iStock; Tyler Le/BI

There was a stretch of time in recent history when Victoria's Secret was deeply unloved by consumers and investors alike.

Scarlett Frazer, a 26-year-old fashion influencer who spends thousands at the store annually, is among the diehards who say they never gave up on VS amid its slog in the 2010s. But even she acknowledges the rough patch.

Caught in the cultural shifts of that decade that made the brand seem out of touch and its marketing in bad taste, and beset by competition, the business struggled.

Fast-forward to the present, and the baby pink stripes are back.…