Victoria's Secret's long-standing CMO, Ed Rezak, announced his retirement as the company faces a swirl of controversies. Here's what went wrong:
that it’s closing 53 stores in North America this year alone. While the brand has retained its #1 position in the category, competitors that place a greater emphasis on comfort, fit and a more inclusive body image have been making significant inroads.
It’s hard to think of a more apt cautionary tale for the energized, socially engaged environment in which brands operate today. CMOs, CEOs and boards would do well to pay close attention to the missteps and missed opportunities that have placed an enormously valuable brand in dire straits. While some of the lessons may seem basic and obvious, they clearly escaped L Brands governance and likely many others as well..
I’m sure there are reams of market research reports of all kinds lining the shelves of Victoria’s Secret HQ. As an example,tracks over 3,500 brands with daily surveys of millions of consumers, providing a treasure trove of near-real-time data on attitudes and perceptions. Cofounder and Chief Research Officer Kyle Dropp shared this recent read on Victoria’s Secret—which actually doesn’t at a glance scream red alert.
In addition to not demographically representing the market with staff who can deftly interpret its signals, the Victoria’s Secret seems to have missed the idea that consumers now want more than just a good product. “Consumers care more about the companies behind the products they buy – more and more every day,” according to Anthony Johndrow, cofounder and CEO of consultancy.
Will Victoria’s Secret be able to re-direct and find a new relevance in a market that got away from them? It won’t be easy, but the brand still holds enormous value—as Morning Consult’s data shows—and with new leadership, an honest self-assessment and a brave new strategy I think it can be done. “Hey,” Argenti said, “if Playboy can do it, so can Victoria’s Secret.”
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