Then: Victoria's Secret actually resembled a boudoir.
"Raymond imagined a Victorian boudoir, replete with dark wood, oriental rugs, and silk drapery. He chose the name 'Victoria' to evoke the propriety and respectability associated with the Victorian era; outwardly refined, Victoria's 'secrets' were hidden beneath. In 1977, with $80,000 of savings and loans from family, Raymond and his wife leased a space in a small shopping mall in Palo Alto, Calif., and Victoria's Secret was born," Naomi Barr wrote on Slate.
Now: The photos show women in more relatable surroundings.
Then: You would have been able to find this sort of image in a Victoria's Secret ad.
The overtly provocative nature of Raymond's Victoria's Secret was slightly altered when Les Wexner took the helm of the brand — but make no mistake, lingerie still abounded.
Now: In 2016 Victoria's Secret scaled back its apparel offering – today, you'll find silk slip dresses and lace bodysuits advertised as both apparel and lingerie.
next slide will load in 15 secondsSkip AdSkip AdThen: Don't forget the quintessential bathrobe.
Today: Bathrobes and kimonos are still sold by the brand but seem less luxurious.
Then: Victoria's Secret definitely relied on its Angels — even if the ads were a little cheesy.
Now: The angels are still a big part of the brand's image.
"The ads around the fashion show showed the angels working out and their workout routine; they are portraying a stronger image of sexy, which is less cutesy,” Bridget Weishaar, senior equity analyst at Morningstar told Business Insider.
Then: The focus was on femininity.
next slide will load in 15 secondsSkip AdSkip AdNow: A push into athleisure means that women's strength and health are a bigger part of the campaigns.
There's more of a focus on depicting "real" women in the ads to compete with brands such as Aerie, which promotes natural beauty and self-acceptance in its ad campaigns.
Then: In the past, a full-on body suit and a sexy position was all the brand needed.
Now: Victoria's Secret is constantly looking for new ways to provoke.
Then: The bras offered full coverage.
Now: The company is famous for its T-shirt bra, but the retailer frequently shows off lacier undergarments in its imagery.
next slide will load in 15 secondsSkip AdSkip AdThen: The company's catalog was critical.
Now: In 2016 the company axed its catalog, which cost roughly $150 million to produce 300 million copies. Today, Instagram and Facebook serve as the company's main source of imagery.
Then: Here's a photo from a 2001 Fashion Show.
Now: Every year, the company has to impress audiences with outrageous costumes.
Then: The leggy models showed off a particular depiction of sexiness.
next slide will load in 15 secondsSkip AdSkip AdThen: Models were more modestly dressed.
Now: They are usually dressed in skimpy clothing.
Then: Victoria's Secret has always walked a fine line of sexiness — sure, it titillates men, but it still has to get women to buy lingerie.
Now: This is still true today.