Victoria’s Secret, the $7 billion brand known for its sexy lingerie, scantily dressed models and world-famous intimate apparel runway show, is opening more than a hundred new stores this year in Asia, Europe and other international markets.
Shoppers heading there to buy the latest Dream Angel bra and panty will be disappointed, however, because these stores carry little or no lingerie.
Yes, you read that right. Of the approximately 130 new Victoria’s Secret stores slated to open overseas in 2015, 120 will be Victoria’s Secret Beauty and Accessories (VSBA) stores, carrying fragrance and accessories. The stores are financed and operated by franchise partners who pay L Brands (LB) a royalty based on sales volume. Early this year, several of these stores opened in China, a key future market for the company. Most of them are in airports, and bear the Victoria’s Secret nameplate, just like their fully-assorted older sisters. [Read more…]