Victoria’s Secret announced plans to close 53 stores this year due to low sales. The brand continues to struggle as big retailers, such as Amazon and Walmart, sales continue to rise.
via Fox 5 News San Diego:
Sales at stores open at least a year fell 7% during Victoria’s Secret’s most recent quarter, parent company L Brands said Wednesday. The company’s other flagship brand, Bath and Body Works, did well.
Victoria’s Secret has failed to adapt to consumer demand for more custom-fitted bras and inclusive messaging and advertisements. Although marketing trends in lingerie have changed, Victoria’s Secret has mostly stuck to the same playbook that helped it dominate the industry: push-up bras and celebrity models.
Victoria’s Secret relied on heavy promotions to draw customers to its stores during the holidays — the types of discounts that generally hurt margins. L Brands CEO Stuart Burgdoefer said the company has been “more promotional than we would like over the last several years” in a call with analysts Thursday.