In the 1970s and 80s, the US women’s undergarment industry was…

CountProton2273 In the 1970s and 80s, the US women’s undergarment industry was…In the 1970s and 80s, the US women’s undergarment industry was predominantly focused on delivering functionality and reliability. Undergarments were referred to as “foundation garments” and three brands namely Jocky, Fruit of Loom and Hanes dominated the market. Glamourous pieces and push-up bras were rather restricted to special events, pirate costume shops or high-end specialty stores. Roy Raymond, a married man wanted to shop for lingerie for his wife but was met with disappointment. Not only were the garments unattractive with the floral-nightgown look, but the salesperson also made him feel like a pervert. He went back and thought of millions of men like him who might share the same experience. He researched the US women’s undergarment industry for 8 years and realized the gap in the market. After borrowing $40,000 from his family and $40, 000 in loans from the bank, he opened the first Victoria’s Secret store on June 12, 1977, at Stanford Shopping Center in Palo Alto, California.He named the store, Victoria’s Secret to reference the Victorian Era. The store made $500,000 in revenue in the first year. The business started to grow and by 1982, Victoria’s Secret had 5 stores, a 42-page mail-order catalog, and $6Mn in revenue but the company was going towards bankruptcy. The chain was struggling with profitability and Raymond couldn’t figure out why. In an effort to capitalize on the opportunity, Raymond had boxed himself into a niche that only catered to the catered of men and did not provide the shopping experience that appealed to women both in terms of product and presentation. It was the time when Leslie Wexner got into the picture. Wexner was a businessman from Ohio who upon receiving $5,000 from his aunt opened his first store, The Limited in 1967. The Limited (now the L Brand) offered fast-moving apparel items like skirts, sweaters, shirts, and pants. The company grew fast and by the year 1976, The Limited had touched the 100 stores mark. Upon meeting, Raymond, it didn’t take Wexner long to realize the potential of Victoria’s Secret. He bought the company for $1 Million in 1982. Under Wexner’s leadership, the brand went under a revamp. New styles and designs were added to target women and the store’s interior and exterior were resigned. The store’s layout and offering were now designed to target both women and men and aimed to deliver an intimate shopping experience. The sales started to pick and the company embarked on an unprecedented growth. In 1995, VS launched its Fashion Show, the Angel Walk which garnered a lot of attention and viewership. It featured supermodels like Kayle Jenner, Gigi, and Bella Hadid walking down the runway in tiny, flashy undergarments, angel wings, and perfect bodies. The show also featured singers like Lady Gaga and Rihana performing with the Angels. The show was planned and supervised by Ed Razzaq and his team. The show was broadcasted in the US and around 190 other countries every November from 1995 to 2018 but the viewership started to drop. The 2018 show was the one with the lowest viewership and the company decided to put a hold on the show. The company also struggled with financial issues and had to shut down several stores across different international markets. VS also suffered reputation damage due to a lack of diversity, mistreatment of models, management issues, and controversies around not including transgender and plus-size models. There has also been a significant change in management.In 2021, Wexner sold the majority of his Victoria’s Secret shares. In the same year, the company announced that its Angels are no more culturally relevant and that the activists and entrepreneurs would be the new face of Victoria’s Secret. This year the brand is bringing its fashion back but there are questions that need to be addressed.Q1- What are the different strategies that the company can use to grow? (10 marks)Q2- How can Victoria’s Secret stay relevant across international markets? (10 marks)Also provide APA style referencesBusinessBusiness – Other