Victoria’s Secret’s Comeback Playbook: How the Lingerie Giant Brought Sexy Back to B2B Revenue Teams

In the world of brand pivots, few stories are as dramatic—or as instructive—as Victoria’s Secret’s. For decades, it was the undisputed heavyweight of US lingerie retail. Then, it stumbled hard. Sales stagnated. Criticism mounted. The former CEO’s ties to Jeffrey Epstein sent shockwaves through the C-suite. The brand became a cautionary tale.

But in mid-2026, something shifted. The company changed its stock market ticker to VSXY—a direct tribute to its sexy rebrand. And on March 5, 2025, Victoria’s Secret reported comparable-store sales rose 5% in fiscal 2025, its strongest growth since splitting from L Brands in 2021.

This isn’t just a fashion story. It’s a B2B revenue turnaround playbook.

Here’s what happened, what went wrong, and how the company engineered a revival that every SaaS and tech revenue leader should study.

The Rise: How a Victorian Fantasy Became a Retail Empire

Victoria’s Secret was born in 1977 from a moment of sheer frustration. Founder Roy Raymond walked into a department store to buy lingerie for his wife and left feeling awkward, embarrassed, and underserved. His insight was simple but powerful: create a place where men would feel comfortable buying women’s underwear.

He named the brand after the Victorian era, evoking an image of refinement and hidden sensuality. As Slate’s Naomi Barr captured in 2013: “Raymond imagined a Victorian boudoir, replete with dark wood, oriental rugs, and silk drapery. He chose the name ‘Victoria’ to evoke the propriety and respectability associated with the Victorian era; outwardly refined, Victoria’s ‘secrets’ were hidden beneath.”

By 1982, the company was pulling in over $4 million in annual sales—but it was also flirting with bankruptcy. Enter Les Wexner, the founder of L Brands (then Limited Brands), who saw an opportunity to scale a niche concept into a cultural juggernaut.

Wexner’s bet paid off. He transformed Victoria’s Secret from a small chain into America’s largest lingerie retailer. The brand dominated the market for decades. The Victoria’s Secret Fashion Show became a global event. The “Angels” became household names.

But as any B2B leader knows, dominance can breed complacency.

The Fall: When “Sexy” Lost Its Edge

Victoria’s Secret’s decline wasn’t overnight. It was a slow erosion of relevance, driven by three factors that should be familiar to any revenue team:

1. Product-market fit decay. The brand had defined “sexy” for a generation, but it failed to evolve. Competitors like Savage x Fenty and ThirdLove entered the market with inclusive sizing, diverse models, and modern messaging. Victoria’s Secret stuck with a narrow definition of beauty—thin, tall, mostly white models—that felt increasingly out of step.

2. Reputation crisis. The ties between former CEO Les Wexner and Jeffrey Epstein created a scandal that damaged the brand’s credibility. When leadership becomes a liability, every revenue metric suffers.

3. The “watered-down” trap. After the backlash, Victoria’s Secret tried to pivot to a safer, more inclusive message. But as current CEO Hillary Super told The Wall Street Journal, the brand became “watered down” by trying not to offend anyone. It lost its identity without fully winning over new audiences.

This is a classic B2B mistake: diluting your positioning to avoid criticism, only to end up invisible to everyone.

The Revival: How Hillary Super Rewrote the Playbook

In 2024, Victoria’s Secret hired Hillary Super as CEO. Super’s background? She previously led Savage x Fenty—the very competitor that had helped unseat Victoria’s Secret. It was a bold move: hire someone from the enemy camp who understands exactly why you lost.

Super didn’t come in with a timid plan. She brought back the Victoria’s Secret Fashion Show as a live event. She told investors she wasn’t shying away from sex appeal. The stock ticker change to VSXY in mid-2026 was a flag planted firmly in the ground: “We’re not just back. We’re sexier.”

The results speak for themselves. The 5% comparable-store sales growth in fiscal 2025 marked the brand’s strongest performance since the 2021 L Brands split.

But here’s why this matters for B2B teams: Super didn’t just return to the old formula. She adapted it. The new Victoria’s Secret is sexier, yes, but it’s also more inclusive. It’s a nod to the brand’s roots, not a copy of its past.

Key Lessons for B2B Revenue Leaders

What can a SaaS CRO or a VP of Marketing learn from a lingerie brand’s rollercoaster?

1. Don’t let your brand become “watered down”

When your product or messaging tries to please everyone, it pleases no one. Victoria’s Secret’s attempt to pivot to safe, non-offensive content diluted its core identity. The result? Loyal customers felt abandoned, and new ones didn’t care enough to switch.

Actionable takeaway: Audit your messaging. If you can’t articulate your value proposition in a way that makes someone feel something—excitement, urgency, even mild discomfort—you’ve gone too safe. Strong brands polarize. Weak brands pacify.

2. Hire from the competitor that beat you

Super came from Savage x Fenty, the brand that had stolen Victoria’s Secret’s spotlight. That wasn’t a coincidence. She brought insider knowledge of what the market wanted and how to deliver it.

Actionable takeaway: When you’re losing ground to a competitor, consider hiring from their team. You get not just talent but intelligence. You learn the playbook they used to beat you—and you can adapt it.

3. Revive what made you great—but evolve it

Victoria’s Secret didn’t abandon its heritage. It brought back the fashion show. It reintroduced sex appeal. But it did so with a modern lens: more body types, more ethnicities, more authenticity.

Actionable takeaway: If you’re planning a rebrand or product relaunch, don’t throw away your legacy. Identify the core emotional driver that made your early customers love you, and update the execution. For Victoria’s Secret, that driver was “sexy.” For your SaaS, it might be “efficiency,” “confidence,” or “control.”

4. Use symbolism to signal change

Changing the stock ticker to VSXY wasn’t a strategic necessity. It was a symbolic gesture. But it sent a clear signal to investors, customers, and employees: “We are deliberate about this shift.”

Actionable takeaway: Big changes need big signals. A new logo, a new ticker, a new tagline, or a major event can unify your team and reset market expectations. Don’t underestimate the power of a symbolic move.

The Numbers Don’t Lie

The 5% same-store sales growth might not sound earth-shattering. But context matters. This is a brand that had been struggling for years. Strongest growth since the 2021 split. New CEO. New positioning. New energy.

For B2B companies, similar turnarounds happen when leadership commits to a clear thesis: We know who we are, we know who we serve, and we’re not apologizing for it.

The Verdict

Victoria’s Secret proved that a brand can fall, get back up, and reclaim its swagger. It’s not about ignoring criticism—it’s about absorbing it without losing your soul.

For revenue teams at SaaS and tech companies, the message is clear: Don’t let your brand go soft. Don’t apologize for having a point of view. And when you hire, bring in people who have already won the game you want to win.

The “sexy” is back. And so is the business.

Now go find yours.