Money
Goodbye angels? Victoria’s Secret’s major brand overhaul | ticker VIEWS
Victoria Secret is abandoning its ‘angel’ ambassadors, in a dramatic re-brand attempt
Last week, Victoria’s Secret announced a new ambassador initiative that will spearhead a major re-branding strategy.
“This is a dramatic shift for our brand, and it’s a shift that we embrace from our core,’ said CEO Martin Waters.
This means the multi-million dollar Fantasy Bras, bedazzled wings and the annual Victoria’s Secret Angels fashion show, will be replaced by the “VS Collective,” a group of seven famous, successful women — not all of whom are (just) models.
In the past, the company has been criticised for its models being too thin or underweight.
There are 4,200 jewels included, all set in 18-karat gold. The Fantasy bra became one of the largest draws to the annual spectacle.
Angels are no longer ‘culturally relevant’
Victoria’s Secret announced it’d cancel its famous annual televised runway show indefinitely in 2019, as viewing figures fell to 3.3 million the year prior.
A spokesperson for Victoria’s Secret said that “As an entertainment brand, with a huge cultural footprint we are reimagining what a fashion show could look like for us in the future.”
Martin Waters, Victoria’s Secret chief executive told The New York Times that “right now” he did not see the Angels as being “culturally relevant”.
U.S soccer star, Megan Rapinoe, will be one of the new faces of Victoria’s Secret.
In the past, Rapinoe, an LGBTQIA+ activist, has described the brand as “patriarchal, sexist, viewing not just what it meant to be sexy but what the clothes were trying to accomplish through a male lens and through what men desired”.
“I am humbled to join this group of incredible women to drive change within the Victoria’s Secret brand and beyond,” said Rapinoe of her role in the VS Collective via a press statement.
“So often I felt myself on the outside looking in with brands in the beauty and fashion industry, and I’m thrilled to be creating a space that sees the true spectrum of ALL women.”
“The VS Collective is an ever-growing group of accomplished women who share a common passion to drive positive change”
VICTORIA SECRET SAID IN A STATEMENT.
“These extraordinary partners, with their unique backgrounds, interests and passions, will influence and shape the future of the world’s largest and most recognizable brand for women.”
As part of the VS Collective roll-out, the women will share their stories via a podcast hosted by de Cadenet.
Money
Fed cuts rates, signals more potentially ahead
Fed lowers rates amid job market concerns, signalling potential further cuts in upcoming meetings
Fed lowers rates amid job market concerns, signalling potential further cuts in upcoming meetings
– The Federal Reserve cut interest rates by a quarter-point to address job market concerns.
– Officials expect at least two additional rate cuts by year-end amid ongoing economic uncertainties.
Fed Chair Jerome Powell noted a significant shift in the labour market, highlighting “downside risk” in his statements.
The recent rate cut, supported by 11 of 12 Fed voters, aims to recalibrate an economy facing uncertainties from policy changes and market pressures.
Policy Dynamics
The decision comes amid intense political scrutiny, with President Trump openly criticising Powell’s reluctance to lower rates.
Despite the controversy, Powell asserts that political pressures do not influence Fed operations.
The current benchmark federal-funds rate now sits between 4% and 4.25%, the lowest since 2021, providing some reprieve to consumers and small businesses. Economic forecasts indicate ongoing complexities, including inflation trends and the impact of tariffs on labour dynamics, complicating future policy decisions.
Money
Fed faces unusual dissent amid leadership uncertainty
Fed’s Powell navigates contentious meeting amid Trump-appointed dissenters as rate cut looms and succession contest heats up
Fed’s Powell navigates contentious meeting amid Trump-appointed dissenters as rate cut looms and succession contest heats up
– This week’s Federal Reserve meeting faces unusual dissent as Chair Powell approaches his term’s end.
– Analysts predict dissent over expected rate cuts due to political pressures from Trump-appointed officials.
The situation is further complicated by the recent swearing-in of Trump adviser Stephen Miran to the Fed’s board, following a Senate confirmation.
Analysts believe Powell may encounter dissent on an expected quarter-percentage-point rate cut from both Trump-appointed officials and regional Fed presidents concerned about inflation.
Potential Dissent
Trump has urged significant rate cuts and for the board to challenge Powell’s decisions.
Some analysts predict dissenting votes from Miran and other Trump appointees in favour of larger cuts. Federal Reserve veterans express concerns that political motivations may undermine the institution’s integrity, with indications that greater dissent could become commonplace.
Money
RBA plans to ban credit card surcharges in Australia
Reserve Bank of Australia plans to ban credit card surcharges despite banks warning of potential higher fees and weaker rewards
Reserve Bank of Australia plans to ban credit card surcharges despite banks warning of potential higher fees and weaker rewards.
– The RBA plans to ban surcharges on debit and credit card transactions, supported by consumer group Choice.
– Major banks oppose the ban, warning it could lead to higher card fees and reduced rewards for credit card users.
The Reserve Bank of Australia (RBA) intends to implement a ban on surcharges associated with debit and credit card transactions. Consumer advocacy group Choice endorses this initiative, arguing that it is unjust for users of low-cost debit cards to incur similar fees as credit card holders.
The major banks, however, are opposing this reform. They caution that the removal of surcharges could prompt customers to abandon credit cards due to diminished rewards.
A final decision by the RBA is anticipated by December 2025.
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