NEW YORK ( Fortune) -- Like a supermodel past her prime, Victoria's Secret is showing its age.
The company, which did for lingerie what the Wonderbra did for cleavage, is facing an onslaught of new competition at a time when its strategy of store expansion and high-octane advertising looks tired.
Even the company's marketing juggernaut, the orgy of flesh that is its annual fashion show, which takes place Thursday night and will be broadcast Dec. 4 on CBS, is losing steam.
"In many ways, Victoria's Secret is a victim of its own success," said Paul Lejuez of Credit Suisse First Boston. "They've created this lucrative business that a lot of people are chasing after."