After Friday's L Brands Inc. (NYSE:LB) share price hit a nine-year low in January 2010, the company's CEO, Les Wexner, finally personally acknowledged the need for the secret of the group's largest lingerie brand, Victoria's Secret Victoria (VS). The world-renowned annual lingerie show is reconsidered.
In an open letter from Les Wexner to all employees, the US retail giant said that the fashion industry is a changing industry, and that companies must evolve and change to grow. In this way, the company decided to rethink the traditional Victoria's Secret Fashion Show.
According to Les Wexner, it is believed that the form of live TV webcasts is no longer suitable for Wei Mi Xiu. In this year and beyond, the company will focus on developing exciting and dynamic content and a new form of activity to the company's customers.
In an open letter, Les Wexner praised the traditional Victorian show, which changed its fashion and entertainment mix and was the key to Vimy brand building. He said that the new CEO of the Vimy brand, John Mehas, has teamed up with the team to reshape the brand.
Tang Xiaotang, an analyst at No Agency, a fashion industry research consultancy and investment agency, said that it is not surprising that the death of traditional Wei Mi Xiu, the analyst and its founding agency, is the world's first analyst and agency to call on US lingerie brands to cancel the annual lingerie show. . He said that in the past two years, Wei Mi has suffered from the double contrarian adjustment of the brand's traditional values ​​and products. In the era of social media development and the younger generation, especially the younger generation of women with independent and increasingly equal ideas, Wei Mi's revival must be Starting with reinventing values, the biggest determination to reshape values ​​is the need to stop traditional lingerie shows.
Tang Xiaotang and Jefferies analyst Randal Konik are the two biggest "singers" of L Brands Inc. in the past two years. The latter even gave L Brands Inc. a minimum target price of $16 on Wall Street. Tang Xiaotang gave the company The target price is also only $18.
In addition to the fierce criticism of the two “short†analysts, VS's values ​​and “sexy†products have also been attacked by social media and a large number of start-up brands, and even brands have paid no expense to publish an open letter in the New York Times, criticizing the brand and brand. Management.
On Friday, affected by external factors, L Brands Inc. reported a minimum of $23.15, a nine-year low. The company hit a record high of nearly $100 at the end of 2015, but at the end of April 2016, the US announced that it would stop $500 million. After the swimwear business, quickly walked into the cliff mode.
In 2017, VS moved the underwear show to Shanghai, China, and tried to make the Chinese market a battle for Waterloo. The Shanghai underwear show suffered a huge storm, and many of the invited stars failed to make it. The Chinese angel Meng Meng Yao wrestled in the T station, and the wrestling incident completely obscured the news and voice of the underwear show itself, letting the 2017 dimension The dense underwear show became the most popular one. However, VS was shocked to later use Mengmeng Yao as the spokesperson for the Chinese market.
The wishful thinking of VS, which hopes to use the Chinese market to hold underwear shows to open the world's most important consumer market, has finally failed. In the increasingly depressed reputation and consumers' dislike of the brand's "unworthy", L Brands Inc. overthrew direct sales last year. In the early days of the Chinese market, the huge amount of money was invested, and retail real estate developers were forced to default on the store, opening a large store in major cities, and finally choosing a small store model after the huge opening of stores in Shanghai, Chengdu and Beijing.
Some of VS's recent "admitted" changes include the announcement of the restoration of the swimwear business in March, but No Agency analyst Tang Xiaotang said that the swimwear business is only a symbol, and that VS's attitude toward the outside world is based on a gesture of making changes. The swimwear business will not have any direct impact on VS's existing business in the short term, and the main problem of VS is not in the swimwear business. The VS swimwear business is limited to online and has a limited number of products.
In addition, the monthly data update for L Brands Inc. has completely stopped, and has not been updated since the January data was released. Earlier in the month, L Brands Inc. announced monthly data, VS's same-store sales performance will always become the company's share price "piling machine", VS's same-store sales, especially physical store performance in the past three years, a rare positive performance.
Another major initiative, VS, has started the store closure mode since the last fiscal year. The difference in physical business led L Brands Inc. to close 53 VS North American stores this year, more than three times the number of stores closed in recent years (15 stores), and management said in a preliminary performance review in early March that VS-based retrogression, "Compared with historical levels, we have significantly reduced the capital investment in this business."
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