• The US Chamber of Commerce sued Trump over a new $100,000 H-1B visa fee.
• The fee was introduced by Trump via an executive order last month.
• The lawsuit argues that the fee is “unlawful” and would hurt American businesses.

The United States Chamber of Commerce sued the Trump administration on Thursday over the new $100,000 fee for H-1B visas.

The lawsuit said the fee, which President Donald Trump put in place with an executive order last month, was “unlawful” and that it would harm American businesses.

“The United States is unique in its ability to attract the brightest talent from across the globe. For more than 70 years, what is now known as the H-1B visa program has enabled the United States to harness this magnetic draw,” the lawsuit said, adding that as a result of the new fee businesses would have to “dramatically increase their labor costs or hire fewer highly skilled employees for whom domestic replacements are not readily available.”

It also argues that the executive order is unlawful because it “blatantly contravenes the fees Congress has set for the H-1B program.”

The lawsuit pits the business association against Trump, who has fashioned himself as a pro-business president.

The White House and the Chamber of Commerce did not immediately respond to requests for comment from Business Insider.

This story is breaking. Check back for updates.

• My husband loves a good deal and is always looking for ways we can save money.
• In 2025, he has saved us about $300 a month with his wild habits.
• He tracks the prices of items we regularly purchase at five stores and optimizes cash back from credit cards.

“Pears were on sale today, Mom! And we got your favorite protein bars!” my daughter exclaimed one morning after grocery shopping with her dad.

My husband is obsessed with grocery shopping deals, from watching prices across five different stores to finding the best credit cards with cash back on groceries. Sometimes I get annoyed at how much time and energy he spends grocery shopping, but then I look at the receipts and see how much he saves.

Over the past year, he’s saved us over $300 a month on his wild (but sometimes fun) habits.

He follows prices and products at 5 stores

Joe’s typical grocery route looks like this: Stops at Aldi for 12 containers of Greek yogurt, runs to Meijer (a Midwest chain) to get protein powder because it’s buy one, get one half off, then pulls into Costco for protein bars and peanut butter.

He looks across ads, sales, and coupon programs to find the best prices on items our family regularly eats — and specialty items that are nice to have (but usually out of our budget).

He also knows what products we all like better than other brands, like Aldi’s string cheese and fish sticks, so he watches for when the price drops, then stocks up. We even bought a second fridge to store dairy products and drinks. We use the extra freezer space to stockpile bacon and ground beef when they go on sale.

By spending time comparing prices and products, Joe has developed an intimate knowledge of where to shop for certain items, saving us a significant amount of money every month.

He uses credit cards that offer cash back on groceries

In his spare time, Joe researches the best credit cards for our family, including the ones that offer the most cash back on groceries.

His favorite is the American Express Blue Cash Preferred Card that offers 6% back on supermarket purchases for the first $6,000 spent. He also uses the Citi Custom Cash Card to get 5% back on our biggest spend category (which is always groceries). Plus, our local credit union card gives us 2% back at wholesale places like Costco.

Together, his credit cards earn us over $650 cash back every year on groceries alone.

He times purchases with sales and seasonal items

About once a month, a package of raspberries goes on sale for $0.99 at Meijer. When that happens, Joe buys at least six, because he knows I love them. But if grapes are the sale fruit, that’s what we have that week. We explain to the kids that we can’t always get the item we want, because it’s not on sale, and we can wait until it is.

Joe has learned that sales often follow a cadence based on seasonality and the store (such as protein powder deals once a month). Right now, apples are a great price in Michigan, so we buy several bags at a time and store them in a cool place.

He signs up for each membership

Most grocery stores offer memberships or loyalty programs, often at no cost. It takes a few minutes to sign up, but it offers lower prices and exclusive deals.

He says that signing up only takes up a little time but always pays off.

He even paid more for us to have the Costco Executive Membership, because it gives us 2% back. He calculated that we would save about $20 a month, which would more than offset the extra $65 cost a year.

He stocks up on non-perishables

Sometimes I get frustrated when the pantry is overstocked with sale-priced olive oil, crackers, and diced tomatoes. But on the other hand, I often have what I need to make a soup or put out a spread for guests.

Plus, I know everything he buys is a good deal, which makes the overcrowding more tolerable.

