The Mighty Fall Of Victoria’s Secret
L Brands on the verge of selling to private equity firm.
It’s been quite the journey for Victoria’s Secret, one that looks like it’s going to come to an end sooner than they imagined, oh how the mighty have fallen. Their parent company L Brands is on the verge of selling it off to private equity firm Sycamore Partners, and the deal could be completed as soon as next week.
With shares dropping for L Brands, it’s starting to seem that VS is no longer worth the trouble. Current CEO Leslie Wexler purchased Victoria’s Secret in 1982 and while it enjoyed a fruitful career in its time, the brand stays trapped in the 80's with its views on female beauty standards according to its catwalk spectacles and the world wide recognized VS angels.
It has had its fair share of recent issues such as Wexler's friendship with convicted pedophile Jeffrey Epstein, with reports saying that a new Epstein accuser was assaulted in Wexler's Ohio home. A NY Times report recently published has also added salt to the wound by revealing detailed accounts of bullying, harassment and misogyny within the company from models and employees over the years.
The toxic culture within Victoria’s Secret isn’t exactly kept hush hush and it certainly hasn’t helped the brand to stay afloat. However, it seems they are also struggling to keep with the shift in consumer buying habits, relying on their brick and mortar stores instead of upping its online shopping game, with 53 of its stores closing in 2019.
It definitely isn’t looking good for them at this moment in time, perhaps if they had accepted the fact that it isn’t 1982 anymore, Victoria’s Secret could still be with us years from now.