If you’re among the 75% of Americans who regularly visit malls, you’re undoubtedly familiar with this scene: Outside of Victoria’s Secret, huddled groups of pre-teen boys jostle each other underneath the novelty of seeing a 15-foot airbrushed image of supermodels in push-up bras and angel wings. Inside, women navigate the pink-papered rooms to open up a million drawers filled with lacey underwear sets and constructed push-up bras. It smells like a sugar factory, and feels like a sanitized boudoir, and it’s been totally, exactly just this way since as long as you can remember. This has mostly been a winning model: The Columbus, Ohio-based brand that began as a speciality boutique in Palo Alto, California 40 years ago, today boasts annual sales of more than $7 billion and a 62% share of the American lingerie market. (Just to put that into perspective, Apple owns an estimated 43% of the U.S. smartphone market — and iPhones are everywhere.) It’s emerged as a major player in the beauty industry, and its annual fashion show is a pop-culture mainstay. The well-endowed, tiny-waisted hourglass Angels Victoria’s Secret has promoted have defined sexy for a generation.That superiority of that exact Victoria's Secret body type have been supported by Hollywood, by advertisements, by porn, and even by science — but it's become clear that the Angels hegemony is on the way out. Even executives at Victoria’s Secret know that a younger, more socially-conscious generation are redefining sexiness in more authentic terms. And so they have a section of some stores devoted to those women too; nestled into one of the rooms is Victoria’s Secret’s offshoot, Pink, which started in 2002 as its line for younger shoppers. That’s where you’ll find soft bralettes and sporty, athleisure styles that look more suited for BFFs than supermodels. These newer styles only retail for $20, or about a third the price of Victoria’s Secret’s mainstay product, and although the Pink section of any Victoria’s Secret store is relatively small, Pink is Victoria’s Secret’s most profitable arm. Consistently ranked as one of the most popular brands with American teens, the capsule brand increased net sales by $17 million for the third quarter of 2016. In its 2016 annual report Victoria’s Secret called its performance “truly ‘Olympic.’”This shift is meaningful, not just from a financial standpoint but also a cultural one. Because even as Pink continues to grow — the company is opening standalone Pink stores and expanding its footprint within current shops — the rest of Victoria’s Secret is finding that to remain a cultural leader means having to adapt. The definition of sexy is changing. And nowhere is the tension between the old and new more obvious than in a statement the company made in their 2014 annual report : “At Victoria’s Secret, we market products to the college-aged woman with Pink and transition her into glamorous sexy product lines, such as Body by Victoria, Angels, and Very Sexy.” This effort to straddle both worlds — the bralette version of Pink and the push-up version of their other lines — is an indication of how Victoria's Secret has attempted to respond to the ways that standards of beauty have changed over the past decades. The schism between Pink and the broader brand are more than just two different product lines; they represent two completely different modes of femininity. Given Pink’s success, it’s almost certain that Victoria’s Secret the company will get there. But it has to let go of the idea Pink’s version of femininity is a layover — not a final destination.First let’s give credit where credit is due: Victoria’s Secret was the first to effectively sell lingerie — long considered a luxury purchase — to the masses. The first Victoria’s Secret was founded by Ray Raymond who opened the first shop in 1977 after struggling to buy lingerie for his wife. He wanted a place where men would feel comfortable, not embarrassed, shopping for women’s underthings. The shop did well, bringing in sales of half a million its first year and allowing Raymond to open more stores as well as a mail-order catalog. But the company didn’t really take off until L Brands acquired it for $1 million in 1982, immediately switching its target to the real buyers of lingerie: women. But even then, the advertisements and catalogs still catered to the male gaze (ask any teenage boy with access to mailboxes). In Victoria’s Secret’s world, women wore lingerie in order to be admired by men. That strategy has paid off: Victoria’s Secret was worth $1.9 billion by 1995.