The latter category includes wire-free bras, such as the ones Victoria's Secret launched as part of Love Cloud. Within that figure, sports bra sales surged 43%, and nonsports bras were up 7% on a two-year basis. grew 6% in 2021 compared with 2019 levels, according to NPD. Kristen Classi-Zummo, a fashion apparel industry analyst for NPD Group, said women are increasingly seeking out comfort-fitting bras, including sports bras, for day-to-day wear. "Victoria's Secret's resumption of bra launches is a key strategic change and is crucial to building share." Choosing comfortīy launching Love Cloud, which includes bras in six different silhouettes, Victoria's Secret hopes to appeal to women of all ages who are looking for reasonably priced, everyday lingerie. "Victoria's Secret's brand overhaul appears to be working," BofA analyst Lorraine Hutchinson said in a note to clients. The biggest complaint among consumers for PINK, the firm found in the same survey, is higher prices. The firm noted that this is improved from 2019 levels, when 33% of respondents in a similar survey said they liked Victoria's Secret less over the past 12 months, with many women citing poor brand image.īofA also found that the PINK brand, a division within Victoria's Secret that caters to younger females, has maintained its brand image more steadily in recent years. Thirteen percent of women said they liked Victoria's Secret better than they did pre-Covid, while 23% liked it less, and 64% had no change in opinion, BofA found. One recent survey found that women are increasingly paying attention to Victoria's Secret's turnaround.īank of America polled 1,000 women between the ages of 18 and 65 in January and found the respondents had fewer complaints about Victoria's Secret compared with pre-pandemic. It's also testing a smaller, off-mall format. Victoria's Secret has said it plans to touch up all of its roughly 1,400 locations globally, in the coming years. The company has, meantime, been in the process of remodeling its retail stores around the United States to bring in fresher fixtures, lighter paint on the walls and mannequins of all shapes and sizes to welcome customers inside. "Really acknowledging women in every in every stage of their life. we have brought out a mastectomy bra," she said. "In the short time that I've been back in the business, we have brought out a maternity nursing bra. Since then, Schaffer has played a key role in creating Love Cloud, which she described as "the most comfortable bra in the world." It's a stark divergence from the wire-filled and padding-packed bras that Victoria's Secret has debuted in the past. This was all shortly before Victoria's Secret split from Bath & Body Works to become a separate publicly traded entity, in August. At the time, the company also announced a new chief human resources officer and executive vice president of North America store sales, who were tasked with improving employee morale and winning customers back. Martin Waters, former head of L Brands' international division, was tapped in late 2020 to be chief executive of Victoria's Secret. Schaffer's appointment also notably came during a broader shake-up at Victoria's Secret. It appears to be a successful move in the early going. Schaffer brought in a new team to bring a fresh perspective on the business. "We see innovation back in our business," Chief Design Officer Janie Schaffer said in an interview.Ī company veteran, Schaffer rejoined Victoria's Secret in 2020 following a stint at British department store chain Marks & Spencer. That means the company is going back to the drawing table for new merchandise, according to Victoria's Secret's design chief. Analysts appear to be in favor of Victoria's Secret's push to get the basics right. The shift by Victoria's Secret also comes as women seek to incorporate more comfortable items into their wardrobes, even as they return to social settings, including going to the office. The company could provide more details when it reports its fiscal fourth-quarter and full-year results after the market closes Wednesday. Revenue at Victoria's Secret in 2020 tumbled 28% to $5.4 billion from $7.5 billion a year earlier, due in part to Covid-related store closures and hampered consumer demand. The stock has fallen more than 20% over the past six months, bringing the retailer's market capitalization to $4.8 billion. Victoria's Secret shares are down more than 4% year to date. And, importantly for skeptical investors, it could help to propel sales in the coming quarters. The launch of Love Cloud is yet another sign Victoria's Secret's is serious about working to overhaul its image - from racy and exclusive to tasteful and inclusive.
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