Victoria secret lingerie fashion, models, bathrobe, pink and much more

Victoria's Secret experienced quality problems with their product in the early 1990s and was working to resolve the issues.[40][41] In 1991, Howard Gross was assigned to fix the L Brands subsidiary Limited Stores.[42] In 1993, Business Week reported that both divisions suffered.[40] Gross was succeeded by Grace Nichols, who worked to improve the product quality.[42] The company's margins tightened, resulting in a slower growth of profits.[40]

Victoria's Secret expanded beyond apparel in the 1990s with the launch of their own line of fragrances in 1991, followed by their entrance into the billion dollar cosmetics market in 1998.[43]

Victoria's Secret introduced the 'Miracle Bra' in 1993, selling two million within the first year.[44] When faced with competition from Sara Lee's WonderBra a year later in 1994, the company responded with a TV campaign.[44] At the same time, in 1994, Wexner discussed the creation of a company fashion event with Ed Razek. The first Victoria's Secret Fashion Show, held in 1995 in New York, became a mainstay for the company's image for the next 23 years.

By 1998, Victoria's Secret's market share of the intimate apparel market was 14 percent[45][11] and the company also entered the $3.5 billion cosmetic market.[46] The following year, in 1999, the company added the Body by Victoria line.[47] The catalog had achieved "an almost cult-like following".[48] In May 2000, Cynthia Fedus-Fields stepped down as CEO after delivering record profits in 1999 and early 2000.[citation needed] Fedus-Fields later stated that, up until the point of her departure, the company was guided by sensibilities of what a European woman would choose to wear.[37] After her departure in 2000, the brand pursued an image that was “much more blatantly sexy.”[37]

In May 2000, Wexner installed Sharen Jester Turney, previously of Neiman Marcus Direct, as the new chief executive of Victoria's Secret Direct to turn around catalog sales that were lagging behind other divisions.[49][50] Forbes reported Turney stating, "We need to quit focusing on all that cleavage."[49] In 2000, Turney began to redefine Victoria's Secret catalog from "breasts—spilling over the tops of black, purple and reptile-print underthings" to one that would appeal to an "upscale customer who now feels more comfortable buying La Perla or Wolford lingerie.";[49] "dimming the hooker looks" such as "tight jeans and stilettos"; and moving from "a substitute for Playboy in some dorm rooms," to something closer to a Vogue lifestyle layout, where lingerie, sleepwear, clothes and cosmetics appear throughout the catalog.[49] Beginning in 2000, Grace Nichols, CEO of Victoria's Secret Direct, led a similar change at Victoria's Secret's stores—moving away from an evocation of 1800s England (or a Victorian bordello).[49]