He teaches the kids how to save and budget

My oldest two boys enjoy the challenge and game of shopping deals with Dad. Joe takes the kids along on his grocery goose chases, filling them in on what they’ll need from each store and why. It’s often a fun Thursday night or Saturday morning excursion.

“Oh man, the Goldfish aren’t on sale, we’ll have to wait for next week,” our 6-year-old said on a recent trip.

The kids are learning from dad how to be smart with their money: waiting to buy something until it’s on sale, being selective and patient, and knowing how to make the most of their money.

For helping dad shop and save, they always get to pick out a treat that’s just for them. The Pringles and popsicles make everyone happy — just the cherry on top of a very low receipt.

• United Airlines just took a subtle jab at its two biggest rivals as it aims to position itself as premium.
• It promised to have uncrowded lounges and touted how many planes now have seatback entertainment.
• Delta has struggled with long lines at its Sky Clubs. And American eschews seatback entertainment.

United Airlines just threw a subtle jab at its two biggest rivals.

The carrier on Thursday said it was focused on a host of “premium” moves, including making sure its airport lounges don’t get “overcrowded” — an obvious swipe at Delta Air Lines, which continues to face long lines outside some of its popular Sky Clubs.

But it didn’t stop there. It tweaked American Airlines, too.

United, during its Thursday earnings call with investors, touted its growing number of seatback screens, saying that these are installed on more than 146,000 seats across 765 airplanes.

It’s a not-so-subtle reminder that American stubbornly refuses to install seatback screens on most of its domestic fleet.

“These screens define a premium airline in the US,” said United’s executive vice president and chief commercial officer, Andrew Nocella. “Our signature interior conversion is now at 64% and an investment of over $1.6 billion.”

The comments came after a choppy year for airlines, with President Donald Trump’s positions on tariffs and other controversial issues said to be putting a damper on demand for some international flying.

United’s SVP of global network planning and alliances, Patrick Quayle, told the media in October that the airline has seen some decline in foreign points of sale. Still, he said, transatlantic demand remains strong overall, with more than 80% of its seats purchased by people in the US.

United jabbed at perceived shortcomings at Delta and American

United is trying to position itself as the more premium option among the Big 3, emphasizing comfort and exclusivity as the airlines compete for high-paying premium and business travelers.

United said its premium cabin revenue rose about 6% year-over-year in the third quarter, though that was less than Delta’s 9%.

Meanwhile, Delta has acknowledged the record crowds at its more than 50 Sky Clubs worldwide and has made changes, though some have annoyed customers.

In 2023, it raised annual lounge pass prices by $150, increased guest fees, and restricted access for basic economy passengers unless they had the right credit card.

Hoping to split the crowds between the two upscale products, Delta is also rolling out a new tier of exclusivity: “Delta One” lounges, which are more high-end than its Sky Clubs. As of 2025, there are only four locations: New York-JFK, Boston, Los Angeles, and Seattle.

Responding to a request for comment from Business Insider, a Delta spokesperson said: “We are always evaluating our policies and strategy to ensure the best possible Club experience. We continue to track impact of previous policy changes and strive to ensure an unparalleled Club experience for our valued members.”

Meanwhile, American has stayed steadfast in its mostly anti-seatback entertainment stance. (It has in-flight entertainment on large planes that fly overseas, and on certain transcontinental flights.) But on most of its domestic workhorse fleet, it’s instead installed tablet holders so passengers can stream entertainment on their own devices. This saves money on weight and fuel.

Some people — including this reporter — prefer it this way.

“Over 90% of our customers already fly with their own devices — ones they upgrade, know, and prefer,” an American spokesperson told Business Insider. “As such, American is focused on investing in fast connections and free entertainment, enjoyed on the devices our customers choose.”

The spokesperson added that all AAdvantage loyalty members will get free WiFi starting next year.

It’s earnings time for airlines

On Thursday, United’s stock was down more than 7% after it posted better-than-expected earnings figures, but revenue numbers that fell short of what analysts had expected.

Still, its stock is up more than 34% over the past year.

Delta, which also reported earnings last week, is up around 6.5% over the past year. American, which is set to report earnings next week, is down nearly 8.6%.

