Victoria’s Secret: the falling angels

Abstract

Research methodology

Secondary research

Case overview/synopsis

Victoria’s Secret, a lingerie retailer founded by Roy Raymond in 1977, is the largest retailer in women’s intimate apparel in North America. Nevertheless, the business has been under fire in the recent past for failing to be inclusive and diverse, declining revenues and engaging in high-profile controversies. Victoria's Secret has experienced competition from emerging lingerie brands including Savage X Fenty, which Rihanna established in 2018, ThirdLove and Aerie by American Eagle & Knix. Victoria's Secret tried to reinvent itself in reaction to these difficulties by altering its marketing approach, switching out its “angels” for more diversified models, and launching a new range of cozy, informal loungewear. However, there were conflicting reactions to these initiatives, and the company's sales have been declining.

Complexity academic level

Executive training programs, upper level undergraduate and graduate MBA students in strategic, marketing and general management. Students should understand the basics of strategic management and marketing before undertaking to analyse this case.

Citation

Majumdar, A., Prabha, S.L. and Sachdeva, K. (2025), "Victoria’s Secret: the falling angels", , Vol. 21 No. 1, pp. 187-225. https://doi.org/10.1108/TCJ-10-2023-0217