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 one of the best example of masstige and a very successful brand, and is wholly owned by L Brands, a publicly traded company.
The brand was able to create a very emotional engagement through:
- The yearly fashion show, one of the most spectacular fashion events of every year
- The Victoria’s angels are the best top models of the world
- Celebrities are invited to the show
- Very few products are shown along the catwalk, the most important role is taken by Fantasy Bra, a limited edition piece of lingerie made to create a lot of a buzz
Typically, one model is chosen among the Angels to wear a bejeweled bra dubbed the “Fantasy Bra”. It was first advertised in the Victoria’s Secret catalog, but since 2001 has been worn in the fashion shows. Prior to each fashion show, Victoria’s Secret contracts a renowned jewelry designer to craft the bra to be used as a focal point for promoting the fashion show and as a center piece within it. The company offers the Fantasy Bra for sale as “the ultimate holiday” gift. However, only the center piece from the 2004 Heavenly “70” Fantasy Bra and the 2012 Floral Fantasy Bra and Gift Set have found a buyer. If not bought, the bras are dismantled after a year.
The $15 million price tag for the 2000 bra worn by Gisele Bündchen earned a place in the Guinness World Records as the most expensive item of lingerie ever created. The $3 million 2009 Harlequin Fantasy Bra and the $2 million 2010 Bombshell Fantasy Bra were designed by Damiani. Listed below are the prices per set (including accessories for the 2007 and 2013 editions, the 2013 bra alone is worth $8,000,000). The 2012 Floral Fantasy Bra was accompanied by a $500,000 perfume bottle.
In 2014, for the first time, two fantasy bras were created. They were worn by Alessandra Ambrosio and Adriana Lima and were valued at $2,000,000 each. And Jasmine Tookes dazzled on the catwalk at the 2016 Victoria’s Secret Fashion Show at the Grand Palais in Paris, France, on Wednesday night in the lavishly-decorated Bright Night Fantasy Bra designed by Eddie Borgo. Fantasy Bra is made of 9000 precious emerald gemstones and It took 700 hours to make. The gemstones are set in more than 450 karats of 18-karat gold.
This way the brand explores concept of limited edition products, strategy of involving top models and celebrities in fashion shows in their masstige branding and perceives its successful position in market.
Products and marketing
In the early 1980s, Victoria’s Secret used FCB/Leber Katz Partners for the development of their brand, marketing, and advertising.
In 1989, FCB/Leber Katz Partners and Victoria’s Secret executed a national advertising campaign featuring for the first time in the company history a ten-page glossy insert that appeared in the November issues of Elle, Vogue, Vanity Fair, Victoria, House Beautiful, Bon Appetit, New Woman, and People magazines. Victoria’s Secret used the insert to announce their expansion into the toiletries and fragrance business. Up through to the ten page insert, Victoria’s Secret growth had been driven by their catalog, sporadic ads in fashion publications, and word of mouth. Catalogs were discontinued in early 2016. The company created a campaign to market its “Body” bra line called “The Perfect Body.” The campaign has elicited substantial controversy, with many sources saying it will lower women’s self-esteem because it does not embrace all body types.
Key Success Factor of the Brand
According to Strategic marketing research at UC Berkeley 2013 by Jim Prost