Victoria’s Secret Looks to Woo ‘Broader, More Loyal’ Base

Victoria’s Secret will meet with investors and analysts Thursday (Oct. 13) as the lingerie and beauty product company looks to ignite growth after a rocky summer.

“Led by our two category-defining brands and a global business positioned to increase market share, our goal is clear — to be the world’s leading fashion retailer of intimate apparel,” CEO Martin Waters said in a news release. “Our market position atop the domestic intimates category is a key strength and growth opportunity for our business.”

Waters added that the company is “energized” by its audience’s response to Victoria’s Secret’s recent brand transformation.

That transformation involved a shift away from scantily-clad lingerie models in favor of a more inclusive strategy, becoming — as Waters put it in August — a place where “everyone feels seen, respected and valued.”

Read more: Transformation of Victoria’s Secret Hindered By Slow Consumer Spending

Initially, there were signs that the move was struggling to gain traction, with the company reporting declining net sales for the fiscal first quarter, and net sales that were basically flat absent the impact of government stimulus money.

Victoria’s Secret quietly laid off about 5% of its management team in July, part of an overall corporate restructuring. In August, it reported that sales were still down somewhat, a trend the company attributed to broader patterns in consumer spending.

See more: Victoria’s Secret Still Growing Into Its New Identity

Still, Martin argued in the release that the company has “created a solid financial platform” since going public last year.

At Thursday’s event, investors and analysts will hear plans to grow the company’s market share in its key categories — bras, intimates and beauty — “while evolving our brand positioning to be more inclusive and attracting a broader, more loyal customer base with more compelling story telling in stores and on our digital platforms,” the release stated.

The company will also focus on expanding its global footprint — chiefly through its international partners — while adding new brands to its portfolio “with a focus on categories and customer groups where we are underrepresented to enhance our brand position,” according to the release.

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