After long dominating the lingerie market, Victoria’s Secret is under pressure.
Last week, it announced 200 job cuts and a corporate restructuring, while also trying to ween itself off reliance on its iconic print catalog in favor of a focus on customer loyalty and social media.
The struggle the brand faces is, in an age of body positivity, it feels distinctly 1990s, while upstart competitors like Adore Me and Negative to Third Love are making inroads in the $17 billion U.S. lingerie market that Victoria’s Secret continues to dominate with nearly 75 percent market share.
It’s a smart move because they’ve been able to successfully navigate the increasingly competitive lingerie and “athleisure” markets, so now is the perfect time to keep optimizing the brand,” said Megan Hartman, strategy director at Red Peak Branding. “They could definitely learn from the new players like True & Co. in terms of utilizing data — they need to prove that they are more than a sexy image, that they can innovate with new fits, fabrics or customization and keep up with the more nimble startups.”
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