Victoria’s Secret stock beats tech stocks and there is GLP-1 angle to it

Goodbye D-cups

Victoria’s Secret is benefiting from an unexpected effect of the GLP-1 boom: when customers lose weight, bras and underwear are often among the first items that need replacing. That has turned drugs such as Ozempic, Wegovy, and Zepbound into a potential demand driver for lingerie retailers.

For apparel retailers, GLP-1 drugs are not only a story about consumers eating less. They are also creating a “wardrobe reset,” as customers whose bodies and sizes have changed buy clothes that fit again. Bernstein estimates that this could add $3 billion to $13 billion in annual apparel spending.

Why lingerie is different

A loose sweatshirt can survive a few pounds of change. A bra usually cannot.

Fit is central to lingerie, and a change in band or cup size makes an existing drawer of bras less useful. Industry data already show that larger band sizes and D-cup bras are losing share, while sales are shifting toward smaller and mid-range sizes, including band size 40 and B and C cups.

Victoria’s Secret CEO Hillary Super said the company had seen roughly a 3% downward shift in the bra-band and underwear sizes being sold, a trend she linked to GLP-1 use.

The store opportunity

Weight loss does more than create demand for replacement products. It brings customers back into stores to find their new fit.

More than two-thirds of surveyed GLP-1 users said sizing changes made them more likely to shop in person, according to ReturnPro data cited by Reuters.

Victoria’s Secret has added AI tools to certain fitting rooms so shoppers can request other sizes, positioning the retailer for a customer who may be trying to work out what fits for the first time in years.

And one more thing..

Under CEO Hillary Super, the brand has:

  • Leaned back into its “sexy” core identity after a period of brand confusion

  • Reduced heavy discounting and promotions, improving margins.

  • Focused on key categories like bras and the PINK line for younger shoppers, which are now growth engines

  • Brought back high‑visibility events like the runway show, reigniting cultural buzz


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