I have been shopping at Victoria's Secret since the mid 1980s, back when it was catalog only, then eventually online. The clothing back then was bar none.
Their cotton panties were the best on the market, but over the years, they've gotten worse and worse and worse, to the point where they are now cheap garbage that falls apart after only a few washings. I have VS cotton panties from five years ago that are still going strong, while some that were purchased only two months ago have already come apart. The fabric is so thin that the lighter colors are sheer, holes form almost immediately where the cotton is sewn to the elastic waistband, and the kicker, the crotch panel is no longer sewn in on all four sides. It is now left open on one end like a pocket, which curls the first time you wash it, and tears right off if you try to wear a pad.
I have never seen a panty like that, not even the cheap junk you get at a discount store. Seriously, who makes a panty like that? The decline in quality also extends to the clothing. A Pink hoodie that is priced at $49, and looks great pictured on their supermodel, is really dime store junk made in some third world country.
You can get better quality at Target for a fraction of the price. I just bought one of their "limited edition" holiday "bling" tank tops, and was horrified at what I received. The cotton was as thin and as sheer as tissue paper, and the sequins were already falling off in the bag. This GARBAGE set me back $44 plus shipping, plus another $6 to return it.
I could rant on this all day, but you get the message. Victoria's Secret is selling overpriced garbage by putting it on Photoshopped pictures of supermodels to make it look good.
Don't fall for it. What you see on the web site is NOT what you will get.