Victoria Secret Pink Lingerie Models

By 2006, Victoria's Secret's 1,000 stores across the United States accounted for one third of all purchases in the intimate apparel industry. [51] In May 2006, Wexner promoted Turney from the Victoria's Secret catalog and online units to lead the whole company.[27] In 2008, she acknowledged "product quality that doesn't equal the brand's hype."[52] In September 2006, Victoria's Secret reportedly tried to make their catalog feel more like magazines by head-hunting writers from Women's Wear Daily.[53]

The company had about a third of the market share in its category in 2013.[11]

In February 2016, Turney stepped down as CEO of Victoria's Secret after being in the business for a decade.[54][55][56] Victoria's Secret was split into three divisions: Victoria's Secret Lingerie, Victoria's Secret Beauty, and Pink, each with a separate CEO.[57] In 2016, direct sales only grew 1.6% and fell by 7.4% in the last quarter of the year, typically a high revenue period due to the holidays. The company discontinued its use of a print catalog and dropped certain categories of clothing such as swimwear.[58] Sales revenue continued to stagnate and drop in early 2017.[59]

In late 2018, CEO Jan Singer resigned amid declining sales.[60] The Wall Street Journal reported that only one quarter showed an increase in same-store sales between 2016 and 2018.[61] Singer’s announcement came one week after CMO Ed Razek made a controversial comment that the company doesn't cast transgender or plus-size models in its annual fashion show "because the show is a fantasy."[62] After a 40% stock plunge in a single year, Victoria's Secret announced the closure of 53 stores in the U.S. in 2019, as well as the relaunch of its swimwear line.[63] L Brands, the parent company of Victoria's Secret, came under public pressure in 2019 from an activist shareholder of Barrington Capital Group who took issue with the performance of Razek and urged the company to update its brand image and switch up its predominantly male board of directors.[64]

In August 2019, chief marketing officer, Ed Razek, resigned following a disastrous Vogue interview in which he made inflammatory statements about transgender models.[65] Also in 2019, executive vice president April Holy stepped down after 16 years.[66][67] In November 2019, Victoria's Secret announced it would no longer hold the annual fashion show featuring its angels, indicating a major change in marketing strategy.[68]

External video
video icon How Victoria’s Secret revolutionized lingerie — then fell behind CNBC, 2019, 10:54
In January 2020, L Brands chairman and CEO Lex Wexner was in talks to step down.[69] Reports of widespread bullying and harassment at Victoria's Secret surfaced in February 2020.[16][70] On 1 February 2020, The New York Times published an exposé on “the culture of misogyny” at Victoria’s Secret, which painted a picture of long-time influential executive Ed Razek’s rampant sexual misconduct.[16]

The company announced a sale in February 2020 to private equity firm Sycamore Partners for $525 million, with L Brands retaining a 45% minority stake.[71][72] On April 22, 2020, The Wall Street Journal reported that Sycamore Partners wanted out of the deal which included exceptions for a pandemic.[73][74] The deal ultimately fell through. Wexner stepped down but maintains a role as chairman emeritus.

In June 2020, a shareholder filed a lawsuit against the company for inaction following reports of harassment, discrimination, and retaliation at Victoria's Secret.[75]

Shareholders of parent company L Brands filed a complaint in the Court of Chancery of Delaware on January 14, 2021, stating that former chair Wexner, among others, created an "entrenched culture of misogyny, bullying and harassment" and was aware of abuses being committed by accused sex trafficker Jeffrey Epstein, which breached his fiduciary duty to the company, causing devaluation of the brand. The complaint also names Wexner's wife, Abigail, current chair, Sarah E. Nash, and former marketing officer, Ed Razek, whose "widely known misconduct" was long allowed at the company.[76]