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Victoria’s Secret’s M&A Reality Check

Do the executives running Victoria’s Secret understand that the future of Victoria’s Secret is not Victoria’s Secret?

Victoria’s Secret doesn’t really need more sales, per se. Instead, it needs bigger profits, which requires customers to buy things at full price.
Victoria’s Secret doesn’t really need more sales, per se. Instead, it needs bigger profits, which requires customers to buy things at full price. Photo: Taylor Hill/WireImage
Lauren Sherman
July 13, 2023

I’m watching Victoria’s Secret closely these days, not only because I’m writing a book about what is still the biggest lingerie retailer in the country, but also because I want to see if their woke rebrand—from its 2000s era, winged supermodel aesthetic to the newer beauty-is-for-everyone mantra and “inclusive” sizing strategy—will eventually take hold. Especially now, as they face growing competition from Skims, which is in the midst of raising a whole lot of money from private investors in anticipation of an eventual I.P.O.