维多利亚的秘密时装秀是一场万众瞩目的时尚盛宴，今年的维密秀也于当地时间11月8日在美国如期举行。然而，群星璀璨的耀眼光环却掩盖不住人们对它层出不穷的质疑声。“收视不涨”？“销量下滑”？“性别歧视”？维密到底出了哪些问题？本期的Quriosity带您一探究竟。
THE United State’s number one lingerie brand Victoria’s Secret is in severe strife as financial reports show the company’s popularity is not being reflected in sales.
美国头号内衣品牌“维多利亚的秘密”正处于水深火热之中——财务报告数据表明该品牌的人气并没有反应在它的销售额上。
Victoria’s Secret annual fashion show is a fashion event that is unparalleled in the world of e-commerce. It features the biggest models and has successfully branded itself as a model of empowerment for viewers and the models involved.
维多利亚的秘密年度时装秀邀请各路大牌模特参加，是电商界一场无与伦比的时尚盛会。它成功打造了一种观众和模特共同实现自我提升的品牌模式。
Yet the brand appears unable to convert the televised event into profitable and consistent sales on a retail level.
然而它似乎没能将电视流量转化成零售平台上的持续盈利。
▲ 维密后台模特合影
The slump in both online views and sales
在线播放量和销售额的双双下滑
The Victoria’s Secret Fashion Show in 1999 was advertised during the Super Bowl with a 72 hour countdown, and was subsequently watched online by 2 million people. Last year its ratings were 5 million, but that’s a 32 per cent slump from former years.
1999年，维密在超级碗上投放了首批商业广告，宣布大秀将进入网络转播72小时倒计时。转播当日的播放量超过两百多万。去年，这个数字上升到了五百万，但相比于往年下降了32个百分点。
The fashion show was actually embarrassingly beaten in the ratings by Rudolf the Red Nosed Reindeer, which CBS was airing a repeat of. It follows a trend of steady decline in ratings for the once blockbuster TV event.
实际上，去年维密大秀的收视率甚至尴尬地败给了CBS每年重播的动画片《红鼻子驯鹿鲁道夫》。维密秀这个曾经轰动一时的电视节目的收视率正在逐年下降。
The brand has found it hard to translate the fashion event, which features live performances from musicians as well as lingerie struts, into consistent online and retail sales. The company also relies on biannual sales events — one to coincide with its massive fashion show, and one over the summer.
音乐家和内衣模特们的现场表演是这场时尚盛宴的一大亮点，但公司却发现很难将这些时尚活动的影响力转化成持续的在线零售销量。维密每年主要靠两场促销活动，一场和大型时装秀同时举行，另一场在夏季举行。
▲ 超模Gigi Hadid身穿印花降落伞服走秀
In July, L Brands — the parent company who owns Victoria’s Secret — reported a dramatic 12 per cent slump in its shares following its July sales period this year. Sales were disappointing, described by the company as a “soft start with negative traffic levels” that did not improve despite the brand extending the sales period.
据报道，维密今年7月的销售结束后，其母公司L Brands股价暴跌12％。该公司表示其销售额令人失望，"开局销量不温不火，后期客流量又持续下降"。尽管维密延长了销售期，销售额仍然不见起色。
According to Jefferies analyst Randal Konik, the continual cheapening of the brand by Victoria’s Secret is doing little to endear the brand to its target market. Victoria’s Secret PINK brand, marketed to teenagers, sells panties for as little as $3.
Jefferies分析师Randal Konik表示，尽管维密一直在调低产品价格，却仍让它的目标消费者爱不起来。专门针对青少年的“维密PINK”旗下有些产品已经低至三美元。
Konik called the brand “out of touch”, said the cheapening retail prices were “a fad” and said “as it unwinds there will be severe margin and cashflow implications as a result,” speaking to Market Insider.
Konik在和市场内部人士的谈话中称这个品牌“脱节了”。她认为零售价格的下调会导致严重的利润率和现金流问题，因此并不会持续很久。
Following a disappointing result for the lingerie producer in July, investors were quick to sell up stocks in droves leading to the massive slump in stock prices.
继7月份该内衣生产商业绩惨淡之后，投资者迅速成群结队地抛售股票，导致股价大幅下挫。
The brand recently sent sets of outfits and wings to the homes of the Kardashian sisters, whose social media reach is larger than the population of the United Kingdom, far outstripping the viewership of the televised fashion show.
该品牌最近为卡戴珊姐妹的家庭送去了各种服装和翅膀，卡戴珊姐妹的社交媒体覆盖范围大于英国人口的范围，远远超过了电视时装秀的收视人群。
It’s possible L Brands finds itself in difficulty with Victoria’s Secret’s stalling sales because of a business model that has left itself exposed to strain as one business suffers. L Brands was formerly more diverse as a company, including brands The Express, Gaylans and others, but many of these have been merged so that the company can focus on Victoria's Secret and its other major retailer Bath & Body Works.
