For decades, the Victoria’s Secret secret wasn't actually a secret at all. It was a massive, loud, glitter-covered marketing machine that everyone could see from miles away. You know the one. The wings. The $10 million fantasy bras. The specific, razor-thin aesthetic that defined "sexy" for an entire generation. But then, almost overnight, the wings vanished. The televised fashion show, which once pulled in 12 million viewers, was scrapped.
People started asking what was the secret to their sudden downfall, or rather, what was the secret they were trying to hide behind their massive 2021 rebrand?
The truth is a lot messier than just "changing tastes." It was a collision of a predatory corporate culture, a failure to recognize that women were buying bras for themselves rather than for a male gaze, and a late-to-the-game scramble to fix a brand that had become culturally radioactive.
The Victoria's Secret Pivot and Why It Felt So Jarring
When Victoria’s Secret launched the "VS Collective" in 2021, they traded supermodels like Adriana Lima for activists and entrepreneurs like Megan Rapinoe and Priyanka Chopra Jonas. It was a 180-degree turn. Honestly, it felt a little desperate to some. For years, Ed Razek, the former chief marketing officer of L Brands (the parent company), had famously told Vogue that the show shouldn't include "transsexuals" because the show is a "fantasy."
That quote was the beginning of the end.
The company wasn't just fighting a shift in fashion; they were fighting a PR nightmare involving the ties between CEO Les Wexner and Jeffrey Epstein. This wasn't just about lace and underwire anymore. It was about survival. The "secret" they were desperately trying to pivot away from was a legacy of exclusion that no longer made money.
Business is cold. When the sales started tanking and specialized competitors like Savage X Fenty (Rihanna’s line) and Aerie started eating their lunch, Victoria's Secret had to kill the Angels. They had to.
The Aerie Effect and the Death of Retouching
While Victoria's Secret was doubling down on push-up bras and heavy padding, American Eagle’s Aerie brand did something radical in 2014. They stopped retouching their models. They called it #AerieReal.
It worked.
Gen Z and Millennials didn't want the airbrushed, unattainable perfection that Victoria's Secret sold. They wanted stretch marks. They wanted different body types. They wanted comfort. Victoria’s Secret ignored this for nearly five years, thinking their "fantasy" was bulletproof. By the time they realized the secret to modern retail was authenticity, they were miles behind.
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Retail analysts like those at Jefferies pointed out that VS had lost significant market share because they were seen as "out of touch." You can't just flip a switch and tell customers you're a feminist brand when your entire history suggests otherwise. It takes time. It takes a total gutting of the C-suite.
What Most People Get Wrong About the Comeback
There’s a common misconception that Victoria's Secret is "woke" now and that's why they're struggling. That’s a bit of a simplification. The struggle is actually a "middle-ground" problem. By trying to appeal to everyone—the old fans who liked the glamour and the new consumers who want inclusivity—they've ended up in a bit of a brand identity crisis.
In 2023, they tried to bring back the "show" in a documentary style on Prime Video. It was called The Tour '23. It wasn't a runway. It was a film.
It was... okay.
But it didn't have the cultural impact of the old shows. Why? Because the "secret" to their original success was the spectacle. When you take away the spectacle to be "responsible," you have to replace it with a product that is actually better than the competition. And in a world where Skims (Kim Kardashian's brand) offers better shapewear and ThirdLove offers better sizing, Victoria's Secret is just another store in the mall.
The Financial Reality of the Rebrand
Let's talk numbers. Because money never lies.
In 2016, Victoria’s Secret’s revenue was around $7.7 billion. By 2022, after the rebrand was in full swing, they were hovering around $6.3 billion. That’s a massive hit. The secret to their current strategy isn't just about being "inclusive"; it's about trying to stop the bleeding.
They've introduced:
- Maternity bras (something they refused to do for years).
- Mastectomy bras.
- Adaptive intimate apparel for people with disabilities.
- A revamped "Pink" line that focuses on mental health rather than just "campus life."
