Toward the end of Les Wexner’s tenure at Victoria’s Secret, the brand’s sales had begun to slide sharply, signaling the collapse of an empire that once dominated the lingerie market. Once seen as the pinnacle of glamour and desirability, the company struggled to adapt to shifting cultural values as consumers increasingly favored inclusivity, comfort, and authenticity over the hyper-polished, sexualized image that had defined the brand for decades. Ratings for the annual fashion show plummeted, store traffic declined, and critics noted that Victoria’s Secret seemed tone-deaf to the rise of competitors like Aerie and Savage X Fenty, who embraced body positivity and diversity.

The Epstein scandal only worsened these struggles, but the decline was already underway as shoppers abandoned a brand they viewed as outdated and out of touch. Wexner, who had tightly controlled Victoria’s Secret for years, was seen as unable—or unwilling—to modernize the company’s image or respond to cultural change. By the time he stepped down, Victoria’s Secret was hemorrhaging both sales and reputation, a far cry from the powerhouse it had once been, and his exit was viewed as the symbolic end of an era defined by excess, scandal, and stagnation.


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