• Smucker’s is going after Trader Joe’s in court over what it calls an Uncrustables “copycat.”
• A lawsuit accuses Trader Joe’s of using protected design elements, such as a crimped edge and a specific shade of blue.
• Smucker’s says Uncrustables is nearly a $1 billion brand favored by grade schoolers and NFL players.

This week’s hot new legal drama can be found in the frozen foods aisle.

Packaged foods giant JM Smucker filed a lawsuit Monday with the US District Court of Northern Ohio alleging that grocery chain Trader Joe’s has unfairly infringed on its rights with a crustless peanut butter and jelly sandwich.

Trader Joe’s “launched an obvious copycat” of Smucker’s Uncrustables, Smucker lawyers say in the filings. They highlight the similarities between the two products’ crimped edges and a specific shade of blue in the packaging that Smucker has trademarked in relation to these snacks.

Both products are circular ravioli-style sandwiches that are individually wrapped and frozen. Their design allows them to thaw for eating a few hours after being pulled from the freezer.

“Our focus is solely on protecting the unique trademarked design that represents the high quality associated with the Uncrustables brand and preventing consumer confusion caused by imitation,” a Smucker’s spokesperson said in a statement to Business Insider.

Trader Joe’s did not respond to a request for comment.

In its filing, Smucker says Uncrustables has grown to become a nearly $1 billion brand, with more than 1.5 billion sandwiches made a year across three US facilities.

In addition to its favored status among grade schoolers, the brand is heavily consumed by players in the National Football League.

A key element of the Smucker suit is the apparent confusion among consumers and on social media about the origin of the Trader Joe’s dupes.

“They’re probably made in the same factory as actual Uncrustables,” one TikToker said in a video reviewing the Trader Joe’s product, which was cited in the lawsuit.

Tina Floyd, who was general manager of consumer foods for Smucker in 2020, told Business Insider at the time that the company spent a lot of time refining the Uncrustable recipe into something that could be mass-produced and frozen without the quality suffering.

“Retailers thought we were crazy. It took a lot of time to make sure product quality was sustainable,” she said.

In its lawsuit, Smucker is demanding that Trader Joe’s ship all of its crustless sandwiches and marketing materials to its facilities for disposal, as well as “account for and pay over” all profits the grocery chain has earned from the sale of the products.

• While Lake Como draws the crowds, Lake Lugano remains a quieter, lesser-known destination.
• Visitors can enjoy art, hiking, local cuisine, and scenic villages around the tranquil lake.
• This article is part of “Undiscovered Europe,” a series exploring overlooked travel gems.

Every year, around 1.4 million visitors flock to Lake Como‘s decadently glamorous and increasingly crowded shores.

But just under 40 kilometers west, a tucked-away jewel nestled along Switzerland’s southernmost edge remains largely undetected.

Set under gently swaying palms and the magnificent gaze of the Alps, Lake Lugano is a glacial lake within Switzerland’s only Italian-speaking canton — a subdivision similar to a US state — of Ticino. Life unfolds quietly, with atmospheric cobbled streets and a waterfront promenade blissfully free of tourist throngs.

“Lake Lugano is perfect for travelers who want something different,” Walter Di Liberto, a Switzerland-based guide with Intrepid Travel told Business Insider. “The water is of a deep blue as it comes straight from the glaciers and the mountains surrounding. The scenery is soft and romantic. The lake is calm and the hills are green. You see flowers everywhere, and the sunsets are golden and beautiful.”

And yet, it’s still largely overlooked.

“Lugano often gets overshadowed by nearby Lake Como or Lake Maggiore,” said Jacqué Gabellone, the director of product and operations for Tenon Tours, a boutique tour company specializing in tailor-made European travel. “Many international visitors head to Como because of its celebrity status, so Lugano remains quieter and feels more authentic.”

Gabellone, who previously lived in Switzerland and frequented Lake Lugano often, told Business Insider, “Lugano is where Swiss precision meets Italian flair. You get palm-lined promenades, piazzas filled with cafés, and dramatic alpine scenery. It’s ideal for those who want both culture and nature without the heavy crowds.”

