Victoria Secret is struggling and it shows as it announces that they will be closing 53 stores this year as more women desert the brand for lingerie startups and big retailers.
Sales at stores open at least a year fell 7% during Victoria’s Secret’s most recent quarter, parent company L Brands (LB) said Wednesday.
Victoria’s Secret and its teen brand PINK have struggled.
Victoria’s Secret has failed to adapt to consumer demand for more custom-fitted bras and inclusive messaging and advertisements. Although marketing trends in lingerie have changed, Victoria’s Secret has mostly stuck to the same playbook that helped it dominate the industry: push-up bras and celebrity models.
The company closed 30 stores last year as it tried to escape weak malls.
The company has lost 3.8 million customers over the two past years to rivals like Amazon(AMZN) and American Eagle’s (AEO) Aerie, according to an estimate from Neil Saunders, analyst at GlobalData Retail.
Victoria’s Secret’s path to a turnaround looks challenging, too. L Brands’ forecast for 2019 disappointed Wall Street, sending its stock down 7% in early trading Thursday. It has plunged more than 40% in the past year.