Background: Victoria's Secret is the iconic American lingerie and beauty retailer best known for its extravagant runway shows featuring some of the world's most recognisable supermodels, including Tyra Banks, Heidi Klum and Cara Delevingne. It was founded in 1977 and actually named after Queen Victoria.

What happened: From 2013, audience numbers and sales began to decline as the company faced criticism for its unrealistic beauty standards.. And the annual fashion show was eventually cancelled in 2019. Now, Victoria's Secret appears to be making a comeback. The company has upgraded its 2026 sales outlook by roughly $180 million and reported a 15% increase in sales over the past three months. It sent the company's share price soaring by around 50% this week - setting records for Victoria's Secret.

What else: Victoria's Secret appointed a new CEO in 2024 and revived its annual runway show to try and win back some cultural relevance. The company has also started pulling back from heavy discounting and leaning back into the brand identity that originally made it famous. And for now, that strategy appears to be working.

What's the key learning?

💡 Brand authenticity can make or break a business... and consumers can sniff it out from a mile away. Victoria's Secret has proven that repositioning a brand too far from its original identity can backfire if it disconnects from what customers knows it for.

💡 The problem is that if you're trying to appeal to everyone, it can dilute what makes a brand distinctive. Victoria's Secret softened its image, leaned into body positivity and increased discounting in an effort to become more relatable, but that shift didn't fully resonate because it moved away from the aspirational positioning consumers expected.

💡 Aspirational branding has a strong demand, especially among younger consumers. Around 44% of 16–24-year-olds identify as aspirational shoppers, meaning they buy products that reflect who they want to become rather than who they are today. People didn't come to Victoria's Secret for relatable, so they stopped trying to sell that.