I’m watching Victoria’s Secret closely these days, not only because I’m writing a book about what is still the biggest lingerie retailer in the country, but also because I want to see if their woke rebrand—from its 2000s era, winged supermodel aesthetic to the newer beauty-is-for-everyone mantra and “inclusive” sizing strategy—will eventually take hold. Especially now, as they face growing competition from Skims, which is in the midst of raising a whole lot of money from private investors in anticipation of an eventual I.P.O. 

The thing about specialty retailers like Victoria’s Secret is that nobody stays on top for long. If they’re any good, they have their moment in the sun, then fade away, like Gap; or are revitalized decades later by a new generation, like Abercrombie & Fitch. Fashion is a trends-driven business, which churns even faster these days thanks to Zara and Amazon and Shein. If there’s one reason for Victoria’s Secret’s prolonged commercial dominance, it’s probably the technical difficulty of manufacturing underwire bras. Victoria’s Secret is a replenishment business first, a fashion business second, and that has served it well.

But even before it got #MeTooed and Epsteined, Victoria’s Secret was in trouble. Les Wexner, who was the C.E.O. of parent company L Brands until 2020, didn’t appreciate how looming cultural changes would remake the business. To be clear, there were plenty of other executives who did see the transformation coming: shifting social mores, the bralette revolution. But Wexner and Ed Razek, who ran marketing at the group, were the final word. And they didn’t care to acknowledge any of it.