Sun-drenched culture, breathtaking scenery, and tranquil villages

Straddling the Swiss-Italian border, Lake Lugano reflects the spirit of both nations with a relaxed approach to daily life that’s effortlessly unhurried.

“It’s a place that makes you slow down and enjoy the moment. You can hear people speak Italian, eat Swiss chocolate, and see art from both cultures,” Di Liberto said.

Lugano is the largest city in the lakefront region of Lake Lugano, renowned for its waterfront position and a mild, sunny climate akin to the Mediterranean, just in an alpine province. “In Switzerland, we call Ticino, ‘Sonnenstube der Schweiz’ — Sunroom of Switzerland,” Di Liberto said.

In summer, hikers trace cliffside trails and boats skim the lake’s surface while Lugano proper hums with music festivals and open-air markets. In colder months, locals stave off winter’s chill in cozy cafés, small shops, and cooking classes.

“Most visitors come to relax, enjoy nature, and eat tasty food,” Di Liberto said. “It’s a good place for couples, families, and older travelers.”

Of course, the lake is Lugano’s main stage, around which villages like Gandria, Morcote, and Bré cling to dramatic hillsides. While quaint and picturesque, the towns see even fewer tourists.

To reach them, Gabellone said, “Travelers should take the local ferries instead of private transfers whenever possible. It’s the best way to see the villages along the lake at a relaxed pace.”

7 Things to do in Lake Lugano

1. Admire art in Lugano. Lugano is home to small art museums, including the Museum of Art of Italian Switzerland.
2. Ride a cable car to savor views. Monte San Salvatore is a mountain that rises high above Lake Lugano. “You can take a funicular to the top and see the whole lake,” Di Liberto said. “There are stunning views from the rooftop of the church at the summit.”
3. Take a hike. Di Liberto said Monte Generoso offers various hiking trails with stunning views of the Swiss Alps and Italian plains. “The restaurant at the summit has local cuisine with breathtaking views of the Swiss Alps and Italian plains.”
4. Wander through gardens. According to Di Liberto, Lake Lugano is filled with beautiful parks like Parco Ciano, which is located by the water with old trees and colorful flowers, while the summit of Monte Generoso has botanical gardens, playgrounds, and scenic walking paths. He also recommends Parco San Grato. “It’s a picturesque alpine green space with an extensive collection of azaleas, rhododendrons, and conifers to enjoy breathtaking views of Lake Lugano and the surrounding mountains.”
5. Sip local wines and sample specialties. Gabellone recommends “A wine tasting of Ticino’s merlot wines with an evening stroll along the lakeside promenade,” and a meal at “Grotto Morchino for rustic Ticinese cuisine in a charming stone grotto.” Di Liberto’s favorite restaurant is Grotto dei Pescatori Caprino, which is by the lake and reachable only by boat.
6. Book a historic hotel. Most of Lake Lugano is steeped in history, especially Grand Hotel Villa Castagnola. Gabellone said the hotel is a five-star resort set in a 19th-century villa with lush gardens right on the lake.
7. Explore surrounding villages. Both experts agree that visitors should travel to the small villages surrounding Lugano.”Mont Bré is reachable through a spectacular funicular ride above Lake Lugano, and its charming medieval town is rich in art and architectural gems,” Di Liberto said.

Gabellone also recommends a cruise to Gandria, “a fishing village only accessible by boat or walking path.” While there, walk along Sentiero dell’olivo, or Olive Grove Trail, a scenic hiking path along Lake Lugano, connecting Gandria and Castagnola. Di Liberto said visitors can check out spectacular views of the lake and learn about olive oil production from informative signs throughout the village.

Di Liberto also suggests Morcote. “It’s quiet with old houses and a beautiful church on the hill,” he said. “Parco Scherrer is like a secret garden. Locanda Gandriese has delicious food with stunning views of Lake Lugano.”

For now, Lake Lugano remains under the radar to most travelers, even those who are well-informed. They unknowingly skip over it, seeking out better-known locales that are just as magnificent but suffer from an over-saturation of tourist activity.

“Wherever you go, just remember to slow down,” Di Liberto said. “Ticino is not about big sights, but small moments — a coffee by the lake, a walk in the hills, a chat with a local. That’s what makes it unforgettable.”

