The Dilemma of “Woke” Rebranding: How Victoria’s Secret Lost Its Magical Brand Worth
In the ever-evolving landscape of fashion and marketing, Victoria’s Secret was once an unparalleled symbol of glamour, aspiration, and feminine allure. For decades, its annual fashion shows captured the attention of millions, with its iconic Angels strutting down the runway in extravagant lingerie, setting the standard for beauty and sensuality. However, the brand’s once-unassailable position has recently faced a significant downturn, with its attempts at “woke” rebranding seen as a misstep that ultimately damaged its brand value.
Victoria’s Secret, under the leadership of its parent company L Brands, embarked on a journey to redefine its image in response to changing societal norms and consumer demands. The traditional depiction of ultra-thin, predominantly white models was increasingly criticized for its lack of diversity and unrealistic portrayal of beauty standards. In an effort to adapt to the zeitgeist of inclusivity and body positivity, Victoria’s Secret announced plans to revamp its marketing strategies and product offerings.
One of the most notable changes was the discontinuation of the annual Victoria’s Secret Fashion Show in 2019, a decision attributed to declining viewership and shifting cultural attitudes towards objectification and body image. While the move was intended to signal a departure from the brand’s historically narrow definition of beauty, it also marked the end of an era that had long been synonymous with fantasy and spectacle.
In addition to shelving its signature fashion show, Victoria’s Secret sought to diversify its roster of models and brand ambassadors, casting a more inclusive array of faces and body types. The company appointed its first transgender model and hired outspoken advocates for body positivity, such as plus-size model Paloma Elsesser, in an attempt to broaden its appeal and resonate with a more diverse audience.
On the surface, these efforts seemed well-intentioned and aligned with prevailing cultural shifts towards inclusivity and empowerment. However, the execution of Victoria’s Secret’s “woke” rebranding fell short of expectations and ultimately backfired, resulting in a decline in brand value and consumer trust.
In 2023 the revenue was $6.1 billion, which was a 3% decrease from their 2022 revenue. Now, because of their failed ‘woke’ rebranding they tried to do which led to a decrease in sales, the Brand Valuer app estimation of Victoria’s Secret is $3 billion. As Victoria’s Secret looks past the dismal 2023 into a hopefully bright 2024, they look to get back to make $7 billion a year — something that might seem out of reach for a company that has fallen far from their base.
One of the key criticisms leveled against Victoria’s Secret was the perceived inauthenticity of its newfound commitment to diversity and inclusion. Critics argued that the brand’s sudden embrace of progressive values felt opportunistic and insincere, especially given its long history of perpetuating narrow beauty standards and objectifying women. The abrupt pivot from fantasy to authenticity appeared contrived, lacking the genuine conviction needed to resonate with consumers who had grown increasingly skeptical of corporate virtue signaling.
Moreover, Victoria’s Secret’s attempts at inclusivity were often met with controversy and backlash. The casting of transgender and plus-size models, while celebrated by many as a step towards greater representation, also sparked heated debates and accusations of tokenism. Some argued that these efforts amounted to mere window dressing, with the underlying structures of the brand remaining unchanged and entrenched in outdated notions of beauty and femininity.
Furthermore, Victoria’s Secret’s shift towards inclusivity alienated its core customer base, who felt disconnected from the brand’s new image and messaging. Longtime patrons of Victoria’s Secret lamented the loss of the aspirational fantasy that had once defined the brand, viewing the emphasis on diversity as a departure from the glamorous escapism they had come to expect. By attempting to appeal to a broader demographic, Victoria’s Secret risked diluting its brand identity and diluting the emotional connection it had cultivated with its loyal customers.
The fallout from Victoria’s Secret’s “woke” rebranding was reflected in its financial performance and market share. The company experienced declining sales and struggled to maintain its relevance in an increasingly competitive landscape dominated by agile, digitally-native brands that prioritized authenticity and inclusivity from their inception. Victoria’s Secret’s missteps served as a cautionary tale for other legacy brands grappling with similar challenges, highlighting the perils of attempting to rebrand without addressing deeper systemic issues and ingrained cultural perceptions.
In conclusion, Victoria’s Secret’s foray into “woke” rebranding proved to be a costly misstep that damaged its brand value and eroded consumer trust. While the intention behind the rebranding may have been noble, the execution fell short of expectations and ultimately alienated both loyal customers and new audiences. The case of Victoria’s Secret serves as a stark reminder of the importance of authenticity, consistency, and genuine commitment to inclusivity in navigating the complex terrain of modern marketing and brand management.
