维多利亚的秘密"卖身"中国供应商：昔日内衣巨头能否东山再起？

维多利亚的秘密"卖身"中国供应商：昔日内衣巨头能否东山再起？

Victoria's Secret Sells Stake to Chinese Supplier: Can the Former Lingerie Giant Make a Comeback?

2023年1月，维多利亚的秘密以4500万美元现金将其中国业务49%的股份出售给中国深圳内衣制造商维珍妮。根据协议，双方将成立合资企业，由维珍妮负责维密在中国市场的所有门店和线上业务运营。

In January 2023, Victoria's Secret sold 49% of its China business to Shenzhen-based lingerie manufacturer Regina Miracle for $45 million in cash. As part of the deal, the two companies will form a joint venture with Regina Miracle operating all Victoria's Secret stores and online businesses in China.

一、维密的辉煌历史 | The Glorious History of Victoria's Secret

1977年，罗伊·雷蒙德夫妇创立维多利亚的秘密，第一年就创下50万美元营收。到1982年，年收入飙升至近600万美元。1983年被Lex Wexner收购后，维密重新定位为"性感、品味与魅力"的女性内衣品牌。

Founded in 1977 by Roy and Gaye Raymond, Victoria's Secret generated $500,000 in revenue in its first year. By 1982, annual revenue soared to nearly $6 million. After being acquired by Lex Wexner in 1983, the brand was repositioned as a "sexy, tasteful and charming" lingerie label.

1995年推出的"维密天使秀"将品牌推向巅峰，一度占据全球内衣市场35%份额。2000年代，维密年销售额突破70亿美元。

The launch of the "Victoria's Secret Fashion Show" in 1995 propelled the brand to its peak, once holding 35% of the global lingerie market. In the 2000s, annual sales exceeded $7 billion.

二、危机与挑战 | Crisis and Challenges

2015年起，维密大秀收视率暴跌30%，2019年正式停办。销售额从2015年的77亿美元降至2020年的54亿美元。市场趋势转向舒适、包容的审美观，维密传统的"完美身材"营销策略逐渐失效。

Starting in 2015, viewership of the Victoria's Secret Fashion Show dropped by 30%, leading to its cancellation in 2019. Sales declined from $7.7 billion in 2015 to $5.4 billion in 2020. The market shifted toward comfortable and inclusive aesthetics, making the brand's traditional "perfect body" marketing strategy increasingly obsolete.

三、中国合作伙伴维珍妮 | Chinese Partner Regina Miracle

维珍妮成立于1998年，是采用IDM模式（创新设计制造商）的高端内衣供应商，长期为维密、Calvin Klein等国际品牌代工。2015年上市时，美国市场贡献其70%以上收入。

Founded in 1998, Regina Miracle is a high-end lingerie supplier using the IDM (Innovative Design Manufacturer) model. It has long been a manufacturer for international brands like Victoria's Secret and Calvin Klein. When it went public in 2015, the US market accounted for over 70% of its revenue.

四、转型之路 | The Road to Transformation

维密近年尝试多项改革：线上销售占比从24%提升至44%；启用大码模特；邀请杨幂等中国明星代言。此次与中国供应商合作，被视为其重振中国市场的重要举措。

Victoria's Secret has attempted multiple reforms in recent years: increasing online sales from 24% to 44%; using plus-size models; and appointing Chinese celebrities like Yang Mi as spokesmodels. The partnership with the Chinese supplier is seen as a crucial move to revive its China business.

专家观点：内衣行业分析师指出："维密需要从根本上重塑品牌价值观，从'男性凝视'转向'女性赋能'，同时保持产品创新和质量。"

Expert Opinion: Lingerie industry analysts note: "Victoria's Secret needs to fundamentally reshape its brand values, shifting from the 'male gaze' to 'female empowerment,' while maintaining product innovation and quality."

这场跨国合作能否帮助维密重获中国市场青睐？让我们拭目以待。

Can this cross-border partnership help Victoria's Secret regain favor in the Chinese market? Only time will tell.