• Victoria’s Secret is the largest lingerie retailer in the US, and has been for several decades.
• After explosive success, it had several stumbles but has since overhauled its brand image.
• The brand is bringing back its Victoria’s Secret Fashion Show on Wednesday night.

Victoria’s Secret is back — or it’s at least making a play for a big comeback.

The lingerie retailer has been an industry leader in the US for several decades. But in recent years, the lingerie brand faced sluggish sales, criticism for its lack of model diversity and size inclusivity, scandal over its former CEO’s ties to Jeffrey Epstein, and an entire brand-image overhaul.

Things have been looking up for Victoria’s Secret since it hired a CEO, Hillary Super, who previously led Savage x Fenty, in 2024. During the first half of 2025, comparable store sales were up 1%, compared with a 4% decline during the same period a year earlier.

Under Super’s leadership, the fashion show that Victoria’s Secret once broadcast annually is becoming a mainstay again. After bringing the event back in its original form last year, the 2025 event is set to stream live again on Prime Video at 7 p.m. ET on Wednesday.

Super said she isn’t shying away from sex appeal this year. She told The Wall Street Journal that the brand became “watered down” by trying not to offend anyone.

The fashion show returns as the lingerie retail space has started to shift in a new direction — veering from push-up bras and skinny models to sports bras and a more body-positive image. Lingerie competitors, including Aerie, ThirdLove, and Lively, started to attract more interest from consumers. But Victoria’s Secret has been working to build an emotional connection to shoppers and put out higher-quality products to stay ahead.

Here’s a look at Victoria’s Secret’s rise and fall and the brand’s plan for redemption. 

Victoria’s Secret was founded in 1977 by American businessman Roy Raymond.

Inspired by an uncomfortable trip to a department store to buy underwear for his wife, Raymond set out to create a place where men would feel comfortable shopping for lingerie. He wanted to create a women’s underwear shop that was targeted at men.  

He named the brand after the Victorian era in England, wanting to evoke the refinement of this period in his lingerie.

Raymond’s vision was summed up by Slate’s Naomi Barr in 2013: “Raymond imagined a Victorian boudoir, replete with dark wood, oriental rugs, and silk drapery. He chose the name ‘Victoria’ to evoke the propriety and respectability associated with the Victorian era; outwardly refined, Victoria’s ‘secrets’ were hidden beneath.”

He went on to open a handful of Victoria’s Secret stores and launched its famous catalog. 

By 1982, the company was making more than $4 million in annual sales, but according to reports, it was nearing bankruptcy at the time.

At this point, Les Wexner swooped in. Wexner, who founded L Brands (formerly Limited Brands), was already making a name for himself in the retail world as he gradually built up an impressive empire.

By June 1982, Limited — which had previously acquired Express and Lane Bryant — was listed on the New York Stock Exchange. One month later, under Wexner’s leadership, the company acquired Victoria’s Secret’s six stores and its catalog for $1 million. 

Wexner turned Raymond’s vision on its head, creating a store that was focused on women rather than men.

He was closely following the European lingerie market of that time and wanted to bring this aesthetic to the US. So, he set out to create a more affordable version of the European upscale brand “La Perla” — lingerie that looked luxurious and expensive but was affordable.  

And it worked. By the early 1990s, Victoria’s Secret had become the largest lingerie retailer in the US.

It had 350 stores nationally and sales topping $1 billion, The Telegraph reported.

The brand began to cement its image over the next few years. In 1995, its famous annual fashion show was born.

The show, which was run by Ed Razek (longtime chief marketing officer of L Brands), became an iconic part of the brand’s image. 

Razek and his team were responsible for hand-picking the models to walk the show. Because of this, he became one of the most important people in the modeling world, helping to launch the careers of Gisele Bündchen, Tyra Banks, and Heidi Klum. 

In 1999, the show aired for the first time online.

Time described it as the “internet-breaking moment” of this era after 1.5 million viewers tried to tune in and crashed the site.

Meanwhile, the brand was also launching some of its best-known and most successful products, including its heavily padded Miracle Bra and Body by Victoria.

Body by Victoria was a “blockbuster success” and more than doubled the sales volume of any other bra that Victoria’s Secret had previously launched, Michael Silverstein wrote in his book, “Trading Up.”

