In a fascinating shift in women’s fashion, the iconic Victoria’s Secret line is having problems. They have found their sales down dramatically for a number of reasons. With the #MeToo era, many people find the company’s advertising distasteful and uncomfortable. Many women, as well, are looking to rival companies for custom-fitted bras rather than the push-up bras Victoria’s Secret peddles.
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Many heavy hitters include James Mitarotonda (CEO of activist hedge fund and L Brands investor Barington Capital) have urged Victoria’s Secret to start changing its ways. In a letter to Leslie Wexner, Mitarotonda said L Brands must “take swift action to improve the performance of Victoria’s Secret, by, among other things, correcting past merchandising mistakes and ensuring that Victoria’s Secret is communicating a compelling, up-to-date brand image that resonates with today’s consumers.”
Shockingly, L Brands has lost more than half of its value in the last five years.