Apparel Victoria's Secret needs a makeover. The lingerie brand, owned by L Brands , is still trying to sell sexy, but it isn't working. Same-store sales have fallen for the past three years, as women turn away from its bedazzled bras and underwear and opt for comfortable pieces in more neutral colors. He said he noticed Victoria's Secret's January promotions "increased significantly" from a year ago. That typically means a company didn't sell enough during the holiday season and needs to cut prices to lure shoppers in.
Victoria’s Secret takes lingerie business private at $1.1B price tag
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It has had a powerful role in defining what sexy is in the modern day via its racy lingerie and annual runway shows. But after achieving explosive success in the late s and s, the brand has struggled in more recent years and has been accused of losing relevance. L Brands' longtime CEO and chairman also announced he is stepping down from the company. Here's the story of the rise — and more recent fall — of the brand. Visit Business Insider's homepage for more stories.