Victoria's Secret might become the next Abercrombie & Fitch

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Victoria's Secret has a stronghold on the lingerie market.

Its store sales this year amassed over $6.1 billion.

But one expert is saying that Victoria's Secret's explosive success might start tumbling because of the ever-important demographic of millennials and their changing attitudes.

PHOTOS: Victoria's Secret Fashion Show through the years

61 PHOTOS
Victoria's Secret Fashion Show over the years
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Victoria's Secret might become the next Abercrombie & Fitch
NEW YORK CITY - AUGUST 1: Helena Barquilla attends Victoria Secret Fall Lingerie Fashion Show on August 1, 1995 at the Plaza Hotel in New York City. (Photo by Ron Galella, Ltd./WireImage)
NEW YORK CITY - AUGUST 1: Model Veronica Webb walking down the runway at the First Annual Victoria's Secret Fashion Show on August 1, 1995 at The Plaza Hotel in New York City, New York. (Photo by Ron Galella/WireImage)
NEW YORK CITY - AUGUST 1: Valerie Jean Garduno attends Victoria's Secret Fall Lingerie Fashion Show on August 1, 1995 at the Plaza Hotel in New York City. (Photo by Ron Galella, Ltd./WireImage)
256631 06: A model displays lingerie at a Victoria's Secret fashion show February 6, 1996 in New York City. The lingerie chain presented a fashion show on Valentine's Day to advertise its spring lingerie collection. (Photo by Evan Agostini/Liaison)
Tyra Banks during 1996 Victoria's Secret Fahion Show - February 6, 1996 at The Plaza Hotel in New York City, New York, United States. (Photo by Ron Galella/WireImage)
NEW YORK CITY - AUGUST 1: Model Magdalena Wrobel walks the runway at the First Annual Victoria's Secret Fashion Show on August 1, 1995 at the Plaza Hotel in New York City. (Photo by Ron Galella/WireImage)
Tyra Banks (Photo by Ron Galella/WireImage)
Helena Christensen (Photo by Ron Galella, Ltd./WireImage)
Rebecca Romijn during 3rd Annual Victoria's Secret Fashion Show - February 4, 1997 at Plaza Hotel in New York City, New York, United States. (Photo by Ron Galella/WireImage)
Model Gisele Bundchen on the runway at the Victoria's Secret fashion show benefit for amfAR, Cinema Against Aids 2000 at the Cannes Film Festival, 5/18/00
Models on the runway at the Victoria's Secret fashion show benefit for amfAR, Cinema Against Aids 2000 at the Cannes Film Festival, 5/18/00
Model Stephanie Seymour on the runway at the Victoria's Secret fashion show benefit for amfAR, Cinema Against Aids 2000 at the Cannes Film Festival, 5/18/00
Model Chandra North attends the Fourth Annual Victoria's Secret Pre-Valentine's Day Fashion Show on February 3, 1998 at The Plaza Hotel in New York City. (Photo by Ron Galella, Ltd./WireImage)
NEW YORK, USA - NOVEMBER 14: Gisele Bundchen during 8th Annual Victoria's Secret Fashion Show - Runway at The New York State Armory on November 14, 2002 in New York City, New York, United States. (Photo by Victor VIRGILE/Gamma-Rapho via Getty Images)
Models fly at the Victoria's Secret Fashion Show 2001 in Bryant Park, New York City, 11/13/01. The show will air on ABC Television on Thursday, November 15, 2001. Photo by Frank Micelotta/ImageDirect.
Gisele Bundchen on the runway at the Victoria's Secret Fashion Show 2001 in Bryant Park, New York City, 11/13/01. The show will air on ABC Television on Thursday, November 15, 2001. Photo by Frank Micelotta/ImageDirect.
397251 02: Model Molly Sims walks down the runway during the Victoria's Secret Christmas Dreams and Fantasies 2001 Fashion Show November 13, 2001 at Bryant Park in New York City. (Photo by George De Sota/Getty Images)
Heidi Klum wearing black sequined corset and black Victoria Secret second skin satin string bikini (Photo by KMazur/WireImage)
Alek Wek during finale (Photo by J. Vespa/WireImage)
Bridget Hall wearing Victoria's Secret second skin satin lace in red and babydoll in coral lace (Photo by KMazur/WireImage)
Karolina Kurkova wearing white sequined corset and white embellished Victoria's Secret body bare satin thong (Photo by KMazur/WireImage)
Rhea Durham wearing red Victoria's Secret lace V-set (Photo by KMazur/WireImage)
