. Research into consumer values, the online industry, and the rise in social media correlate with the decline in Victoria’s Secret. This report puts forwards suggestions for the brand to increase their relevancy and broaden their market.
Victoria’s Secret is a well-established lingerie brand, playing on sultry and sexy branding. The report looks into the position in the market and the values of the brands. It delves into the marketing of the fashion show and the loss in views and why this might be. As one of the biggest lingerie brands, the report discusses the current flaws in the brand compared to the current market. Barr, N. (2013) stated that Victoria’s Secret began in 1977 when Roy Raymond was buying lingerie for his wife. He wanted to create and experience for men where they felt comfortable shopping, creating a sexy and inviting atmosphere. However revolutionary this brand was, it was near bankruptcy within 5 years of opening. Leslie Wexner then bought the company. This was around women’s sexual liberation and the birth control pill, attitudes were changing. The brand needed to appeal to women. Later, it was branded as the media’s image of a fantasy and broadened the market for a more affordable luxury brand. This worked, it was on trend and a new wave of sexy. Fast-forward almost 50 years later, women’s values have changed. Feminism and the ‘me too’ movement have taken over as we have become a more inclusive and mindful society. Victoria’s Secret has failed to address this in the brand, refusing to use trans of plus-size models, Phelps. N (2018) spoke to chief marketing director of L Brans, Ed Razek. He classed the shows as a ‘fantasy’ and these models don’t fit into this. Causing a big amount of backlash, this may be one of the reasons for their decline. Research into consumer values, the online industry, and the rise in social media correlate with the decline in Victoria’s Secret. This report puts forwards suggestions for the brand to increase their relevancy and broaden their market.
PESTEL:
Victoria’s Secret parent company L Brands (unknown), brands themselves as a value-led organisation. Speaking on reducing their fashion footprint, sourcing, workers right and environmental damage. However, organisations have seen the brands flaws. The Rainforest Action Network (2015) said L Brands made the list of brands causing damage to the rainforest, which was based on land grabbing policies, abusing human rights and destructing forest-dependant communities. They have been called out on lack of traceability for their materials and part of the growing problem for the environment. The International Trade Union Confederation (2011) found in three factories, workers were abused, forced to work overtime and paid less than minimum wage, L Brands sourced materials from here. There has been a staggering rise in the online industry over the past few years. However, In regards to lingerie, Mintel Academic (2018) 82% of women have purchased their lingerie in-store, this is supported by an interview with Victoria’s Secret manager and Trainer who stated 70% of women are wearing the wrong bra size. It suggests that women value the in-store experience and expert fitting Victoria’s Secret offers. Consumer values have changed, Nu-nude protested the non-inclusive values of the VS Fashion Show outside of Oxford Street, women are becoming more body positive. The consumer demographic is 16-24, according to Mintel (2018), they spend on average £33 yearly on underwear and loungewear. This doesn’t match the luxury price tag of Victoria’s Secrets products. As this is their consumer demographics they may need to reduce prices in order to re-gain this consumer back.
Victoria’s Secret parent company L Brands (unknown), brands themselves as a value-led organisation. Speaking on reducing their fashion footprint, sourcing, workers right and environmental damage. However, organisations have seen the brands flaws. The Rainforest Action Network (2015) said L Brands made the list of brands causing damage to the rainforest, which was based on land grabbing policies, abusing human rights and destructing forest-dependant communities. They have been called out on lack of traceability for their materials and part of the growing problem for the environment. The International Trade Union Confederation (2011) found in three factories, workers were abused, forced to work overtime and paid less than minimum wage, L Brands sourced materials from here. There has been a staggering rise in the online industry over the past few years. However, In regards to lingerie, Mintel Academic (2018) 82% of women have purchased their lingerie in-store, this is supported by an interview with Victoria’s Secret manager and Trainer who stated 70% of women are wearing the wrong bra size. It suggests that women value the in-store experience and expert fitting Victoria’s Secret offers. Consumer values have changed, Nu-nude protested the non-inclusive values of the VS Fashion Show outside of Oxford Street, women are becoming more body positive. The consumer demographic is 16-24, according to Mintel (2018), they spend on average £33 yearly on underwear and loungewear. This doesn’t match the luxury price tag of Victoria’s Secrets products. As this is their consumer demographics they may need to reduce prices in order to re-gain this consumer back.
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