These are good moves. They are objectively the right things to do from a human standpoint. But from a business standpoint, they are playing catch-up in a market that has already moved on to smaller, DTC (Direct-to-Consumer) brands that built their identity on these values from day one.
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The Epstein Shadow and the Wexner Legacy
You can't talk about the Victoria's Secret secret without talking about Les Wexner. For a long time, the public didn't really connect the billionaire behind the brand with the dark world of Jeffrey Epstein. But the 2022 Hulu documentary Victoria's Secret: Angels and Demons laid it all out.
Epstein used his connection to Wexner to pose as a recruiter for Victoria’s Secret models. He used the brand's prestige to lure women.
This is the dark secret that no amount of pink packaging could hide forever. When Wexner stepped down and the company spun off from L Brands to become a standalone public entity (VS&Co), it was a literal cleansing of the books. They needed to distance themselves from the 20th-century "old boys club" atmosphere that defined the company’s headquarters in Columbus, Ohio.
The culture was described by former employees as "misogynistic" and "bullying." If you weren't the "right" kind of thin, you were out. That kind of culture eventually rots the product because no one is allowed to innovate or suggest that maybe, just maybe, women want to be comfortable.
Is the Fashion Show Coming Back?
Actually, yes. Sorta.
In late 2024, they brought back a version of the runway show. They realized that they had lost their "entertainment" edge. They brought back legends like Tyra Banks and Gigi Hadid. They tried to mix the old-school glamour with the new-school diversity.
It was an attempt to find the "secret sauce" again.
The feedback was mixed. Some loved seeing the icons back on stage. Others felt it was a retreat from the progress they’d made. But that’s the reality of a legacy brand in 2026. You are constantly walking a tightrope between your history and the future.
The Real "Secret" to Navigating a Brand Crisis
If you're looking for the takeaway here, it's that you can't fake a soul.
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Victoria's Secret spent decades telling women what they should look like. When the world changed, they didn't change because they wanted to; they changed because they had to. Customers can smell that. Authenticity isn't a marketing department's checklist. It’s a foundational value.
The secret to why some brands survive a pivot while others die is speed and sincerity.
VS waited too long. They let the "Angels" become a caricature of themselves before they acted. Now, they are a solid, profitable company, but they aren't the cultural juggernaut they used to be. And honestly? That's probably for the best. The era of one single company defining "sexy" for the entire world is over.
Actionable Insights for the Modern Consumer
If you're following the brand or just looking for the best gear, here’s how to navigate the "new" Victoria’s Secret:
- Look at the reviews for the "Body by Victoria" line. This remains their highest-rated product because it focuses on the one thing they actually always did well: consistent fit.
- Check out the "VS Archive." They are leaning back into their vintage 90s aesthetic because that’s what’s trending on TikTok. If you want the old glamour without the old baggage, that’s where to look.
- Compare with the "New Guard." Before buying, look at Skims for fabric technology or Savage X Fenty for fashion-forward designs. Victoria's Secret is no longer the default; it's an option.
- Watch the leadership. The current CEO, Hillary Super (formerly of Savage X Fenty), is the real indicator of where the brand is going. Her background suggests a move toward more "commercial" but inclusive growth.
The Victoria’s Secret secret was never really about the models or the wings. It was about power—who had it, how they used it, and what happened when the people they were selling to decided to take that power back. The brand is still here, but the "fantasy" has finally met reality.
And reality is a lot more complicated than a pair of wings. It's about bras that fit, marketing that doesn't make you feel like trash, and a company that isn't run like a 1950s frat house.
Moving forward, the secret to their success won't be a mystery at all. It will be whether or not they can actually listen to what women want, instead of telling them.
Next Steps for Brand Enthusiasts:
- Research the current board of directors at VS&Co to see the diversity of leadership compared to 2018.
- Compare the material composition of the "Love Cloud" collection against older "Very Sexy" lines to see the shift from aesthetics to comfort.
- Monitor the brand's quarterly earnings reports if you are interested in the retail business side; their "rebrand" is a case study taught in business schools globally.