Around 1997, the idea of the Victoria’s Secret “Angel” came into play.

It was after a commercial featuring Helena Christensen, Karen Mulder, Daniela Peštová, Stephanie Seymour, and Tyra Banks ran to promote its “Angels” underwear collection. It was tradition for an Angel to wear a Fantasy Bra at every runway show starting in 1996. They changed each year.

Throughout the ’90s and early 2000s, its commercials featured heavily made-up and scantily dressed Angels.

Razek hired the best photographers and television directors in the world to make commercials for the brand. 

The runway shows became more lavish.

In 2000, model Gisele Bündchen walked the runway in what was then the most expensive item of lingerie ever created, a $15 million diamond-and-ruby-encrusted ‘Fantasy Bra.’

In 2000, Sharen Jester Turney became CEO of Victoria’s Secret Direct and headed up its catalog business.

According to reports at the time, Turney wanted to remove the “hooker looks” in the catalog and make the aesthetic more like Vogue than Playboy.

She became CEO of the whole brand in 2006.

Under her nine-year tenure, the company thrived; sales increased by 70% to $7.7 billion.

 

Turney abruptly stepped down in 2016 and was succeeded by Wexner as interim CEO.

Wexner made a series of quick and fast changes: killing the catalog, swimwear, and apparel to focus solely on lingerie, the core part of its business.

He also split the brand into three — Victoria’s Secret Lingerie, Victoria’s Secret Beauty, and Pink — and recruited a CEO for each division.

Jan Singer became CEO of Victoria’s Secret Lingerie in September 2016.

Singer spent over a decade at Nike and was CEO of Spanx before she joined Victoria’s Secret. 

Between 2015 and 2018, sales began to falter.

Victoria’s Secret was slow to adjust to a shift from padded and push-up bras toward bralettes and sports bras, missing out on a major fashion trend. 

More body-positive underwear brands such as Aerie, ThirdLove, and Lively cropped up, taking market share.

Victoria’s Secret was accused of failing to adapt to the times. Between 2016 and 2018, its market share in the US dropped from 33% to 24%. Some shoppers complained that the quality of its underwear had slipped.

One of its biggest assets, the teen-centric brand Pink, also began to struggle. Sales slipped, and it resorted to heavy discounting to woo shoppers.

“We believe Pink is on the precipice of collapse,” Jefferies analyst Randal Konik wrote in a note to investors in March 2018, commenting on the level of promotions in store.

Some parents complained that Pink was being brought down by Victoria’s Secret’s over-sexualized ads.

Its annual fashion show drew criticism for being outdated, and viewership slipped.

In November 2018, Ed Razek, then-chief marketing officer of L Brands, made controversial comments about transgender and plus-size models.

Razek said in an interview with Vogue that he didn’t think the show should feature “transsexuals” because the show is a “fantasy.”

“It’s a 42-minute entertainment special. That’s what it is,” he said in the interview.

Razek made a formal apology online, but some of his critics called for him to step down. 

 

Less than a week after Razek’s comments went viral, Singer resigned.

Singer was replaced by John Mehas, who took over the role at the start of 2019.

Mehas had his work cut out for him. Same-store sales at Victoria’s Secret were down 3% in 2018, and the retailer was gradually losing market share to new companies. 

Plus, he had angry shareholders to deal with. In March 2019, activist shareholder Barington Capital sent a letter to Wexner, laying out recommendations to improve growth at Victoria’s Secret and calling out the company’s brand image as being “outdated.”

Barington also called out the lack of diversity in its board of directors as an issue for the brand. At the time, of the 11 board members, nine were men.

The company appointed two new female board directors — Sarah E. Nash and Anne Sheehan — and made steps to address the comments about the brand image being outdated. 

It hired a more body-inclusive model.

While she is not a plus-size model, fans praised the company for choosing Hungarian model Barbara Palvin as one of its newest Angels.

Instagrammers celebrated a post starring Palvin for being more body-inclusive, as they perceived her to be curvier than some of the brand’s other models.

“This model actually looks healthy..& I’m loving it!” one Instagram user wrote.

It also hired its first openly transgender model.

