In the grand theater of retail, the final quarter of 2025 delivered a plot twist worthy of a corset drama: sales surged, and for some, they soared. Tapestry Inc., the house that built Coach, saw net revenues climb 21.2 percent, hitting three-year goals in a single season. Ralph Lauren Corp. rose 16.6 percent. But for those of us tracking the intimate apparel trade, the standout was Victoria's Secret & Co., which advanced 15.3 percent. This is a brand that, since its founding in 1977 by Roy Raymond, has swung between titillation and transformation - from the push-up bra heyday of the 1990s to its recent reckoning with inclusivity. That it now posts double-digit growth suggests a delicate recalibration is working.
The broader retail rally, with U.S. sales rising 3.7 to 7.2 percent month over month, owes much to what analyst Dana Telsey calls "newness and innovation." For lingerie, that means more than lace and underwire. It means brands listening to shoppers who, after years of digital saturation, crave the tactile experience of a fitting room. As Wharton's Barbara Kahn notes, physical stores are making a comeback - and nowhere is that more intimate than in the lingerie aisle, where touch and trust are paramount.
Yet beneath the chiffon lies a tension. Consumer confidence has hit an all-time low, per the University of Michigan's surveys dating to 1952. Sky-high food and gas prices, war fatigue, and revolving credit climbing at 10.4 percent annually suggest the party may not last. Analyst Simeon Siegel warns that when tariffs lifted prices across the board, everyone looked good. The true test comes when those price lifts anniversary. "Who's swimming naked?" he asks - a question that, in lingerie, carries a certain poetic weight.
For now, the industry shines. But as any curator knows, a garment's beauty is best appreciated when the structure beneath is sound.
Originally reported by WWD