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Victoria's Secret's discounts used to be mostly limited to the semi-annual sale.
But as the lingerie company enters its busiest season, it's suddenly going on the offensive and offering steep markdowns on bras for the first time in recent company history, Oppenheimer analysts Anna Andreeva and Samantha Lanman wrote in a recent note.
Oppenheimer refers to the current industry climate as the "bra wars," thanks to mounting competition from American Eagle's Aerie brand and athleisure companies like Lululemon. Competitor Calvin Klein has also seen a notable resurgence this year thanks to endorsements from musician FKA Twigs and model Kendall Jenner.
Because of piling inventories, Victoria's Secret has been selling many bras for between $7.50 and $10. That's less than half of the original price in many cases.
In addition to many steep discounts on Cyber Monday, Victoria's Secret is offering $20 off a $125 purchase and free shipping on orders more than $50.
Victoria's Secret still rules the lingerie world with an estimated 35% of market share, according to IBISWorld.
Like athletic giant Nike, however, the category's ruling company is facing a new slew of competitors.
American Eagle's Aerie is the most significant opponent right now. The brand is expected to reach $500 million in sales in coming years, compared with Victoria's Secret's $7.7 billion in sales.
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Aerie has resonated with many women thanks to its marketing strategy, which relies on using more diverse models than Victoria's Secret and eschews airbrushing of advertisements.
While Victoria's Secret was still hawking heavily-padded push-up bras, Aerie wisely started selling bralettes, which provide less padding and a more natural look.
Victoria's Secret has since followed suit with an assortment of new bralettes and sports bras.
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Many women today prefer curvy over thin, natural over airbrushed, and comfort over style.
Victoria's Secret might have to ditch its lacy, padded staples in favor of a more modern approach if it wants to keep ruling the market.
