Jens Grede

I think it was worth $700 or $800 million at the time.

I think there's a big difference between what consumers care about and a consumer story and what is a Wall Street financial press story.

Ironically, they don't seem to impact one another very much.

If you asked consumers about Abercrombie, I think they were going through a very tough time.

Abercrombie, the founder, was in all sorts of hot water.

He was in all sorts of trouble, even more trouble now than he was then.

He's been constantly in trouble, yeah.

But if you ask a 20-something consumer, if that would have impacted their purchasing experience,

Common sense would say it would, but I never see it do.

Victoria's Secret is right up there too.

They had an Epstein connection because the founder, Les Wexner, had one.

They had totally lost that connectivity with the customer.

Their fashion shows felt outdated.

The way that they portrayed women felt outdated.

The whole concept in the early 2020s felt really out of step with our times.

And everybody said, it's over.

It's not over.

They're doing just fine.

Now, the street are still working on the thesis of that story from 2020.

Nothing has shifted Wall Street's views of Victoria's Secrets.