The hour-long nationally-televised event has served as a showcase for the brand's bras and lingerie since 2001, but 2018 was the fashion show's last broadcast.

自 2001 年以來，長達一小時的全國電視直播活動一直是該品牌展現內衣盛會，但 2018 年是該時裝秀的最後一次播出。

The show had suffered several years of declining ratings that coincided with the drastic rise then fall of the stock price of Victoria's Secret parent company, L Brands.

該盛會經歷了數年的收視率下滑，與此同時，維多利亞的秘密母公司 L Brands 的股價也出現了大幅上漲然後下跌。

Here's how the lingerie retailer, Angels and all, rose to the top of women's fashion and how its fall from grace has created an uncertain future for the company.

以下是內衣零售商 Angels and all 如何登上女性時尚之巔，以及它跌落聖壇如何為公司創造了一個不確定的未來。

In 1982, L Brands owner Leslie Wexner acquired Victoria's Secret, a small retailer consisting of 6 stores and a catalog for $1 million.

1982 年，L Brands 的擁有者 Leslie Wexner 以 100 萬美元收購了 Victoria's Secret，這是一家由六家商店和只出版一本目錄組成的小型零售商。

Wexner developed many successful retail businesses in the 1980s and '90s.

Wexner 在 1980 年代和 1990 年代發展了許多成功的零售業務。

He popularized the specialty mall retailer, which had tightly-focused product lines and carefully-designed stores, and he took those stores and rolled them out to malls across the country.

他推廣了專賣零售商，這種零售商擁有緊密的產品線和精心設計的商店，並將這些商店推廣到全國各地的購物中心。

That model really upended the department store model.

這種模式顛覆了百貨公司的營運模式。

In the mid-90s, Victoria's Secret's heavily-padded Miracle Bra, designed to create cleavage, was vying for market share with its competitor, the WonderBra.

1990 年代中期，Victoria's Secret 旨在打造強調乳溝的厚墊 Miracle Bra，與其競爭對手 WonderBra 爭奪市場。

Only Victoria's Secret has the Miracle Bra.

只有維多利亞的祕密有 Miracle Bra。

Get a Miracle Bra.

去購買一件 Miracle Bra 吧。

Victoria's Secret doubled down on ads with provocative TV commercials and launched its first fashion show in 1995.

維多利亞的秘密加倍投放挑逗性的電視廣告播放，並於 1995 年推出了首個時裝秀。

Victoria's Secret tried to define what sexy was and what a sexy woman should look like, and you can really see by the ads that they were pushing a very specific beauty ideal.

維多利亞的秘密試圖定義什麼是性感以及性感的女人應該是什麼樣子，你可以從廣告中看出他們正在煽動特定的審美標準。

That image was executed by L Brands Chief Marketing Officer, Edward Razek, who was put in charge of casting models for the fashion show.

這種形象的推手是 L Brands 首席營銷長 Edward Razek，他負責為時裝秀挑選模特兒。

Throughout the 2000s, Leslie Wexner sold many of his apparel brands and focused more and more on his lingerie and beauty lines.

在整個 2000 年代，Leslie Wexner 出售了他的許多服裝品牌，並越來越專注於他的內衣和美容系列。

This included launching PINK in 2004, a Victoria's Secret spinoff for teens.

包括在 2004 年推出 PINK，這是針對青少年推出的維多利亞的秘密副牌。

Unlike many other retailers, Victoria's Secret continued to grow after the 2008 recession.

與許多其他零售商不同的是，維多利亞的秘密在 2008 年經濟衰退後繼續增長。

The retailer opened more stores and sales expanded, and L Brands stock price rose until 2016.

該零售商開設了更多店面，銷售額擴大，而 L Brands 的股價一直上漲，直到 2016 年。

That's when you really started to see trouble for the company, as consumer tastes started to shift.

那時候是該公司開始遇到麻煩的時候，因為消費者的品味開始發生變化。

Athleisure began to dominate fashion and growth began to slow in Victoria's Secret's bra business.