维密销售不景气很可能让LBrands公司陷入麻烦。在该公司的商业模式下，一项主要业务经营不善会连累整个公司面临困境。以前的L Brands更加多元化，包括The Express, Gaylans等其他品牌。但现在其中许多品牌已经合并，公司专注于Victoria's Secret 和其他主要零售商Bath & Body Works.
While L Brands recently reported an 8 per cent uptick in sales for the last quarter, they have attributed these improved figures to market performance by Bath & Body Works, not lingerie giant Victoria’s Secret.
虽然L Brands最近公布的上一季度销售额增长了8％，但他们将这些改善的数据归功于Bath＆Body Works的市场表现，而不是内衣巨头Victoria’s Secret。
Massive business changes have not paid off
大规模的业务改变不见成效
The business has made a number of changes in the last few years which they have attributed to flattening sales, including culling VS-specific features such as the mail-out catalogue.
该公司在过去几年中已经做出了一些改变，着重于开展扁平化业务，包括剔除“邮寄产品目录”等特色服务。
In 2015, around 300 million people were receiving this — but as the world moved out of print and into digital the business looked to save itself $US150 million ($AU207 million) in printing and distribution.
2015年，约有3亿人接受了该邮寄目录服务，但随着全球进入数字市场，该公司希望在印刷和发行方面节省1.5亿美元（约合2.07亿澳元）。
The decision was made by reconsidering Victoria’s Secret’s model, as “starting this business today in current context 2016,” according to Stuart Burgdoerfer, L Brands finance chief.
根据L Brands财务主管Stuart Burgdoerfer的说法，这是“在2016年的背景下，重新考虑这项业务的运营模式后”做出的决定。
But the decision to axe the popular catalogue may now be considered a mistake, along with other popular elements of the brand, including their panty mail outs before purchase. The brand also axed its popular swimwear and apparel lines, calling them “non-core.”
除了削减邮寄产品目录的开销，维密还取消了包括购买前邮寄内衣试穿服务在内的其它特色服务、削减了颇受欢迎却是“非核心业务”泳装线和服装线。这些都被认为是错误的决定。
Victoria’s Secret remains the number one lingerie brand in the US but it’s hold on the market is slipping.
维多利亚的秘密仍然是美国第一大内衣品牌，但它的市场上占有率正在下降。
Many start ups that offer direct-to-consumer business models have enjoyed strong growth, where direct-to-consumer marketing takes place on social media platforms (not too dissimilar from Victoria Secret’s original catalogue-to-consumer model).
许多提供直接面向消费者的商业模式的新兴企业都获得了强劲增长，其中直接面对消费者的营销在社交媒体平台上进行着（与维秘最初的向消费者邮寄产品目录的模式没有太大区别）。
L Brands shares have plummeted 43 per cent over the course of this year.
今年以来，该品牌的股票暴跌了43%。
Image collapse: Gender 'plays no part'
形象倒塌：“无关性别”
In a wide-ranging interview with Vouge published on Nov.8, who is part of the casting team , and the company's executive vice-president of public relations, Monica Mitro, were asked whether the brand was putting more emphasis on diversity.
Vouge11月8日的一篇报道中，选角组的一员、维密公司公共关系执行副总裁Monica Mitro被问及这个品牌是否更加强调多样性。
Mr Razek admitted that he had "considered" putting transgender and plus-sized models in the show, but had not as the company "did not market to the whole world".
Razek承认，他曾“考虑”让跨性别者和“大号”模特参加走秀，但最终没有这么做，因为该公司的“目标并非全球市场”。
Mr Razek went on to say: "Does the brand think about diversity? Yes. Do we offer larger sizes? Yes... Shouldn't you have transsexuals in the show? No. No, I don't think we should."
Razek接着说：“我们的品牌是否考虑多样性？是。我们是否提供更大的尺码吗？是。那难道不应该允许跨性别者参与走秀吗？不。我认为我们不应该这么做。”
"The show is a fantasy. It's a 42-minute entertainment special. That's what it is. It is the only one of its kind in the world," he said.
“维密秀是一场42分钟的时尚盛宴。它就是这样的独一无二。”他说。
Following a backlash on social media, Victoria's Secret released a statement from Mr Razek on Twitter, which read: "To be clear, we absolutely would cast a transgender model in our show. We've had transgender models come to castings... And like many others, they didn't make it."
Razek的言论在社交媒体上引起了强烈批评。随后，维密官推发表了Razek的声明：“澄清一下，我们绝对会让跨性别模特参与走秀。有很多模特来报名选角……不过和许多人一样，他们没有成功入选。”
Mr Razek said his remarks were "insensitive". "It was never about gender," he added.
Razek先生表示他当初的言论是“欠考虑的”。“我绝不是在拿性别说事儿。”他补充说。
Others defended Mr Razek's comments, arguing shoppers did not have to buy the product if they did not agree with the company's ethos.
也有人为Razek的言论辩护，他们认为如果消费者不认同公司的精神，他们大可不必购买该公司的产品。
Victoria’s Secret is failing.
维秘正在走下神坛。
