How Victoria's Secret Is Redefining "Sexy" | Behind The Business

Victoria’s Secret: A Turnaround Story

Key Concepts:

• Path to Potential: Victoria’s Secret’s four-pillar strategy for revitalization.
• Brand Differentiation: Distinguishing between the Victoria’s Secret and PINK brands.
• Evolving Definition of Sexy: Shifting from a narrow, externally defined standard to a more inclusive and personal one.
• Cultural Relevance: Re-establishing the brand’s connection with contemporary consumer values.
• Social Commerce: Utilizing platforms like TikTok and social media for sales and brand building.

I. Historical Context & The Fall From Grace

For most of the past decade, Victoria’s Secret held the position of the world’s largest intimates brand. However, the company experienced a significant decline in cultural relevance and consumer appeal. This was attributed to a long-standing, narrow definition of “sexy” – one that was perceived as aspirational but ultimately exclusionary and out of touch with evolving consumer preferences. Competitors successfully capitalized on this shift by embracing body positivity, inclusivity, and digital-first strategies. The brand also faced a series of scandals that further damaged its reputation. Hilary Super, the current CEO, joined the company in 2024, inheriting a business still generating billions in revenue but lacking cultural influence. As she stated, “There were a lot of reasons you could have said no to this job. So why did you say yes? Because I thought it was the transformation opportunity of the industry of a lifetime.”

II. The “Path to Potential” Strategy

Hilary Super’s turnaround strategy, dubbed the “Path to Potential,” is built upon four key pillars:

1. Supercharging Bras: Focusing on product expertise and innovation within the core bra category.
2. Recommitting to PINK: Revitalizing the PINK brand to appeal to a younger demographic, offering a broader range of apparel and a more balanced lifestyle aesthetic. The focus is on the 20-year-old customer, recognizing the need to introduce the brand to a new generation.
3. Maximizing Beauty: Expanding and enhancing the beauty product offerings.
4. Evolving Go-to-Market Strategy: Creating distinct creative DNA for each brand (Victoria’s Secret and PINK) and leveraging modern marketing tools, including a focus on customer acquisition through segmented marketing.

Super emphasized the importance of brand differentiation, stating, “We have an opportunity to make sure that the creative DNA associated with each brand is distinct and compelling.”

III. Redefining “Sexy” & The Fashion Show Revival

A central element of the turnaround is redefining the concept of “sexy.” The new approach emphasizes inclusivity and personal empowerment. As Super articulated, “Sexy is what you want it to be. I think sexy means something for every woman, and it means something at different moments in her life.” This shift is reflected in the return of the Victoria’s Secret Fashion Show in 2024 and its evolution in 2025. The show now features a more diverse cast, including returning “Angels” and K-pop stars, signaling the brand’s updated focus.

The Fashion Show’s return has demonstrably impacted the business. Elizabeth Price, CMO, noted the “significant growth in customer file growth in the business” following the show, as well as substantial organic virality on TikTok, where the brand “owned the algorithm for weeks.”

IV. Financial Performance & International Expansion

The strategic changes are beginning to yield positive financial results. In the third quarter of 2025, net sales increased by over 9% year-over-year. Victoria’s Secret currently boasts over 25 million active customers in North America and hundreds of millions globally.

International expansion remains a key priority, with plans to open new stores in existing regions and enter new countries. Social commerce, particularly in China, is identified as a significant growth opportunity. Despite facing headwinds, such as a $90 million net impact from tariffs, the company expresses confidence in its ability to mitigate challenges and maintain momentum. Super stated, “We come out on the other side stronger” after facing challenges like COVID-19 and tariffs.

V. Operational Details & Customer Focus

Victoria’s Secret operates with a substantial workforce of approximately 35,000 associates across its stores, many of whom are full-time. A key aspect of the customer experience is the emphasis on bra fitting, with every associate trained to provide this service. Elizabeth Price highlighted the team’s passion for the customer, stating, “The team is just passionate about the customer, passionate about bringing the customer and bringing that love of Victoria’s Secret to life.”

VI. Future Outlook & Brand Identity

Looking ahead, Victoria’s Secret aims to solidify its position as a leading intimates brand by remaining true to its core values while adapting to contemporary consumer expectations. Super concluded, “Victoria’s Secret stands for sexy, glamorous, accessible, luxury, and that is who we are, and our job is to connect those attributes to culture today.” The company acknowledges it won’t appeal to everyone but aims to resonate with millions of women worldwide.

Technical Terms:

• Intimates: A category of clothing including lingerie, sleepwear, and loungewear.
• Social Commerce: Utilizing social media platforms for e-commerce transactions.
• Algorithm: A set of rules used by social media platforms to determine content visibility.
• Customer Acquisition: The process of gaining new customers.
• Full Funnel Marketing: A comprehensive marketing approach that targets customers at every stage of the buying process.
• Net Sales: Revenue after deducting returns, allowances, and discounts.
• Tariffs: Taxes imposed on imported goods.