Victoria’s Secret had a rocky 2018. Sales slid, and it lost a CEO, closed stores, and came under intense scrutiny for its racy ads and runway shows, which analysts said failed to resonate in the era of #MeToo.
Things came to a head in November, when an executive from parent company L Brands made controversial comments about transgender and plus-size models in an interview with Vogue.
Toward the end of the year, L Brands CEO and founder Les Wexner addressed analysts’ concerns in the company’s third-quarter results and said the company was “looking at everything.”
Here’s what has changed since then.
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At best, 2018 was eventful for Victoria’s Secret. At worst, it was disastrous.
Sales slid, and it lost a brand CEO, closed stores, and came under intense scrutiny for its racy ads and runway shows, which analysts said failed to resonate in the era of #MeToo.
Customers complained that the quality of its underwear had slipped, and the brand resorted to heavy discounting to shift stock.
Then, in November, things got worse after a Vogue interview with Ed Razek, the marketing chief of Victoria’s Secret parent company L Brands, went viral online. Razek said in the interview that he didn’t think the company’s annual fashion show should feature “transsexuals” because the show is a “fantasy.” His comments sparked an outcry online, and Razek issued a formal apology.
When the fashion show ran on TV shortly after, ABC said that ratings dropped by approximately a third from the year before.
Toward the end of the year, L Brands’ CEO and founder Les Wexner addressed analysts’ concerns during the company’s quarterly results. Wexner said that everything was on the table as it looked to improve …read more
Source:: Business Insider