US lingerie giant Victoria’s Secret has made a comeback with a new selection of sleepwear. The limited collection of shapewear is in collaboration with Colombian based intimates brand Leonisa and is available on victoriassecret.com.
This limited edition shapewear is intended to be a test and depending on the customer’s reaction more products will be available in the store later. Victoria’s Secret, owned by parent company L Brands has witnessed a significant decline in sales since 2017 as consumers switched to other intimates brands promoting inclusivity and comfort. L brands stocks are down too for more than 25 per cent year-on-year.
During a company’s conference last year, Executive Vice President and Chief Financial Officer of L Brands Stuart Burgdoerfer said, “We think it’s important to evolve the marketing of Victoria’s Secret. That is happening. And I think there will be more to come as that continues to get evaluated.”
The company has employed many new strategies to get their customers back including re-entering swimwear category, hiring its first transgender and plus size model and working with outside brands in collaborations. But none of these strategies have produced the desired effect.
Meanwhile, shapewear category is growing at a rapid pace. According to NPD’s Consumer Tracking service, in US, sales of shapewear grew 2 per cent to $529 million in 12 months ending in November.
Nevertheless, Victoria’s Secret is still a market share leader in the intimates industry in US and worldwide. If everything goes right, Victoria’s Secret’s shapewear might be a win-win situation for the brand’s image and shapewear industry.
According to Marshal Cohen, Chief Industry Analyst at the NPD Group, shapewear is one of those categories that you kind of need to be reminded of every once in a while that there’s something new and exciting in the market. “Anything new with an opportunity to reshape the market is going to work. It’s all about being exciting and innovating,” he added.