At the gorgeous show held by the US lingerie brand “Victoria’s Secret”, the supermodels “Angels” who wore big wings called “Angel Wings” were all useless. The cause is the brand “Savage x Fenty” launched by singer Rihanna.
Victoria’s Secret has been held every year since 1995, but recently the show, which seemed “obsolete”, was canceled in 2019. In June 2021, it officially announced that it would abolish the angel. Then, he started a new advertising campaign “VS Collective”. It aims for a more inclusive approach to “body positivity” and culture that positively views one’s body. It is a form that has been forced to change in the fierce competition in the lingerie industry.
Savage x Fenty is now the centerpiece of business and culture in the $ 13.1 billion US women’s lingerie space, but Victoria’s Secret is struggling to keep up with those models. Victoria’s Secret, famous for its push-up bras, has been struggling with outdated strategies, and Savage x Fenti has a wide range of lingerie sizes and pricing, as well as marketing versatility and inclusiveness. It has proved to lead to the achievement of the larger goal of “fairness in the sense of sexy”.
According to the business news site Culture Banks, where I am the CEO, Rihanna has focused on inclusiveness since the brand’s launch.
We have been aiming for business success by providing a product lineup that suits various skin tones, including the “plus-size model.” Rihanna, a singer, and entrepreneur with multiple talents, has leveraged her influence on social media to drive the brand, which started online, to rapid growth. Annual sales are estimated at $ 150 million.
Victoria’s Secret, on the other hand, is said to still have billions of dollars in annual sales, but Martin Waters, who became CEO in November 2020, told The New York Times. The skimpy angels, on the other hand, say they are no longer “culturally appropriate.” Savage x Fenty is gaining market share and is catching up with Victoria’s Secret, whose sales are declining. In the global lingerie market, where sales are expected to reach $ 325 billion in 2025, Savage x Fenty is poised to become a front runner.
Meanwhile, the stock price of Victoria’s Secret’s parent company L Brands has fallen by 50% in the last two years (Victoria’s Secret was announced to be spun off in May 2021, and the procedure is expected to be completed by August). In an era of diversity, the lingerie industry is undergoing major changes.
In February 2021, Savage x Fenty won $ 115 million in funding led by private equity fund L Catalton. It is reported that the funds obtained will be invested in the development of athletic wear products in addition to expanding into Europe.
Savage x Fenty was just founded in 2018 but is poised to become a global leader in 2025. By that time, the women’s activewear market is expected to reach $ 216.9 billion.
Victoria’s Secret has started the development of VS Collective and is also planning to enter the sportswear field. But before that, there are tremendous competitors. In the athletic wear market, in addition to plans to expand Savage x Fenty, top brands such as Athleta and Lululemon dominate.
With over $ 100 million in funding, Savage x Fenty has a valuation of $ 1 billion. In 2020, sales increased by more than 200%.
Needless to say, success stories like Rihanna are very rare. A black woman from Barbados, a small country in the Caribbean, she launched the brand in 2018, and before the February 2021 funding, rapper Jay-Z launched a Mercy venture. -It has raised a total of $ 70 million from Partners, Avenir Growth Capital, and Triple Point Ventures. Victoria’s Secret’s market share fell from around 80% in 2016 to 65% in 2019. In “VS Collective”, which has launched comprehensiveness, various celebrities are appointed as new faces of the brand, aiming to recover the market share.
Specifically, Indian actress Priyanka Chopra Jonas, who is also enthusiastic about charity activities, Megan Lapinault, a soccer player who appeals for gender equality, and a freestyle skier who is expected to participate in the 2022 Winter Olympics, and is a model. Irene Goo, plus-size model Paloma Elsesser, model from South Sudan Adut Akech, transgender model Valentina Sampaio, photographer Amanda de Cadenet It’s a member called (Amanda de Cadenet).