Victoria’s Secret will close 250 of its stores across the United States and Canada.
The news was made by brand’s parent company, L Brands, in its quarterly report yesterday.
L Brands recorded net sales of US$1.654 billion for the quarter ended May 2, down 37 per cent when compared to US$2.629 billion for the same period last year.
Individually, Victoria’s Secret saw its sales plummet 46 per cent to US$821.5 million. However, the brand has seen its sales tumble for some time now.
The once-coveted lingerie and women’s wear brand has struggled to retain relevance as online shopping grew and more inclusive brands come to market. Criticisms that it has been “one-note” in its interpretation of sexy have seen its enviable pole position eroded by Rihanna’s Savage X Fenty and other competitors who have wider appeal.
Other once booming retailers have faced similar fates, forced to downsize, close stores or file for bankruptcy as the COVID-19 virus forced people out of malls and online, where few have managed to find success.