Brazilian transgender model Valentina Sampaio, shared a photograph of herself on Instagram in August 2019, tagging the Victoria’s Secret Pink brand along with the hashtags: “campaign,” “vspink,” and “diversity.”A day later, she shared a video of herself with the caption “Never stop dreaming.”

Her agent later confirmed that she had signed a contract with Victoria’s Secret. Sampaio is expected to hit the runway for the 2024 show.

“Today Is the day!!! Finally after 6 years since my first VS casting, today the dream will come true,” she wrote in an Instagram post ahead of the show.

The same day, Wexner announced that Razek would be resigning in the middle of August in a memo sent out to employees.

Razek ran the fashion show, so its future seemed unclear at the time of his departure. 

On November 21, 2019, the company confirmed that it had officially canceled its runway fashion show for that year.

At the time, L Brands CFO Stuart Burgdoerfer told analysts that the fashion show had little impact on boosting sales at the brand. 

While these were potentially positive changes, the brand found itself caught up in a new challenge in the summer of 2019: its CEO and the company being linked to convicted sex offender Jeffrey Epstein.

Epstein managed Wexner’s money for several years, and former company executives told The Wall Street Journal that he tried to meddle in Victoria’s Secret’s business, offering input on which women should be models.

Some of Epstein’s victims came forward saying that he used his connection to Victoria’s Secret to coerce them into sexual acts.

L Brands’ board of directors announced that it had hired an outside law firm to review its relationship with Epstein, who died by suicide in jail in August 2019.

In September, Wexner addressed his ties to Epstein at L Brands’ investor meeting. “At some point in your life we are all betrayed by friends,” Wexner said. “Being taken advantage of by someone who was so sick, so cunning, so depraved, is something that I’m embarrassed I was even close to. But that is in the past.”

 

In February 2020, the company announced that Wexner would be stepping down as chairman and CEO of L Brands.

Still, he’d stay on as chairman emeritus and sit on the board of directors. At the same time, it announced that it was selling a 55% stake in Victoria’s Secret to private equity firm Sycamore Partners.

In a statement to the press announcing the news, Wexner said that Sycamore has “deep experience in the retail industry and a superior track record of success,” and that it “will bring a fresh perspective and greater focus to the business.”

 

In March 2020, the coronavirus pandemic swept across the US, and Victoria’s Secret was forced to shutter its stores.

In April 2020, Sycamore filed a lawsuit to back out of the deal, alleging that Victoria’s Secret’s actions taken during the pandemic to close stores, cut back on new inventory, and not pay rent for the month of April were in violation of the agreement that the two parties had made in February.

L Brands immediately issued a statement saying that a termination of the agreement is “invalid,” and that it would “vigorously defend” the lawsuit and “pursue all legal remedies to enforce its contractual rights.”

 

On May 4, 2020, L Brands announced that the deal with Sycamore had officially fallen apart.

L Brands said that it had come to a “mutual agreement” with Sycamore to “terminate” the deal.

The company also said that it had reshuffled its management team and would focus on “implementing significant cost reduction actions and performance improvements at Victoria’s Secret.”

This included permanently closing as many as 250 Victoria’s Secret and Pink stores in the US and Canada in 2020.

In the second half of 2020, the brand started to recover, boosted by more sales online.

Jefferies analysts described Victoria’s Secret’s progress as “admirable” after it reported strong fourth-quarter earnings in early 2021. 

Bloomberg later reported that L Brands had resumed discussions to sell the brand once more and was seeking a much higher valuation in the region of $3 billion.

But in May of that year, L Brands put an end to speculation and said that it was no longer looking for a buyer. Instead, it would split the company into two and spin off Victoria’s Secret to become a stand-alone business.

 

 

 

It then worked hard to execute a turnaround under new leadership.

It overhauled its brand image — swapping its Angels for a new group of activists and entrepreneurial women to be the face of the brand.

In 2022, a three-part documentary series on Hulu titled “Victoria’s Secret: Angels and Demons” shook up the brand in the public’s eyes.

The series delved into Wexner’s ties with Jeffrey Epstein and said that questions remained about the nature of their relationship.

In the background, the company was continuing with its turnaround effort by launching new ventures such as Happy Nation, a brand that sells first bras and apparel to pre-teen shoppers.

