Victoria's Secret is especially vulnerable. Even before the pandemic, the lingerie brand's image was suffering as revenues continued to decline for the last three years. And while Victoria's Secret is still the largest shareholder in the women's intimate apparel market — both in the U.S. and abroad — the innerwear brand has been widely criticized for its failure to adapt to changing market conditions, L Brands' founder Leslie H. Wexner 's relationship with Jeffrey Epstein and alleged sexual harassment within the company.