Victoria's Secret isn't just a store at the mall. For decades, it was a cultural monolith that dictated exactly what "sexy" looked like for millions of women across the globe. You couldn't escape it. If you walked through any major airport or shopping center in the early 2000s, those bright pink stripes and the scent of "Love Spell" were basically inescapable. But things got weird. The world changed, and for a long time, it felt like Victoria's Secret was stuck in a time capsule from 1999, refusing to look at a calendar.
The brand's fall from grace wasn't just about changing fashion tastes. It was a perfect storm of PR nightmares, declining sales, and a massive disconnect with a new generation of shoppers who cared more about comfort and inclusivity than push-up bras and glittery wings. Honestly, watching the transition over the last few years has been a masterclass in how a legacy brand tries to save itself when the basement is already flooding.
The Era of the Angels and Why it Broke
Remember the Fashion Show? It was huge. At its peak in 2001, over 12 million people tuned in to watch models like Gisele Bündchen and Tyra Banks walk the runway. It was less of a clothing showcase and more of a televised spectacle involving multi-million dollar "Fantasy Bras" and musical guests like Rihanna or Taylor Swift. But by 2018, the viewership had cratered to about 3.3 million.
People were over it.
The problem was the "fantasy" felt increasingly narrow. Ed Razek, the longtime marketing chief, didn't help matters when he told Vogue in 2018 that the show shouldn't include "transsexuals" because the show is a "fantasy." The backlash was instant. It was the "checkmate" moment for the old guard. Within a year, Razek was out, the show was canceled, and the brand was staring down a very bleak future. You can't tell a primary consumer base of Gen Z and Millennials that they don't fit into your "fantasy" and expect them to keep handing over their credit cards. It just doesn't work that way anymore.
Getting Real About the Numbers
Financially, the brand was bleeding. L Brands, the parent company at the time, saw Victoria's Secret’s comparable sales drop year after year. In 2019, they announced they were closing 53 stores. Then came 2020, which was a disaster for almost every retail giant, but for a brand already on the ropes, it was nearly fatal.
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They eventually spun off from L Brands to become their own standalone public company (VSCO) in 2021. This was a survival move. By separating from Bath & Body Works—which was actually doing quite well—Victoria's Secret had to prove it could stand on its own two feet without a "big brother" to balance the books.
The shift in product was equally drastic.
For years, the inventory was 80% "bombshell" and 20% "basic."
Now? It’s almost the inverse.
They had to learn that women actually want to be comfortable. Radical concept, right?
Sports bras and maternity wear became priorities rather than afterthoughts. They even started selling other brands on their website, like For Love & Lemons and Bluebella, basically admitting that they couldn't be everything to everyone by themselves.
The VS Collective and the Death of the Angel
In 2021, they officially retired the "Angels." It was a massive branding risk. Instead, they launched the VS Collective, featuring names like Megan Rapinoe, Priyanka Chopra Jonas, and Paloma Elsesser. The goal was to pivot from "what men want" to "what women want."
But was it authentic?
Some critics argued it felt like corporate "pinkwashing." You can't spend 40 years selling one specific image and then switch to "empowerment" overnight without people raising an eyebrow. However, the data suggests it's working, at least slowly. They brought back the fashion show in 2024, but it looked nothing like the old ones. It was a "World Tour" documentary-style event, focusing on international designers and diverse body types. It wasn't just about the wings; it was about the art. Sorta.
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What They Got Wrong About the Competition
While Victoria's Secret was busy doubling down on lace and padding, brands like Aerie and Savage X Fenty were eating their lunch. Aerie's "Aerie Real" campaign—which promised no retouching on photos—was a massive hit. It made Victoria's Secret look dated and, frankly, a bit mean.
Then came Rihanna.
Savage X Fenty didn't just invite diverse women to the party; they built the party for them.
The inclusivity wasn't a marketing pivot for Fenty; it was the foundation. Victoria's Secret spent years trying to catch up to a standard that their competitors had already normalized. It's a classic business lesson: if you ignore the cultural shift, your customers will find someone who doesn't.
The Jeffrey Epstein Connection
We have to talk about the elephant in the room. You can't discuss the history of Victoria's Secret without mentioning the ties between Leslie Wexner, the founder of L Brands, and Jeffrey Epstein. Though Wexner claimed he cut ties with Epstein years before the public scandal broke, the association cast a long, dark shadow over the company.
Investigative reports, specifically the Hulu documentary Victoria's Secret: Angels and Demons, detailed how Epstein reportedly used his proximity to Wexner to pose as a recruiter for the brand to prey on women. It was a PR nightmare that no amount of pink packaging could cover up. It forced the company to undergo a deep "culture audit" and try to scrub the old-school, male-dominated power structure from its DNA.
How to Shop Victoria’s Secret Today (The Practical Bit)
If you haven’t stepped into a store in five years, it’s a different experience now. The lighting is brighter. The mannequins actually have shapes. The marketing isn't just photos of 19-year-olds with 24-inch waists.
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Here is what is actually worth buying there now:
- The Body by Victoria Line: This has always been their best "daily driver." It’s less about the "look at me" lace and more about a bra you can actually wear for 10 hours without wanting to set it on fire.
- The Sport Collection: They’ve actually put money into the engineering here. Their high-impact sports bras are genuinely competitive with brands like Lululemon or Under Armour, often for about $20 less.
- PINK Apparel: While it’s still aimed at the college crowd, the quality of their fleece and loungewear has stayed surprisingly consistent. It's built for the wash-and-wear lifestyle.
- The Rewards Program: They recently revamped the "VS & PINK Collective" rewards. If you're a regular, it’s actually decent now because it’s points-based across both brands, and you get "choose your own double points days."
The Reality of the "New" Image
Is it perfect? No. The brand still struggles with its identity. Sometimes it feels like they are trying too hard to be "woke," and other times it feels like they miss the glamour that made them famous in the first place. It’s a delicate balance. They are trying to sell a "new" Victoria's Secret to a public that remembers exactly what the "old" one stood for.
The biggest takeaway from the saga of Victoria's Secret is that brand loyalty is fragile. You can be the king of the mountain for thirty years, but if you stop listening to your customer, you'll be irrelevant in three. They are currently in the middle of a multi-year turnaround plan. It’s a marathon, not a sprint.
Action Steps for the Savvy Consumer
If you're looking to navigate the brand as it exists today, keep these things in mind to get the most value:
- Skip the full price: Victoria's Secret is the king of the "Semi-Annual Sale" (usually January and June). Unless you need something today, wait. The price drops are usually 50% to 70%.
- Check the "Store to Door" feature: If they don't have your size in the store, ask them to order it. They usually offer free shipping if you order from the store's POS system, which saves you the $100 minimum for free shipping online.
- Get a professional fitting: Even if you think you know your size, their sizing has shifted slightly as they’ve introduced new bra tech. A five-minute fitting can save you a week of return shipping headaches.
- Follow the designers: Look for their collaborations. When they partner with high-end designers like Mary Katrantzou or Balmain, you're often getting high-fashion aesthetics at a fraction of the cost of the main line.
The brand is currently trying to find its soul. Whether they can truly convince a new generation that they’ve changed remains to be seen, but they are certainly putting in the work to try. They’ve moved from selling a dream to selling a reality. And in 2026, reality is a much better business model.