Another high-profile member of corporate America learns that those who live by the wokeness can also die by the wokeness.
Victoria’s Secret, best known for its incredibly beautiful female models clad in skimpy lingerie, announced that it had given up a marketing campaign that featured models who were plus-sized, transgender, or even men.
As the Washington Examiner reported last week, Victoria’s Secret made no secret of the fact that it would replace brand ambassadors such as abrasive, lesbian U.S. Women’s National Team soccer player Megan Rapinoe for past faves like Gisele Bündchen, one of its former models and the former Mrs. Tom Brady.
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The reason for the switch is as old as business itself: money.
The Examiner noted that the company’s projected revenue for 2023 was $6.2 billion, which was down from $7.5 billion in 2020, the last year before the new marketing campaign launched.
“Despite everyone’s best endeavors, it’s not been enough to carry the day,” Victoria’s Secret CEO Martin Waters said, according to the Examiner.
The company likely foreshadowed this move back in January.
As the Tampa Free Press reported at the time, then-CEO Amy Hauk resigned, effective in March 2023, after less than a year on the job.
The company’s financial performance was suffering because of the previous embrace of wokeness that included, besides transgender or male models, the Pink clothing line that was supposed to be “gender-free.”
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When Hauck left, Victoria’s Secret stock was trading at $34 a share, down 26% from a month earlier and nearly half of its high over the past year, $63, in February 2022.
The shift back toward its traditional business model included bringing back former stars like Bündchen as well as a version of the previous Angels fashion show.
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