What I Learned from Victoria's Secret
I'm not usually an advocate for watching women strut a runway in lingerie. But as a woman who grew up in the 90's and 00's, I lived the Victoria's Secret era. Naturally, when I learned about the Victoria's Secret: Angels and Demons documentary, I had to check it out.
I love documentaries. I love a brand story. And I love learning where brands went wrong. This documentary highlights just that.
The documentary starts by telling the story of the start of Victoria's Secret and L. Brands. And there are plenty of twists and turns as the CEO has connections with Jeffrey Epstein and Harvey Weinstein.
What shocked me, though, was how a successful business and a globally known brand had a CEO who did not listen.
He ignored what was happening all around him. He turned a blind eye to his advisors. He saw his business ONLY as he could see it. As a result, he 100% missed the #metoo movement. He missed the cultural and social shift in the female body image. He absolutely missed what was important to the women who shop and purchase his product.
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Because he missed it. The company suffered and is (presently) suffering dramatically.
Net Sales decreased year after year after 2017 with 2020 being the lowest Net Sales for Victoria's Secret since before 2010. Operating Income dramatically decreased year after year after 2017 with 2019 and 2020 in the negative. Shareholder value for Victoria's Secret in 2005 was just over $20 per share. It peaked in 2015-2016 just shy of $100 and as of 2020 is back just shy of $30.
What I learned from Victoria's Secret is leaders have to listen. All leaders, not just CEOs. No brand or company is exempt from the risk of being completely out of touch and irrelevant tomorrow.
If you watched the documentary, chime in with what you learned or found surprising in the comments!
Senior Strategist
2 年So interesting! Thanks for sharing your thoughts, Jaime!
Marketing Leader, Mom, Brand Ambassador & Creator, CX Enthusiast, and Banker
2 年Could not agree more. If as a leader you are willing to listen, you also have to make sure you are surrounded by people comfortable sharing their opinions. I am sure he had discussions with those around him, but they were incented for various reasons to only tell him what they knew he wanted to hear. Leaders have to strive to avoid the curse of corner office and believing their own press. This documentary was such an interesting story, especially growing up with this brand everywhere!