Similarly, Bath & Body Works has been able to maintain its lead over its nearest competitor, The Body Shop, and we don't see this changing. We think new entrants would be at a pricing disadvantage, given Victoria Secret's economy of scale advantages, lower cost of marketing thanks to word of mouth, massive well-positioned store fleet, and social media strength as well as all of the press surrounding the Victoria's Secret fashion show and the "Angels." Finally, research (as cited by Hanesbrands) shows that comfort, fit, and consistency are valued more than price by consumers in undergarments. We think this makes logical sense as changing brands requires the switching cost of having to try on multiple other brands to find the right fit and size, a task most people consider unpleasant. As a result, we think returns on invested capital will outpace our 8% weighted average cost of capital over a significant period. Our explicit model forecasts an average adjusted ROIC of 23% over a five-year time horizon.