If there was one thing we could count on, it's that a Victoria's Secret "Free Panty" coupon would show up in our mailboxes when we least expected it. However, the days of the coupon, which entitled the receiver to one free pair of underwear, are behind us. Executives of the brand's parent company, L Brands, explained this, along with a handful of other changes, at an investor meeting this past week.The Washington Post reports that the company's main reason for axe-ing the coupons was that it was too popular. That is, people were coming in to get the free panty, but 40% of them didn't buy anything else.“Do they drive volume? Yeah,” said Stuart Burgdoerfer, chief financial officer of L Brands. “You can sell Mercedes on discounts too, and so you got to be careful about how you’re driving that volume and what it does to the brand over time.”Because not only had the coupons stopped increasing sales, they'd, in Burgdoerfer's opinion, cheapened the brand. The coupons were so frequent that the reputation suffered which, in a way, opened the door for them to rethink the whole store. They've ditched swimwear and clothing, are reconsidering beauty, and are contemplating moving away from underwire and molded cups in favor of the recently-popular bralettes While your next pair of panties may not be free, they might be the start of a brand new era for the retailer.