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Victoria's Revelation
This year's fashion show featured an embellished corset and push-up bra.
(Victoria's Secret)
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A person familiar with the new strategy, who spoke on condition of anonymity because she is not authorized to discuss it in the media, said Turney thought Victoria's Secret had become too "provocative." It is now seeking balance, aiming for what she called "the softer side of sexy." The approach may be applied to merchandise as well as marketing, but she said the company is happy with its Very Sexy and Sexy Little Things collections.
"It would be evolutionary," she said, "not revolutionary."
Todd Slater, an analyst with Lazard Capital Markets, said Victoria's Secret's problems were related not to brand positioning but to operational flubs and weak consumer spending. The chain confused customers with too many new products last year and had excessive inventory, he said.
"I think the brand stands for more than just sexy," Slater said. But he added, "In a more conservative [economic] environment . . . perhaps positioning away from sexy, toning down the sex is probably not a bad idea."
Victoria's Secret changed the way women buy and wear lingerie, and it has dominated that market for years. But competition has increased, with high-end designers, specialty retailers and discounters expanding their offerings, said Mary Brett Whitfield, senior vice president of consulting firm TNS Retail Forward. Customers have become more comfortable shopping for intimate apparel outside cosseted stores such as Victoria's Secret, she said.
"Eventually, all successful strategies fail if they're not monitored and not tweaked appropriately," she said.
Staff researcher Richard S. Drezen contributed to this report.
