In another sign that things are going poorly for lingerie giant Victoria’s Secret, MarketWatch reports that its parent company, L Brands, saw shares tank by 10% on Thursday. This was notable because it coincided with Victoria’s Secret’s semi-annual sale, which is usually a time when fans of the brand flock to the stores and website to pick up $3 undies and $15 bras.
Victoria’s Secret has dominated the market for decades, selling lingerie in a highly sexualized way. But it’s possible that women today–particularly in the post-#MeToo moment–are not drawn to the brand’s marketing. Instead, a wave of fast-growing startups, like Lively, Evelyn & Bobbie, and ThirdLove, are focusing on the comfort and innovation at the heart of their products.
One reason Victoria’s Secret has maintained its dominance for so long is that it is often very hard for women to find the right size bra. (In fact, most women are not actually wearing bras that fit properly.) When a woman figures out her size at a particular brand, she often keeps buying products there to avoid having to go through the ordeal of being fitted again.
But many brands are making it easy for women to find the right size, with online quizzes and the ability to test a range of sizes at home. These brands are already beginning to steal market share from Victoria’s Secret. And judging by today’s news, this may continue to happen.