運動休閒開始主導時尚圈，維多利亞的秘密的內衣生意的增長開始趨緩。

This was driven, in part, by consumers preferring bralettes, bras with no underwire or padding.

這部分是由於消費者更喜歡文胸、也就是沒有鋼圈或襯墊的無鋼圈內衣。

There was a shift in what female consumers wanted from their underwear and what they were willing to pay.

女性消費者對內衣的需求和願意支付的價格發生了變化。

Many younger women didn't wanna pay $60 anymore for a padded bra that they saw on a supermodel.

許多年輕女性不想再花 60 美元購買她們在超模身上看到的厚墊內衣。

Many of them preferred stuff like more authentic marketing, natural looks, and bras built for comfort.

他們許多人更喜歡更真實的行銷、自然的外觀和舒適的胸罩。

In 2016, Leslie Wexner assumed direct control of Victoria's Secret.

2016 年，(Leslie Wexner 直接掌管了維多利亞的秘密。

He eliminated swimwear, stopped mailing out catalogs, and doubled down on sports bras.

他不再賣泳裝，停止郵寄商品的目目錄冊、並在運動內衣上付出加倍努力。

By 2018, L Brands share price had fallen 50%, erasing about $14 billion in investors' wealth.

到 2018 年，L Brands 的股價下跌了 50%，造成了投資者的財富消失大約 140 億美元。

Victoria's Secret started to appear out of touch with female consumers around the same time.

大約在同一時間，維多利亞的秘密開始與女性消費者脫節。

A major stumbling block for Victoria's Secret was when Ed Razek told "Vogue" that he didn't think transgender models should be cast in the fashion show.

維多利亞的秘密的一個主要絆腳石是 Ed Razek 告訴《Vogue》，他認為跨性別模特不應該出現在時裝秀中。

He was forced to apologize for those remarks, and a lot of people called for his resignation immediately.

他被迫為這些言論道歉，很多人要求他立即辭職。

He actually stayed on a while after that and eventually resigned in 2019.

在那之後他實際上還留任了一段時間，最終在 2019 年辭職。

Victoria's Secret's internal culture and management has come under scrutiny as well.

維多利亞的秘密的內部文化和管理也受到了審查。

Ed Razek, after he left Victoria's Secret, has faced allegations of harassing models and employees, and Les Wexner has come under fire for his ties to Jeffrey Epstein, who was his longtime money manager.

Ed Razek 離開維多利亞的秘密後，面臨騷擾模特和員工的指控， Les Wexner 因與長期擔任他的贊助人的 Jeffrey Epstein 的關係而受到抨擊。

Leslie Wexner has said that he cut ties with Epstein more than a decade ago, after Epstein was charged with child sex trafficking.

Leslie Wexner 曾表示，十多年前，在 Epstein 被指控犯下兒童性交易罪後，他與 Epstein 就已經斷絕關係了。

Independent directors on the L Brands Board responded to the sexual harassment allegations in a statement that said the company had instituted "robust anti-harassment policies" in recent years,

L Brands 董事會的獨立董事在一份聲明中回應了性騷擾指控，稱該公司近年來製定了「強有力的反騷擾政策」，

and the company regrets any instance where we did not achieve this objective of "a safe, welcoming, and empowering workplace".

且公司對於未能實現「安全、熱情和自主自立的工作場所」這一目標的任何情況表示遺憾。

Razek told the "New York Times" that the allegations were, quote, "categorically untrue, misconstrued, or taken out of context".

Razek 告訴《紐約時報》，這些指控是「絕對不真實、被誤解或斷章取義」。

Consumers have a very particular idea of what Victoria's Secret is.

消費者對維多利亞的秘密有著既定的印象。

It'll be interesting to see whether a brand that's married to such a particular type of marketing can transform itself into anything else.

看著一間與這種特殊營銷類型結合的品牌是否可以將自己轉變為其他形式，這將是一件很有趣的事情。