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As she did her thing, Harry Styles gyrated on the stage and belted out his hit single, Only Angel.The crowd went crazy, and it was difficult to know if they were cheering the $2 million bejewelled bra Ribeiro was wearing or the Brazilian beauty herself.By most measures, the November extravaganza in Shanghai, China, was a success.Ribeiro and a dozen of her supermodel pals were at their sexy best in an estimated $12 million production that company executives arranged to have telecast around the world.But the world yawned.Viewership of the show plummeted 32 per cent from the previous year in the coveted demographic to just five million. The company insists it is still the most watched fashion event in the world and that more people are tuning in online.That may be true, but the 41 year old brand that sells sleek and sexy has clearly grown tired in its middle age, critics say.Once among the hottest and most buzzed about brands in the world, Victoria Secret has posted declining same store sales at its brick and mortar US locations for seven straight quarters, while profit margins have gotten squeezed and inventories bloated.In hopes of turning things around, company execs have cut prices and extended its sales longer. Neither has worked as sales per square foot, down in the past two years, continued to erode in the first quarter.Perhaps even more troubling, younger and more aggressive rivals are now circling Victoria Secret like a bunch of hungry sharks each with a marketing pitch that is resonating with young women.Secret is an example of a company that thought it was too big to fail, Lingerie Addict editor and founder Cora Harrington said.

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