The Weekly Fashion Refresh
VICTORIA'S SECRET: THE BEGINNING OF THE END?
Since its launch in 1995, the Victoria’s Secret runway show has been broadcast on US TV every December since 2001. The lead up to the Victoria’s Secret shows is always filled with excitement and anticipation, wondering who will be wearing year’s Wonder Bra and what models are going to be joining the elite circle of angels.
This year, the lead up to the recent show was not quite the usual buzz, because of the controversial comments made by Ed Razek, Victoria’s Secret’s chief marketing officer, in an interview with Vogue. When asked whether or not he thinks the brand should expand its size range and include plus size or transgender models in the catwalk show, Razek replied "No. No, I don't think we should. Well, why not? Because the show is fantasy."
The company were heavily criticised, especially on social media, with many stating that the company are sticking to an antiquated idea of femininity that is long past its sell-by date.
Two days after the show, the CEO Jan Singer resigned from the company, the same week that the company said third-quarter comparable sales slipped 2 percent from the same period in 2017. It has now been confirmed that John Mehas, the president of Tory Burch, will take on the role as CEO of Victoria’s Secret, at the beginning of next year. The brand has had to close 1,000 stores in the US, many of them because they were tied to struggling malls.
In terms of market share, Victoria's Secret is still the strong leaders in the Lingerie market, but the rivals are able to offer lower prices as well as a growing range of sizes for plus size women. Companies like Rihanna’s Savage X Fenty have offered consumers everything that Victoria’s Secret can’t, and arguably in today’s retail landscape, are painting a more realistic image for the modern-day women.
Victoria's Secret has been struggling to keep up with changing consumer tastes. Extravagant fashion shows and celebrity models are not drawing audiences in like they used to. Instead, women are embracing natural bodies of all shapes and sizes and realistically, the future of the brand could be in trouble if they do not start to embrace diversity.
BLACK FRIDAY IS HERE
Before Black Friday even begun, there were messages flooding our emails with deals and discounts from hundreds of retailers. Year on year Black Friday breaks records on spending, and this year will be no exception. According to research by Abode, UK consumers are expected to spend around £2,000 each in the run-up to Christmas and many will be looking to Black Friday to offer them the best deals.
Black Friday sales cover almost all retail sectors from fashion items, electronic goods and even discounted flights and hotels.
Online retailers have allowed consumers to not be held back by just 24 hours of manic discount shopping, as It is extended across the weekend into Cyber Monday. According to ONS, weekly internet sales tripled between November 2010 and 2017 as November has now become the most popular month for shopping.
All the online shopping this Cyber Monday does pose the question of how this may affect brick and mortar stores.
Rachel Lund, the head of insights and analytics at the British Retail Consortium states that “The results can be mixed. Many consumers will take to the High Streets to scope out products come Black Friday. The rise of click-and-collect also drives footfall back into city centres in the days following Black Friday.”
Fashion and beauty are predicted to be the best-performing sector, growing 3.8% on last year, according to GlobalData. High street retailers like Pretty Little Thing, Topshop and New Look all offered up to 50% off selected items online and in-store. These retailers have little choice but to compete and eclipse one other with their discounted lines. ASOS, Boohoo and Gymshark are also known to be big drivers of spending online this Cyber Monday and are definitely the ones to watch.
Written by Alice Colmer
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