Victoria's Secret

Victoria’s Secret & Co. listed on the New York Stock Exchange under VSCO in August 2021 following L Brands’ separation of the company from Bath & Body Works Inc., marking the beginning of a new chapter for the specialty lingerie retailer after more than three decades as part of the L Brands portfolio. Hillary Super was appointed CEO in 2024, succeeding Amy Hauk and continuing the brand’s deliberate repositioning from the “Angels” marketing era toward a more inclusive and culturally contemporary positioning.

The original Victoria’s Secret store opened in 1977 in San Francisco when Roy Raymond, frustrated by department-store lingerie environments, created a small shop designed to make lingerie shopping comfortable and aspirational. L Brands’ Les Wexner acquired the brand in 1982 for $1 million. The VS Collective platform, launched in 2021 and featuring athletes, activists, and public figures including Priyanka Chopra and Megan Rapinoe as brand ambassadors, replaced the annual Victoria’s Secret Fashion Show, which had ended in 2019 after ratings declines and cultural backlash against its narrow beauty standards. Victoria’s Secret & Co. reported total revenues of approximately $6.2 billion in fiscal year 2024 (ended February 1, 2025), with the namesake Victoria’s Secret banner contributing the dominant share alongside the PINK sub-brand. International distribution is managed primarily through franchise and licensing partners: Next plc in the United Kingdom (as part of the Next Total Platform partnership), Alshaya Group in the Middle East, and IBC Group in Singapore and select Asian markets.

Victoria’s Secret is present across regional and super-regional centers overwhelmingly in the United States, with meaningful secondary positions in Canada, and selective franchise presence in the United Kingdom, the UAE, Singapore, Malaysia, Thailand, and Poland. For mall operators, Victoria’s Secret is a Class A specialty intimates-and-beauty anchor for regional and super-regional centers, typically occupying 5,000 to 9,000 square feet in formats that combine the signature runway-and-lingerie-wall merchandising, PINK sub-brand integration, and a beauty section carrying fragrances, body care, and cosmetics. The brand’s continued presence in virtually all major US regional centers provides consistent traffic from its loyal customer base.