Victoria’s Secret is one of the brands that has reached its North American revenue peak, according to Instinet analysis.

Victoria’s Secret, Pink, Gap and American Eagle Outfitters have reached their North American revenue peaks, according to an Instinet analysis.

Instinet found that direct-to-consumer (DTC) companies tend to “cap out” at $3 billion in North America, while wholesalers reach a threshold of about $5 billion. But those figures are declining.

Analysts examined 25 of the largest brands in U.S./North American sales, excluding Nike Inc. NKE, +0.17% “which has stood in a league of its own.”

Instinet doesn’t cover H&M Hennes & Mauritz AB HMB, +1.55% or Carter’s Inc. CRI, +3.83% , but says those two names are worth watching as well. Carter’s reported a sales and earnings miss last week.

L Brands Inc.’s LB, +2.99% Victoria’s Secret and Pink lingerie brands have both struggled in sales as style preferences and price points have shifted. Analysts estimate that Victoria’s Secret has dropped to about $3.2 billion in fiscal 2018 after reaching $3.5 billion in fiscal 2016. Analysts are “concerned” about a continuing fall.

And Pink peaked at about $3 billion, analysts say.

L Brands is shedding Henri Bendel and is looking for alternatives for its La Senza in order to focus on its core brands, the company says.

The Gap brand has…