Victoria’s Secret Sees a Resurgence
Women seem to be returning to Victoria’s Secret in significant numbers.
This shift isn’t solely due to clever marketing. It seems, quite likely, to be influenced by Ozempic.
According to recent reports, Victoria’s Secret shares surged by nearly 50% on Tuesday, reaching a record high for this 49-year-old lingerie brand. The stock has effectively tripled in value over the past year.
CEO Hillary Super, who took on the role in 2024, has guided the company back towards embracing its sex appeal.
In an interview with Fortune, Super mentioned that “performative” diversity lacks authenticity.
Several sources, including Reuters and Barron’s, point to a “dewokeification” process as a pivotal factor for this resurgence.
During Super’s time, the brand has made noticeable changes to highlight sex appeal again. However, the impact of Ozempic and similar GLP-1 medications appears to be significant for their recent success.
Around 12% of American adults reported using a GLP-1 as of November 2025, according to KFF. The RAND Corporation indicates that women tend to use these medications more than men.
In essence, as women feel better and perhaps slimmer, they might be more inclined to buy new lingerie or replace old, ill-fitting ones. It’s understandable that the most recognized lingerie brand in America would catch the attention of these newly confident shoppers.
Victoria’s Secret was once a symbol of aspirational beauty, with women purchasing lingerie to feel closer to the tall, slender representations like Candice Swanepoel or Adriana Lima. For many, the Victoria’s Secret Fashion Show was akin to a cultural event.
However, the brand canceled the show in 2019 amid growing criticism about a lack of body diversity and inclusivity. Ratings had also taken a hit.
After a hiatus, the show returned in 2024, featuring a more diverse lineup, including larger and older models, as well as male “angels.” In 2022, they made headlines by hiring their first model with Down syndrome and launching the “Love Cloud” campaign, showcasing various women and affirming their commitment to inclusivity.
Unfortunately for the brand, their attempts to connect with a broader audience didn’t yield the desired results. Sales plummeted from $8.1 billion in 2018 to $7.5 billion in 2019, and then down to $5.4 billion in 2020. The stock also saw a decline from about $57 a share in 2021 to approximately $20 in 2025.
