Victoria’s Secret
Content About ................................ pg5 P.E.S.T.E.L ......................... Pg6-pg7 Demographics .................... pg8-pg9 Ethnographics .................... pg10-pg11 Market Segments .............. pg12-pg13 Price Graph ....................... pg14 Brand Pyramid ....................pg15 Shop Report ...................... pg16-pg19 Pink & Show .......................pg20-pg21 S.W.O.T (On Store) .......... pg22-pg23 Consumer Profile ................pg26-pg27 Phychographic Graph .........pg 28 M.A.T.R.I.X .........................pg29 Current Marketing ...............pg30 S.W.O.T Overview ............ pg31 Conclusion ........................ pg32 (This report is going to show my findings of Victoria’s Secret and how the brand is performing whilst I identify where improvements need to be made)
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Victoria’s Secret is an American designer, manufacturer, and marketer of women’s premium lingerie, womenswear, and beauty products. With 2012 sales of $6.12 billion, it is the largest American retailer of women’s lingerie. Victoria’s Secret is wholly owned by L Brands, a publicly traded company. The Victoria’s Secret Fashion Show is an annual show sponsored by and featuring Victoria’s Secret, a brand of lingerie and sleepwear. Victoria’s Secret uses the show to promote and market its goods in high-profile settings. The show features some of the world’s leading fashion models. The show is a lavish event with elaborate costumed lingerie, varying music by leading entertainers, and set design according to the different themes running within the show. The show attracts hundreds of celebrities and entertainers, with special performers and acts every year. Each year, twenty to forty of the world’s top fashion models are selected to perform in the fashion show. In a typical year, this includes about a half dozen women under contract to the company, known as Victoria’s Secret Angels, who help publicize the event. The giant angel wings worn by the models, as well as other wings of various forms and sizes such as butterfly, peacock, or devil wings, have become emblematic of the Victoria’s Secret brand. The first fashion show extravaganza, introduced by Stephanie Seymour, was held at the Plaza Hotel in New York City in August 1996. The show also featured Beverly Peele and Frederique van der Wall. This first fashion show occurred two months before The Limited, parent company of Victoria’s Secret Owner Intimate Brands, sold an initial public offering of a 16% stake in the company and almost had Seymour make an appearance at the New York Stock Exchange (NYSE) for the opening bell.
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Political• In the UK, 75% of adults aged 18–24 voted to remain in the EU, compared to 39% of people above the age of 65. • Brexit. • EU Dissolving. • Feminist Debate Equal Pay.
Political
Economical• In the UK, £4bn in cuts to public spending for 2015–2020 will affect education, social care and social housing. • Inflation • Fair Trade • Affordability
Economical
Social• The number of people getting married fell across all OECD countries except three between 1995 and 2014. • Women’s Right • LGBT • Body Shaming
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P.E.S.
Social
Technical• By 2017, almost half of the world’s population – 3.5bn people – will regularly use the internet. • Social Media • Losing Jobs To Machines • Wearable Tech
Technical
.T.E.L
Environmental
Legal
Environmental• The production of polyester and nylon release greenhouse gases into the atmosphere that contribute to global warming 300 times more so than carbon dioxide. • Sustainability • Animals Rights • Climate Change
Legal• The global dietary supplements market is set to grow by 4% annually until 2018. • Body image law • Immigration Laws • Altered images
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Demographics
In The UK ... Population: 64.5 million Labour force: 33.0 million Unemployment rate: 6.3% Market share of the fashion Industry: 6% Domestic market value of the fashion industry: ÂŁ66 billion
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London 62.23%
France 72.31%
America 89.45%
Top populations of stores percentage.
17.7%
18.8%
21.2%
24.3%
2014 ...
2015 ...
2016 ...
2017 ...
Online fashion market grew by 17% to ÂŁ16.2 billion in 2017. 48% of Millennials now use their smart-phones to buy fashion online.
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Ethnographics
91% of shoppers now use Amazon and 49% check. 65% of UK shoppers consider themselves to be loyal shoppers, versus 61% globally. 32% of digital natives find that mobile websites are not easy to use. 39% increase in the numbers of consumers using their phones for purchase
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21%
81%
Plus size women spending ÂŁ210+ each month on clothing, shoes and accessories compared to 15% of straight size women
They’d spend more on clothing if they had a larger range of different sizes
88% Would buy more clothing if more trendy options were available in their size
Short Break 19% Clo
Dinning Out 30%
th in
g/
Je w
lle ry
13
%
Books/DVD'S etc 21%
Going Out 27%
Long Holiday 20% Savings 33%
Pie charts showing what consumers spend their extra money on.
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Market Segments Victoria Secrets sells Lingerie (bras, underwear, corsets, bralets), Nightwear (dressing gowns, pj’s bottoms), Sports wear (track suits, yoga pants, tops, t-shirts), Accessories (bags, purses, gym bag, water bottles, phone cases), Beauty, Fragrances (perfume, body mists).
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£8.37
£27.57
Price Graph
Bras £24.12
£126.03
Sports £16.25
£96.98
Sleep £53.66
£86.64
Fragrance £17.72
£54.15
Beauty £6.40
£51.20
Accessories £9.85
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£165.41
Brand Pyramid
Push Up Bras
Fragrance
Underwear / lingerie
Sports & Night Wear
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SHOP
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REPORT 17.
