The Costly Lesson of Going Woke
Victoria’s Secret woke experiment provides one of the clearest case studies in recent retail history of what happens when a brand abandons its core identity to chase cultural trends.
For years, Victoria’s Secret built its empire on glamour, fantasy, and aspirational beauty. Then came the shift toward aggressive inclusivity campaigns featuring fat models, transgender (ugly men dressed up as women) models, and other diversity-focused messaging that prioritized activism over customer desire. The results were predictable: declining sales and a collapsing stock price. There is nothing aspirational about being fat and ugly.
The Woke Era: When Sales Tanked
Between 2021 and 2023, Victoria’s Secret’s stock plunged from highs near $70–$75 down to around $20. The brand distanced itself from its famous Angels, canceled the iconic fashion show, and leaned heavily into body positivity messaging and ugly transgender people.
Critics pointed to campaigns featuring plus-size models prominently, transgender models, and even physically disabled models in ways that felt forced rather than organic. Many longtime customers felt the brand no longer understood them. Women shopping for lingerie often seek confidence, sensuality, and aspiration—not lectures on body politics.
Sales suffered. The company lost relevance, market share eroded, and Wall Street punished the stock. This period reinforced a simple market truth: when you go woke, you go broke.
The Hillary Super Revolution
New CEO Hillary Super recognized the problem. She refocused the brand on its roots: sexy, glamorous, and luxurious.
In a bold corporate move, Super transitioned the company’s NYSE ticker symbol to VSXY (Very Sexy). She made it clear the company is no longer running from its heritage, stating that the new ticker marks “standing fully in our identity and committed to inspiring confidence, sparking joy, and celebrating sexy in all its forms.”
Under her leadership, Victoria’s Secret:
- Returned to featuring beautiful, sexy models in campaigns
- Reasserted complete dominance in the core bra category
- Aggressively expanded high-margin beauty, lifestyle, sport, and swim sectors
The shift away from performative wokeness toward authentic product and emotional relevance has paid off dramatically.
Record Q1 2026 Earnings Validate the Pivot
On June 2, 2026, Victoria’s Secret delivered exceptional results for the fiscal quarter ended May 2:
- Net Sales: $1.560 billion, up 15% year-over-year
- Comparable Sales: +13%, the fourth consecutive quarter of positive growth
- Adjusted EPS: $0.60, crushing expectations of around $0.30
- Operating Income: Significantly improved profitability
The company raised full-year guidance and reported broad strength across Victoria’s Secret, PINK, and Beauty categories. International sales surged, new customer acquisition accelerated, and full-price selling improved as promotions were disciplined.
After the earnings report, the stock jumped approximately 47% in a single session — one of the largest moves in company history.
Why the Turnaround Worked
Women don’t primarily desire to see representations of being big or transgender when shopping for lingerie. They desire to feel sexy, confident, and empowered in a traditional sense of glamour.
Super understood this. By rejecting “woke-washing” and focusing on merchant discipline, product innovation, and brand heat, she staged one of retail’s most impressive turnarounds. Wall Street has rewarded the clarity of vision with higher valuations and renewed enthusiasm.
Lessons for Corporate America
The Victoria’s Secret story offers powerful takeaways:
- Authenticity beats virtue signaling — Customers can smell inauthenticity from miles away.
- Core customers matter — Alienating your primary audience while chasing new ones rarely works.
- Markets discipline ideology — Stock prices and sales data don’t lie.
- Bold leadership wins — Super’s willingness to course-correct decisively has restored the brand’s magic.
FAQPage
What caused Victoria’s Secret stock to drop from $70 to $20?
The stock decline coincided with the brand’s shift toward woke marketing, including heavy emphasis on body positivity, plus-size, transgender, and diverse models that alienated core customers seeking sexy, glamorous lingerie.
Did going woke hurt Victoria’s Secret sales?
Yes. The woke era led to declining sales, loss of market relevance, and poor financial performance until the company pivoted back to its sexy, aspirational roots. Woke people don’t have taste nor money.
What is Victoria’s Secret new ticker symbol?
The company changed from VSCO (Victoria Secret Co) to VSXY (Very Sexy) in June 2026 to signal its renewed commitment to celebrating sexy and its brand heritage.
How much did Victoria’s Secret stock jump after Q1 2026 earnings?
The stock surged nearly 47% following strong earnings that beat expectations across sales, comparable growth, and profitability.
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