Caroline Ribeiro wearing black Victoria's Secret desire stretch lace miracle, black Victoria's Secret desire lace thong, and long tulle babydoll in pink (Photo by KMazur/WireImage)
NEW YORK - NOVEMBER 14: Model Heidi Klum walks the runway at the Victoria Secret Fashion Show at the Lexington Avenue Armory November 14, 2002 in New York City, New York. (Photo by Mark Mainz/Getty Images)
Adriana Lima on the runway during the 2002 Victoria's Secret Fashion Show at the Lexington Avenue Armory in New York City, November 14, 2002. The show airs on CBS on November 20. Photo by Frank Micelotta/ImageDirect.
Gisele Bundchen at the The New York State Armory in New York City, New York (Photo by Kevin Mazur/WireImage)
Tyra Banks (Photo by KMazur/WireImage)
Karolina Kurkova models the $10 million Star of Victoria Bra (Photo by KMazur/WireImage)
Liya Kebede during The 8th Annual Victoria's Secret Fashion Show - Runway at Lexington Avenue Armory in New York City, New York, United States. (Photo by Gregory Pace/FilmMagic)
NEW YORK, NY - NOVEMBER 07: Victoria's Secret Angel Lily Aldridge walks the runway during the 2012 Victoria's Secret Fashion Show at the Lexington Avenue Armory on November 7, 2012 in New York City. (Photo by Dimitrios Kambouris/WireImage)
NEW YORK, NY - NOVEMBER 07: Model Frida Gustavsson walks the runway during the 2012 Victoria's Secret Fashion Show at the Lexington Avenue Armory on November 7, 2012 in New York City. (Photo by Kevin Mazur/WireImage)
Brazilian model Alessandra Ambrósio wears fashions in the 2012 Victoria's Secret fashion show November 7, 2012 in New York. AFP PHOTO/TIMOTHY A. CLARY (Photo credit should read TIMOTHY A. CLARY/AFP/Getty Images)
NEW YORK, NY - NOVEMBER 07: Model Ieva Laguna walks the runway during the 2012 Victoria's Secret Fashion Show at the Lexington Avenue Armory on November 7, 2012 in New York City. (Photo by Dimitrios Kambouris/WireImage)
NEW YORK, NY - NOVEMBER 07: Victoria's Secret Angel Alessandra Ambrosio walks the runway wearing the Victoria's Secret's Million-Dollar Fantasy Bra during the 2012 Victoria's Secret Fashion Show at the Lexington Avenue Armory on November 7, 2012 in New York City. (Photo by Jamie McCarthy/Getty Images)
NEW YORK, NY - NOVEMBER 07: Model Hilary Rhoda walks the runway during the 2012 Victoria's Secret Fashion Show at the Lexington Avenue Armory on November 7, 2012 in New York City. (Photo by Kevin Mazur/WireImage)
NEW YORK, NY - NOVEMBER 13: Model Barbara Fialho walks the runway at the 2013 Victoria's Secret Fashion Show at Lexington Avenue Armory on November 13, 2013 in New York City. (Photo by Dimitrios Kambouris/Getty Images for Victoria's Secret)
NEW YORK, NY - NOVEMBER 13: Model Jasmine Tookes walks the runway at the 2013 Victoria's Secret Fashion Show at Lexington Avenue Armory on November 13, 2013 in New York City. (Photo by Dimitrios Kambouris/Getty Images for Victoria's Secret)
LONDON, ENGLAND - DECEMBER 02: Model Candice Swanepoel walks the runway at the annual Victoria's Secret fashion show at Earls Court on December 2, 2014 in London, England. (Photo by Samir Hussein/Getty Images)
LONDON, ENGLAND - DECEMBER 02: Model Jourdan Dunn walks the runway during the 2014 Victoria's Secret Fashion Show at Earl's Court Exhibition Centre on December 2, 2014 in London, England. (Photo by Dimitrios Kambouris/Getty Images for Victoria's Secret)
US model Karlie Kloss walks the runway during the 2014 Victoria's Secret Fashion Show at Earl's Court exhibition centre in London on December 2, 2014. AFP PHOTO / LEON NEAL == RESTRICTED TO EDITORIAL USE == (Photo credit should read LEON NEAL/AFP/Getty Images)
LONDON, ENGLAND - DECEMBER 02: Victoria's Secret model Cindy Bruna walks the runway during the 2014 Victoria's Secret Fashion Show at Earl's Court exhibition centre on December 2, 2014 in London, England. (Photo by Dimitrios Kambouris/Getty Images for Victoria's Secret)
LONDON, ENGLAND - DECEMBER 02: Model Lily Donaldson walks the runway during the 2014 Victoria's Secret Fashion Show at Earl's Court Exhibition Centre on December 2, 2014 in London, England. (Photo by Dimitrios Kambouris/Getty Images for Victoria's Secret)
