Victoria’s Secret was once a trendsetter in the world of women’s undergarments. Its catalog of supermodels in lacy push-up bras and its annual fashion show were the stuff of fantasies. Now the brand selling sexiness—or, at least, a particular vision of sexiness—has lost its appeal.

Shares of L Brands , whose main businesses are Victoria’s Secret and Bath & Body Works, are down 41% this year. That is primarily due to slowing sales at Victoria’s Secret, particularly of bras, which make up 35% of L Brands’s sales. In July, Victoria’s Secret’s semiannual sale was so weak the retailer was forced to extend it by two weeks and offer steeper discounts, leading analysts to declare the brand broken.

On Wednesday, The Wall Street Journal reported that Victoria’s Secret CEO Jan Singer is leaving.

The crux of the problem is that women are looking for a different kind of underwear and a different set of values. Instead of $60 padded bras that sell male fantasies, they are opting for cheaper undergarments that prioritize their own comfort. Victoria’s Secret has tried to adapt with the times, ending its catalog, doubling down on sports bras and even releasing a collection of “bralettes”—bras without underwire and padding.

It is a late adopter of the trend, however. The lingerie brand Aerie at American Eagle Outfitters got an early start selling bralettes. A host of online startups, like ThirdLove, are also gaining market share with underwear that caters to different body shapes and emphasizes ease and fit over glamour.