For those of us who don’t shop at Victoria’s Secret often, the only reason we frequent the mall store is with the “Free Panty” coupon.
Even when other coupons offer $10 off the latest sports bra, we’re pretty abstinent about going in there for one thing and one thing only.
Now, the higher ups over at L Brands, the company that oversees the lingerie brand, have caught on.
“These days, 40 percent of the customers that redeem the free panty don’t end up buying anything else,” Stuart Burgdoerfer said.
Furthermore, the L Brands’ chief financial officer said that the coupons are “cheapening the brand.”
This revelation comes after Victoria’s Secret discontinued its clothing and swimwear line over the summer.
— Cosmopolitan (@Cosmopolitan) November 7, 2016
However, the brand still wants to focus on its sportswear and beauty lines.
Les Wexner, the chief executive of the company, expressed his concern, “We’re not particularly proud of our beauty assortment in the last 12 to 18 months.”
On the positive side, Victoria’s Secret nabbed 32 percent in selling undergarments last year. Surprisingly, it’s biggest competitor is Fruit of the Looms, which trails the brand with 5.5 percent.
According to The Washington Post, Wexner only wished that the decision to overhaul the brand was made two to three years ago.