LONDON, ENGLAND - DECEMBER 02: Model Kate Grigorieva walks the runway during the 2014 Victoria's Secret Fashion Show at Earl's Court Exhibition Centre on December 2, 2014 in London, England. (Photo by Dimitrios Kambouris/Getty Images for Victoria's Secret)
LONDON, ENGLAND - DECEMBER 02: Singer Taylor Swift perfoms during the 2014 Victoria's Secret Fashion Show at Earl's Court Exhibition Centre on December 2, 2014 in London, England. (Photo by Dimitrios Kambouris/Getty Images for Victoria's Secret)
LONDON, ENGLAND - DECEMBER 02: Izabel Goulart walks the runway at the annual Victoria's Secret fashion show at Earls Court on December 2, 2014 in London, England. (Photo by Antonio de Moraes Barros Filho/WireImage)
LONDON, ENGLAND - DECEMBER 02: Cindy Bruna on the runway at the 2014 Victoria's Secret Runway Show - Swarovski Crystal Looks at Earl's Court Exhibition Centre on December 2, 2014 in London, England. (Photo by Yunus Kaymaz/Anadolu Agency/Getty Images)
NEW YORK, NY - NOVEMBER 10: Model Kendall Jenner walks the runway during the 2015 Victoria's Secret Fashion Show at Lexington Avenue Armory on November 10, 2015 in New York City. (Photo by Taylor Hill/Getty Images)
NEW YORK, NY - NOVEMBER 10: Model Gigi Hadid walks the runway during the 2015 Victoria's Secret Fashion Show at Lexington Avenue Armory on November 10, 2015 in New York City. (Photo by Taylor Hill/Getty Images)
NEW YORK, NY - NOVEMBER 10: Model Behati Prinsloo walks the runway during the 2015 Victoria's Secret Fashion Show at Lexington Avenue Armory on November 10, 2015 in New York City. (Photo by Taylor Hill/Getty Images)
NEW YORK, NY - NOVEMBER 10: Selena Gomez performs as Model Taylor Hill walks the runway during the 2015 Victoria's Secret Fashion Show at Lexington Avenue Armory on November 10, 2015 in New York City. (Photo by Taylor Hill/Getty Images)
NEW YORK, NY - NOVEMBER 10: Model Taylor Hill walks the runway during the 2015 Victoria's Secret Fashion Show at Lexington Avenue Armory on November 10, 2015 in New York City. (Photo by Taylor Hill/Getty Images)
NEW YORK, NY - NOVEMBER 10: Model Vita Sidorkina walks the runway during the 2015 Victoria's Secret Fashion Show at Lexington Avenue Armory on November 10, 2015 in New York City. (Photo by Taylor Hill/Getty Images)
NEW YORK, NY - NOVEMBER 10: Model Joan Smalls walks the runway during the 2015 Victoria's Secret Fashion Show at Lexington Avenue Armory on November 10, 2015 in New York City. (Photo by Taylor Hill/Getty Images)
NEW YORK, NY - NOVEMBER 10: The Weeknd performs as model Flavia Lucini walks the runway during the 2015 Victoria's Secret Fashion Show at Lexington Avenue Armory on November 10, 2015 in New York City. (Photo by Taylor Hill/Getty Images)
NEW YORK, NY - NOVEMBER 10: Model Barbara Fialho walks the runway during the 2015 Victoria's Secret Fashion Show at Lexington Avenue Armory on November 10, 2015 in New York City. (Photo by Taylor Hill/Getty Images)
CNBC EVENTS -- 2015 Victoria's Secret Fashion Show -- Pictured: Model Adriana Lima walks the runway during the 2015 Victoria's Secret Fashion Show in New York City on November 10, 2015. -- (Photo by: Adam Jeffery/CNBC)
CNBC EVENTS -- 2015 Victoria's Secret Fashion Show -- Pictured: Model Maria Borges walks the runway during the 2015 Victoria's Secret Fashion Show in New York City on November 10, 2015. -- (Photo by: Adam Jeffery/CNBC)
CNBC EVENTS -- 2015 Victoria's Secret Fashion Show -- Pictured: Model Kendall Jenner walks the runway during the 2015 Victoria's Secret Fashion Show in New York City on November 10, 2015. -- (Photo by: Adam Jeffery/CNBC)
CNBC EVENTS -- 2015 Victoria's Secret Fashion Show -- Pictured: Model Lily Donaldson walks the runway during the 2015 Victoria's Secret Fashion Show in New York City on November 10, 2015. -- (Photo by: Adam Jeffery/CNBC)
NEW YORK, NY - NOVEMBER 10: Model Gigi Hadid from California walks the runway during the 2015 Victoria's Secret Fashion Show at Lexington Armory on November 10, 2015 in New York City. (Photo by Kevin Kane/FilmMagic)
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Retail analyst Nikki Baird of research firm RSR recently wrote on Forbes that she thinks that "Victoria's Secret may be next" when it comes to brands that millennials will ultimately dethrone.

