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New CEO Thinks Victoria's Secret is Too Sexy

Is Victoria's Secret too sexy? The new CEO thinks so. Sales are slipping and the CEO thinks the company has lost its allure to women over 30. The goal is to increase the quality of the lingerie and appeal to a broader range of women.
The chief executive of the brand known for its provocative televised fashion shows and alluring stores made an admission yesterday. In her mind, the brand has become "too sexy" -- or at least the wrong kind of sexy.

"We have so much gotten off our heritage," CEO Sharen Jester Turney said in a conference call with analysts. Responding to the past year's weak sales and focus-group feedback, she said, "We will return to an ultra-feminine lingerie brand to meet [customer] needs and expectations."

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Changing customer views will be a huge challenge. Sheri Coulter, a 42-year-old secretary in Flower Mound, Texas, worked at a Victoria's Secret store three years ago. "It was like pulling teeth to get the women our age to come in there," she says. "In our 40s and up, we are sexy -- just not the same sexy a college gal is." For a time, she says, the store where she worked stopped carrying sizes 38 or larger, embarrassing some older customers who were turned away. Limited bought Victoria's Secret in 1982, when it had just four stores and a catalog. Under Limited Chief Executive Leslie Wexner, Victoria's Secret improved its quality and toned down racy styles to appeal to mainstream customers.

In the 1990s, professional women shopped the pastel-painted stores for colorful, European-inspired lingerie, supplementing underwear wardrobes previously filled with black, white and beige styles. Soft music played in the background while saleswomen discreetly offered help. But over time, Victoria's Secret adapted to a changing culture. Women began wearing camisoles and bustiers as outer garments, the growth of the Internet made skin-baring photographs ubiquitous, and teen pop stars such as Britney Spears gyrated on stage in revealing costumes.

One reason Victoria's Secret got off track, Ms. Turney said, was the success of its Pink brand, which launched in 2002 and aimed to introduce college students to Victoria's Secret stores. Pink has grown tremendously; in October, an executive said it would probably reach $900 million in sales for 2007. But as teens and 20-somethings snapped up Pink underwear and pajamas, too many other product lines at Victoria's Secret shifted to target that same customer, Ms. Turney said.
Ms. Turney didn't address those news stories about the women overseas who make the bras and underwear, while being paid a slave wage, nor did she address the fact that Victoria's Secret quality has gone really downhill. But she sounds pretty smart, so we'll keep an eye on the line and hope she turns things around.

Tags: victorias-secret | lingerie

Posted on February 29, 2008
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