It also began selling Victoria’s Secret beauty products and underwear on Amazon. 

In March 2023, the company said its annual fashion show would return after a four-year hiatus.

The company is constantly innovating “in all spheres of the business,” a spokesperson for Victoria’s Secret previously told Business Insider, adding: “This will lead us into new spaces like reclaiming one of our best marketing and entertainment properties to date and turning it on its head to reflect who we are today.”

Following the announcement about the revived Victoria’s Secret fashion show, the lingerie brand said it would drop a movie as well.

By fall 2023, the retailer said it would release a “reimagined version” of its Victoria’s Secret fashion show as a movie alongside a live fashion event.

“This film is the ultimate expression of the Victoria’s Secret brand transformation,” Raúl Martinez, creative director at Victoria’s Secret, said in a statement. “It will be driven by fashion, glamour, and entertainment with a nod to beloved iconography from the past but in a bold, redefined way.”

Over the past few years, Victoria’s Secret campaigns have led to continued criticism of the brand.

In July 2023, supermodel Bella Hadid announced her participation in a Victoria’s Secret campaign on her Instagram, a post that attracted a mixed bag of responses online. Some online commenters said the campaign was “perpetuating body dysmorphia to young women,” while others defended it.

 

Victoria’s Secret ired fans by dropping a marketing campaign similar to one from Kim Kardashian’s Skims brand.

In August 2023, Victoria’s Secret debuted a campaign that featured Naomi Campbell, Gisele Bündchen, and Adriana Lima, alongside other supermodels from the late ’90s and early 2000s as well as newer faces to the modeling scene.

The brand also traded in its “Angels ” label, though, and named its campaign “The Icon” — similarly titled to a Skims campaign from the year before titled “Icons.” The similarities didn’t end there: both campaigns included Victoria’s Secret models from earlier eras, and both included photos with comparable overexposed lighting and editing styles. 

Its “reimagined” fashion show premiered in September 2023.

The show received mixed reactions. Although Victoria’s Secret was praised for its attempt to appeal to a wider audience, it lacked one important aspect for a fashion show: a runway.

Instead, the live fashion event was a premiere, of sorts, for the film, which was released on Prime Video days later. 

Nostalgic Gen Zers could play a role in a comeback.

As Gen Z continues its obsession with the early 2000s, the styles of that time are making full-fledged comebacks. From ballet flats to trucker hats, Gen Z shoppers are searching for the Y2K aesthetic.

Victoria’s Secret reported that its second-quarter earnings report for 2024 showed its quarterly operating income growing for the first time since 2021.

Victoria’s Secret took a similar approach to the old ways for the 2024 fashion show.

The fashion show featured musical guests, including Cher and K-pop star Lisa, as well as a runway presentation — similar to how it was done before the 2019 cancellation.

It closed out the brand’s third quarter of 2024, for which it reported a 7% increase in net sales year over year. Victoria’s Secret told investors that the show also earned it more than 4 million new TikTok followers.

“In addition to driving brand awareness leading into holiday, the show drove brand relevance, putting VS at the center of culture and fashion conversations,” Super said.

Super’s first holiday season showed promise, but 2025 brought the threat of tariffs.

Victoria’s Secret appeared to have a happy holiday in 2024, with its operating income exceeding expectations and comparable sales bumping 5%.

“After my first holiday season with the business, I continue to be optimistic about our future, our opportunity to further differentiate the brands with compelling storytelling and make even deeper emotional connections with our customers,” Super said on an earnings call.

However, in 2025, Victoria’s Secret hasn’t been immune to the financial challenges that tariffs on countries like China present. The company said in June that it would cut back on promotional sales as tariffs affected business.

In August, it said it’s expecting a net tariff impact of about $100 million for 2025.

The Victoria’s Secret Fashion Show will stream live on Wednesday night.

October 15 is show day for the Angels of Victoria’s Secret. Karol G, Madison Beer, Missy Elliott, and others will perform.

The show and its shopping event will be live-streamed on Prime Video, TikTok, YouTube, and Instagram. The lingerie giant is channeling star power this year with WNBA star Angel Reese and other influencers modeling looks in the show.

“What is a modern Angel?” she said to the Journal in September. “Does it have to be a supermodel? We are having those debates.”