Victoria’s SecretVSCO

has a dirty little secret — it was founded by a man, for men. Since 2020, the company has struggled to shake its sexist, out-of-touch reputation — and efforts to grow into a woman-run, feminist, inclusive brand have been rocky, leading to the departure of its first female CEO and accusations of being“too woke.” This has pushed its stock down nearly 50% since it split from L BrandsBBWI

in 2021 — and now the company is hoping a little nostalgia can help turn things around.

Bringing sexy back: Six years ago, Victoria’s Secret canceled its famous Fashion Show amid criticism of the brand and its famous Angel supermodels. Shortly after, the company’s sales went into a steady decline — now it’s on track for its fourth straight year of decline. And to remedy that, they’ve announced the return of the Fashion Show this fall.

• Last year, Victoria’s Secret management declared they were done putting ‘wokeness’ over ‘sexiness,’ signaling a shift away from their recent focus on female empowerment and back towards their traditionally male audience.
• This came after the stock had its worst day ever in March, plunging 26% due to disappointing holiday sales.

Can glamour boost the bottom line?

The Victoria’s Secret Angels might have been novel years ago, but today, they face stiff competition. Almost every major competitor has launched their own show, often with a more modern and progressive approach. This raises a key question for investors: can the Angels really helpVSCO

maintain its top spot in the lingerie market?

• American Eagle’sAEO
  Aerie and Urban OutfittersURBN
  have successfully taken market share from VS by appealing to women without being overtly political.
• Other fast-growing brands have even tested the markets, with Rihanna’s Savage X Fenty lining up an IPO, while shapewear giant SPANX sold a majority stake to BlackstoneBX
  .

Will it stun or flop on the runway? A Victoria’s Secret rep says the new show will be more inclusive than in the past, directed by women, and designed to appeal to a wider audience. But with lingerie sales down industry-wide for four consecutive quarters, it’s unclear if skeptical shoppers will be interested in what Victoria’s Secret offers.