“Victoria’s Secret is losing share to other brands because it’s out of touch," said Paul Lejuez, a retail investigator at Citi who pursues L Brands. “The way it’s marketing is out of touch. Women don’t want to be viewed as stereotypical sexy supermodels buying lingerie just to impress men.” The "Victoria's Secret Fashion Show" on TV hasn't fared well either. It has shed almost 50% of its absolute watchers in five years.
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