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Victoria's Secret to close 53 stores in North America

The US lingerie giant Victoria's Secret is closing 53 stores in North America this year, citing a "decline in performance," as a reason. Its parent company L Brands reported fourth-quarter earnings after market close. Same-store sales at the Victoria's Secret brand declined by 3 per cent during the quarter and overall in 2018.

The brand has increasingly been accused of losing relevance among shoppers as its oversexualized ads and racy runway shows have failed to resonate in the era of #MeToo.

The annual fashion show's ratings also took a hit. According to ABC, the network that ran the show, 3.3 million people tuned in to watch the fashion show when it aired on December 2, down from 5 million viewers in 2017 and 6.7 million in 2016, when it previously aired on CBS.

Meanwhile, more body-positive brands such as American Eagle's Aerie and ThirdLove have gained market share.

American Eagle reported a 32 per cent increase in same-store sales at Aerie in the third quarter. This marked its 16th consecutive quarter of double-digit positive growth.