She wrote that she "can't help but think the retailer is dangerously vulnerable to the same issues that took down the former brand powerhouse that was Abercrombie & Fitch." Abercrombie & Fitch has been working to revive sales recently.

Baird explains how many retailers are trying to cater to millennials to save themselves, but millennials' preferences may not fall in line with what Victoria's Secret stands for. Further, Baird points to three specific reasons why millennials might spurn Victoria's Secret:

Millennials dislike logos, and Victoria's Secret sells lots of them.

In fact, even Abercrombie & Fitch has been working voraciously to minimize logos; it appears to be a part of its rebranding efforts. Logos are still present, but they are less abundant than they were previously. (Oddly, the sector that gets a boost from logos is the luxury category.)

To Victoria's Secret's benefit, the company's core products are worn underneath clothing, which could potentially save it from this possible burden. However, Baird points to its younger sister brand, PINK, which sells lots of clothing emblazoned with the PINK logo.

Victoria's Secret's models might be losing their appeal.

"The product images on their website tend to reinforce a very specific body image that is not representative of the 'average' woman's form, and frankly, are only marginally inclusionary from a diversity perspective too," Baird writes.

This has arguably been one of the biggest problems plaguing Victoria's Secret. Body positivity is on the rise, and it has even caused the dieting industry to struggle. Victoria's Secret's entire brand positioning is based on ideals, rather than accepting the status quo — which is incongruent with what young consumers want.

The brand has faced backlash for its idealism. Its "Perfect Body" campaign received so much negative heat that the retailer ultimately had to pull the campaign.

Separately, brands that eschew norms have thrived. For instance, Lane Bryant has become practically synonymous with its "I'm No Angel" campaign, which sent a clear message to Victoria's Secret's top-tier models — or perhaps more importantly, to those who will never be said top-tier models: that they're beautiful, too.

Another brand that has been leading the charge is Aerie, which has seen skyrocketing sales with its un-airbrushed #AerieReal campaign. Its spokesmodel, Iskra Lawrence, has proven that beauty doesn't need to look a certain way. The rapid ascent of Ashley Graham has proven that even some of the most surprising publications — alpha-male publications like Sports Illustrated's swimsuit edition and Maxim — do not define beauty with one size.

But Victoria's Secret's Angels have been an central part of the company's marketing strategies. The company has honed a methodology that makes its models some of the most successful in the world.

"The merchants drive the decisions on the Angels. They [Victoria's Secret] try the girls out, and certain girls sell product. They're women that appeal to other women. And they're special because they never appear in men's magazines. Once you start to do that, they become threatening [to potential female customers]," Richard Habberley of DNA Model Management told Women's Wear Daily.

Could all of those efforts be unseated thanks to...millennials?

It doesn't have a cause or any clear values.

Millennials love brands that boast their authenticity. This is one reason Toms has become so popular. Even Abercrombie & Fitch has launched an anti-bullying campaign, demonstrating that it stands for something, too.

But, as Baird writes, Victoria's Secret doesn't really have a soapbox, save for any philanthropic efforts from its parent company, L Brand. More so, she points to several causes the brand could easily stand for, including breast cancer and safety on college campuses for women — making it all the more jarring that the company chooses not to have a clear set of established values and causes for which it stands.

Victoria's Secret has long been revered for withstanding the current retail climate, one in which most so-called traditional mall retailers have suffered.

It would arguably take a lot to disband such a powerhouse, but millennials are incredibly discerning customers who, as Baird chronicles, have helped unseat former mall kingpins — like Abercrombie & Fitch, because its values no longer aligned with young consumers. The only thing potentially more threatening to a traditional retailer might be the elusive, but famously picky, Generation Z.

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