Victoria's Secret sees stock plunge by 30% after stores warn over unexpected $180million drop in sales in 2024

Victoria's Secret stock plunged 30 percent after the company shared its fourth-quarter results and forecasted a drop in sales for 2024.

The retailer said it expects net sales of $6 billion this year, a significant drop compared to its reported net sales of $6.182 billion for 2023.

Shares plummeted to $18.01 when the stock market closed on Thursday, down 33.59 percent year to date.

That is Victoria's Secret largest share decline since its July 2021 initial public offering, according to Bloomberg.

'We recognize the broader intimates market in North America has been down for four consecutive quarters and we are planning the business appropriately conservative in the near-term,' said Chief Executive Officer Martin Waters.

Victoria's Secret said it expects net sales of $6 billion this year, a significant drop compared to its reported net sales of $6.182 billion for 2023

Shares of the company plummeted to $18.01 when the stock market closed on Thursday, down 33.59 percent year to date

'Sales trends during the quarter were volatile by week, but we were encouraged by the improving quarterly sales trend in North America.' 

Victoria's Secret brought back its fashion show last year, four years after it ditched the event and focused on marketing campaigns with plus-sized and transgender models.

The company is famed for its sultry catwalk shows which featured the likes of Cara Delevinge and Miranda Kerr as its 'Angels' and performances by Taylor Swift.

The brand was plunged into controversy in 2020 when an investigation by the New York Times alleged a 'culture of misogyny, bullying and harassment' at the company.

Les Wexner, the chief executive of Victoria's Secret's then-parent company L Brands, was also outed for his ties to disgraced financier Jeffrey Epstein.

Wexner was accused of turning a blind eye to sexual harassment allegations at the firm.

In 2021, Megan Rapinoe said the old marketing sent out a 'really harmful message,' adding its message was 'patriarchal, sexist, viewing not just what it meant to be sexy but what the clothes were trying to accomplish through a male lens and through what men desired.'

Rapinoe launched her own sports collection with the retailer as part of its rebrand, appearing alongside model Bella Hadid. 

The brand has a trouble history with diversity and inclusion. In 2012, Victoria's Secret attracted criticism after Karlie Kloss modeled a Native American-style headdress on the runway.

Similarly, that same year, Victoria’s Secret removed a newly launched lingerie collection titled Go East from its website after one particular outfit called Sexy Little Geisha was labelled racist by offended critics.

Victoria's Secret brought back its fashion last year, four years after it ditched the event and focused on marketing campaigns with plus-sized and transgender models

A host of famous faces, including Kendall Jenner and Gigi Hadid, were among the Victoria's Secret Angels who modeled the lingerie company's designs on the runway

The company is famed for its sultry catwalk shows which featured the likes of Cara Delevinge and Miranda Kerr as its 'Angels' and performances by Taylor Swift

The 'Eastern-inspired' cut-out sheer mesh teddy, which came with a matching removable obi belt, fan and chopsticks, was described as 'your ticket to an exotic adventure,' by the lingerie giant.

The outfit, modeled by Swedish-born model Candice Swanepoel, was considered a fetishization of Asian culture by critics.

Four years later, the brand faced accusations of cultural appropriation and showcasing 'racist' underwear at its 2016 fashion show.

A host of famous faces, including Kendall Jenner and Gigi Hadid, were among the Victoria's Secret Angels who modeled the lingerie company's designs on the runway.

They wore detailed creations, donning wings, tails, and statement jewelry as they walked the catwalk in Paris.