They went from an image that is extremely difficult for most of their customer base to connect with and achieve, to an image that is even harder to connect with and achieve.
What they should have done was kept the angels, and added in some models of average size, who are NOT famous for anything, just like the angels when they hire them, so we are all better represented, and we can identify with the images they put out. Then they should add lingerie that fits the average woman. If they had 38DDD bras that didn't look like my granma's (go and look, all the bras are pretty, till you get to 38DDD, then they are plain, not pretty), I might shop there. But they don't. So, they can't gain me as a customer for that. I do buy their panties, cos the cotton ones are cute, and comfortable. But I would never buy the 'sexy' stuff, cos be honest, no woman enjoys a perpetual wedgie or itchy lace, keep it real. If they figured that out and aimed for comfy but still cute or pretty, and added in some zumiez-style stuff for the girls and women who don't tend towards 'cutesy' so much, they might make a turn around. But choosing this for their rebranding, instead of figuring out what women really want, is a massive fail. They'll learn, when it does not improve their sales.