Martin Waters: The other opportunity that we have, Janet, is as TJ said, if our inventories are, we’re expecting our inventories to be clean is to pull forward spring fashion, so we’re actively looking at ways in which we can pull forward newness to help that January period with full price selling. I think we have time for one more, Kevin do we?
Kevin Wynk: Yes. Thank you, Janet. And Ivy, I think let’s go with one more question, please.
Operator: Thank you. And our final question comes from Marni Shapiro from Retail Tracker. Please go ahead.
Marni Shapiro: Thanks, guys. And congrats to the stores. It was a pleasure having to wait online to get in on Black Friday, I have to say. You have made some big investments in the third quarter marketing moments, I would call them, from the show, Netflix, et cetera. I’m curious if you could just talk a little bit about the halo effect. Did you see a bump in traffic around those events? Did you see the sell-through that you were expecting? And curiously, Millennials grew up with Victoria’s Secret. It was where they went. It was their be-all, end-all. PINK was their baby brand. But Gen Z, less so. As they were growing up, Victoria’s Secret was sort of hitting a lot of speed bumps, I guess is the way to put it. So I’m curious if you’re now, when starting to win over Gen Z now, and is PINK the vehicle to do that? If you could just talk about that under the guise of marketing?
Martin Waters: Yes, great questions, Marni. Thank you for asking. Look, we did a lot of resetting of the marketing agenda during Q3, particularly October — September and October with the World Tour. Our objectives on the World Tour, as I said at Investor Day, we create a media frenzy, mission accomplished, be part of the conversation of what’s popular culture looks like now, where we were outside of that conversation previously. And thirdly to create assets, marketing assets that we could use over a consistent period of time. We’ve been able to do all of that. We then followed that moment quickly with the My Wings, My Way campaign which was kind of a different articulation. And then Mariah popped out with a very big moment.
And so a lot of attention to the Victoria’s brand. The key metric that we look at is brand sentiment, and we’re sitting at about 80% positive in brand sentiment, which is good. We look at and we track independent research on all of the other metrics like relevance, like intent to purchase, like gets me, you know, there’s a whole series of ways in which we measure those. And we’re much more focused on how those are moving over time than we are about did you get — did you see a lift in traffic? Did you see a lift in traffic is really more about promotional marketing and about performance marketing in the digital arena and in social channels. The moments I just spoke about are more tent pole moments where we’re looking to grow the halo that there is around the brand for the long-term.
And the decision about whether those have been good investments or bad investments will take time to reveal themselves. And we’re now at the point of deciding what do we want to do for 2024? So we’re actively thinking about what the anniversary moment for the World Tour will be in 2024 and we’ll make some choices about that in the in the coming weeks and months. You know, you asked about Gen Z’s and Millennials, I’m delighted to say that we’re over indexing with Gen Z’s. So we’re strong with Gen Z’s. Gen Z’s like Victoria’s Secret. We’re under indexing with PINK for reasons that we’ve spoken about. So that just brings even more opportunity. When we get PINK back on its game, I’m super confident that we’ll get Gen Z’s and Gen Wise to come in strong.
The area of opportunity for us has been Millennials where we’ve been underweight with young millennials and we continue to look very hard at that cohort and our personalized marketing capability will enable us to market differently, not just by generation, but also by psychographic behavior. As we talked about at Investor Day, we’ve identified specific target customers that we want to reach, and we’ll be marking to them differently depending on their preferences. I think we’ll call that a wrap and thank you for that question, Marni. Thank you all for your interest in our brands. We wish you all a very happy holidays.
Operator: Thank you all for participating in today’s third quarter 2023 earnings conference call. That concludes today’s conference. Please disconnect at this time and enjoy the rest of your day.
