It’s a tale of two markets: beauty stocks are booming while an iconic intimate apparel brand is losing its luster. According to a recent analysis by Noel S. Williams on American Thinker, the divergence in performance between beauty companies and Victoria’s Secret may offer a window into the preferences—and possibly the values—of a generation.
Beauty stocks like e.l.f. Beauty and Ulta Beauty have been beating analyst estimates and raising guidance, and shareholders have reaped the benefits. In contrast, Victoria’s Secret, despite a strong year overall, saw its stock drop over 13% following its latest quarterly earnings report, largely due to a soft forecast for operating income in the third quarter.
Beauty vs. Lingerie: The Numbers Tell a Story
The numbers paint a stark picture. Victoria’s Secret posted year-over-year sales growth of 10.4% in its latest quarter, but that pales next to e.l.f. Beauty’s 36% growth. Moreover, the lingerie brand is showing signs of slowing momentum relative to its own past performance. Even the broader market outlook favors beauty: analysts project the beauty products sector to expand faster than intimate apparel, despite the former being a much larger market.
Williams, writing for American Thinker, suggests this isn’t just a matter of shifting consumer trends—it’s a cultural signal. He argues that Gen Z women are “misbehaving” and “misguided,” spending more on beauty products as a way to signal independence and reject traditional femininity. He points to the prevalence of unconventional hair colors among young women as part of a broader rejection of conventional attractiveness.
A Question of Culture and Consumer Choices
While the stock market data are concrete, the interpretation is decidedly subjective. Williams sees a direct line from cultural attitudes to consumer spending. He writes that many Gen Z women “don’t want to be lovely and sexy” because they’ve been taught that such traits are submissive, and they are instead using beauty products as a way to “turn off” young men rather than “turn on” potential partners through intimate apparel.
This has implications beyond the cosmetics aisle. As Williams puts it, “Now more than ever, the ability to speak our minds is crucial to the republic we cherish.” But is this really about republics and femininity, or are we overreading quarterly earnings?
Critics might argue that consumer behavior is rarely monolithic, and that drawing sweeping conclusions about an entire generation from a few stock tickers is a stretch. Yet Williams isn’t alone in noting that Victoria’s Secret, once the undisputed leader in the intimate apparel space, has faced challenges in recent years as brands like Aerie and ThirdLove have gained traction for their more inclusive and casual offerings. This shift isn’t just about price or comfort—it’s also about how younger women view themselves and their sexuality.
The Bottom Line
Regardless of whether one shares Williams’s cultural critique, the juxtaposition of booming beauty sales against Victoria’s Secret’s troubles is difficult to ignore. It reflects a broader trend: beauty is about self-expression, while lingerie is about intimate presentation. If Gen Z is more focused on the former, it might be a sign not only of changing preferences but of changing priorities.
For investors, the takeaway is clear: beauty continues to outperform, while traditional lingerie may need a rethink to appeal to a generation that seems less interested in the fantasy Victoria’s Secret once sold. Whether that’s a cultural loss or a liberation is a matter of perspective—but the data are there for anyone to see.
Source: www.americanthinker.com — https://www.americanthinker.com/blog/2026/09/beauty-stocks-are-rising-but-not-victoria-s-secret/