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Amidst controversy and declining sales, Victoria's Secret has decided to relaunch its swimsuit line come Spring 2019. (It has been approximately two and a half years since the brand announced the line would be discontinued.)
The news was announced during a VS earnings call with Stuart Burgdoerfer, CFO of L Brands (VS's parent company) this morning. The brand will apparently release eyewear and footwear next year as well.
In Spring 2016, Victoria's Secret announced, much to the dismay of its customers, that it would be discontinuing its swimwear line.
The brand wanted to focus its efforts on athleisure at the time, as well as its "core" goods. This was likely the beginning of the VS downfall.
Now, as it struggles to find footing in the changing retail landscape, Victoria's Secret is reverting back to its old ways and bringing back the overpriced bikinis people once loved.
It's clear that the brand is out of touch with modern women, and the numbers prove it. According to CNBC, shares at L Brands (which also owns Bath & Body Works, Henri Bendel, and PINK) plummeted about 38 percent this year alone. Translation: Nobody is buying Victoria's Secret lingerie anymore.
In 2018, women are heading more toward brands that are inclusive of everyone, no matter their shape, size, color, orientation, or ability. They're sick of seeing the same body type grace the VS runway.
And rather than address women's concerns and give them even the slightest ounce of what they want, they refuse to diversify. Chief Marketing Officer Ed Razek even told Vogue they don't intend on becoming more diverse because the show is a "fantasy."
"So it’s like, why don’t you do 50? Why don’t you do 60? Why don’t you do 24? It’s like, why doesn’t your show do this? Shouldn’t you have transsexuals in the show? No. No, I don’t think we should. Well, why not? Because the show is a fantasy," Razek said.
As if the lack of sales and painfully out-of-touch comments weren't enough, the brand's leadership is also wavering. Shortly after Razek received backlash over his statements, the company's CEO Jan Singer resigned.
The company has now tapped John Mehas, current president of Tory Burch, to be Singer's successor.
Aside from swimwear in 2019, Burgdoerfer also said the brand may be "entering some other exited categories" as well. This likely includes other apparel and accessories. He also added that the brand plans to begin selling eyewear and Ugg products through licensing agreements.
WHY?
Anyways.
