[T]he financial numbers for Victoria's Secret suggest that intersectionality might not provide a successful foundation for underwear sales. The company's stock has declined 32 percent since its peak immediately after the reorganization last year. The company recently forecasted declining sales numbers and, in a survey conducted by Bank of America, 23 percent of women said that they liked Victoria's Secret less than they did pre-Covid, compared with 13 percent who said they liked it more. Executives have even tried to blame poor financial performance on the war in Ukraine, which doesn't suggest confidence.

By itself, Victoria's Secret is insignificant. It hardly matters whether the undergarment manufacturer fails or succeeds. But as a symbol, the company provides insight into the political culture of America's multinational corporations, which exert an enormous influence over public life.