SHOP REPORT
Westfield Stratford City, 123-124 Ground Floor, The Arcade, London E20 1EL
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Victoria’s Secrets has 15 stores located in London. The sign was bold at the top of the store which was well lit and large. Front windows advertised their new range with angel wings on the mannequins to promote their new show. A strong sweet but slightly floral smell. Up beat and up to date music played through the whole store. He employees were very friendly, approachable and helpful, they offered you their personal experience with products and were able to measure you to find your brad size if needed. In the centre of the store laid out all there new lingerie with mannequins and rounded draws which have slide out draws which are very accessible and easy to view individual products. Giant luxurious pink lamp shades hung from the ceiling which lit certain areas. Long tall tables which displayed their perfume and previous and new products. Test strips were available for you to test out each sent. One side of the shop was casual and more basic material with a simplistic style, items were very silky and general. The other side was very seductive and had a sex appeal ; very lacy and more fun. Their ranges enhanced your sexuality and gives you the availability to express your best assets; consisted of corsets, underwear which all had different styles, bras; bralets and push up bras and also nightwear. Mannequins wearing matching sets to show off the pieces. The walls in the store were luxurious and bold, stripped pink wallpaper with Black detailing which had lots of promotional images in black and white with bold frames around the whole store. Medium sized monitors on the back wall showing last years Angel show which promotes some of their previous ranges which were still available in store. PINK is within the Victoria Store so you’re able to cross over either shops. PINK is more simplistic and more casual wear. Similar ranges to Victoria Secrets but more aimed at the younger generation.
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Pink (stylized PINK), a subsidiary of L Brands, is a lingerie line by Victoria’s Secret targeting younger women than their main line. The target demographic consists of youth from ages 15 to 22. Pink has a college line that focuses brand recognition through public university athletics. Promotions for the line come from college tours, tie-ins with the music channel MTV, and social media such as Facebook and MySpace.
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To be a Victoria’s Secret angel your body fat percentage has to be lower than 18%. A healthy body fat percentage for an average woman is 25 to 35% while 15 to 17% is considered very low for a woman. You can be 5’7”-ish only if you’re 14 years old and still growing — or if you’re Kate Moss.) With similarly precious few exceptions (and thus discounting the plus-size sector) to the industry rule, female models weigh in between 90 lbs. And 120 lbs; male models, 120 lbs. 160 lbs.
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S.W.O.T (Store)
Strengths• Powerful Advertising- Super models, famous photographers. • Strong pleasant cent throughout the store. • New collections presented in annual runway shows offered in stores. • Variety of different products. • Range of coloured items. • Items laid out well (not clustered or messy). Weaknesses• Only target market is women. • Doesn’t offer wide ranges of sizes for different body types. • Clothes are more elegant and extravagant; not for casual everyday wear. • Some items look cheaply made. • Men waiting around (getting fed up) Opportunities• Can start to target men- new brand. • Can create a business formal work line for women. • Can go global- Introducing more stores world wide. • Expand on the stores in London to offer all lines. • Offer more clothing to larger sized women- create new brand. Threats• Competition targets men and larger women sizes. • Other companies offering the same products (lower prices). • Can get easily crowded/busy, unable to be served efficiently.
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Visual Consumer Profile
New Millennials Riotous youth who have grown up into righteous adults, the New Millennials are rewriting the rules about how they expect people, institutions and brands to behave.
Nostalgics We’ve been immersed in the internet for so long that we have developed a sense of nostalgia for how it used to look. Early visions of the world wide web have come to embody a retro aesthetic, and a new movement of bloggers is using these to inform their online identities
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Consumer Profile Likes & Interests • • • • •
Underwear Shoes Photography Electronic Rock
• • • • •
Dane-Pop Teen Pop R&B Alternative/Indie Rock Drama
• • • • •
Club/Dance Clothing Makeup Dance House
• • • • •
Fashion Pop Music (Broad Interest) Latin Country
Gender
Age
Personal Income
Family Status
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Psychographic Profile Graph
Financially Stable
Quality Over Quantity
Appearance
Going Out
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Social Media Use
MATRIX Luxury
Low Price
High Price
High Street
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Current Marketing
Their branding on their website. Website showing deals, events and also being able to connect to their other social media sites on the page.
Instagram containing visuals from their website. Keeping their branding and theme run throughout their social media sites.
Instagram containing visuals from their website. Keeping their branding and theme run throughout their social media sites.
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S.W.O.T Overview
Strengths• Brand Recognition world wide. • Powerful Advertising- Super models, famous photographers. • News letters emailed to consumers who subscribe to the brand. • Promotional deals Weakness• Market limited to mainly to US and European countries. • Hard to start new lines based on their wide known brand image. • Repetitive with their model choices. • Angels aren’t showing a variety of ethnicities, sizes or race. • Brand aims too high to show a ‘perfect’ body image. Opportunities• Use up and coming new models. • Creating a men’s range. • Male and female runway shows. • Cater for all sizes (more varieties). • Promoting a causal/ more affordable ranges on the runway. Threats• Cheaper stores selling similar/ same products. • Advertisement discouraging younger people for their bodies. • Not advertising a variety of ethnicities. • Other companies selling better quality items.
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Conclusion
Victoria Secret needs to cater for all sizes as there’s been a lot of issues around women feeling discriminated based on the photo-shoped images the brand has been creating. Also consider making a range for men which would then go further onto the Victoria’s runway show. Instead of waiting around in the shop they’re able to browse the male range in Victoria’s Secret. Re-consider their progress in china as china have a law to test on animals. Fragrances and beauty products will not be cruelty free. Runway show having different ethnicities and body types.
By Courtney O’Brien
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