Roy Raymond and the Origin of Victoria's Secret
Victoria's Secret founder Roy Raymond launched the first store in 1977 in Palo Alto, California, after feeling embarrassed buying lingerie for his wife in a department store according to Forbes. The concept targeted men who wanted a comfortable, upscale shopping environment for intimate apparel. Raymond co-founded the business with his wife, Gaye Raymond, and the first location combined a bookshop atmosphere with lingerie retail.
The early stores featured wood-paneled walls, Tiffany-style lamps, and a catalog that emphasized fantasy and luxury branding. Raymond's strategy was to remove the stigma from lingerie shopping for men. The company grew quickly through a mix of flagship stores and mail-order catalogs, establishing a distinctive retail format that separated it from traditional department store lingerie departments.
The Roy Raymond Era, IPO, and the 1982 Sale
Founding, Growth, and Financial Milestones
Victoria's Secret expanded rapidly in the late 1970s and early 1980s, opening multiple locations across the United States. The company's catalog circulation grew into the millions, driving a significant share of revenue. By the early 1980s, the business had attracted attention from larger retail investors interested in the growing intimate apparel market.
1982 Acquisition by Leslie Wexner and Limited Brands
In 1982, Roy Raymond sold Victoria's Secret to Les Wexner's Limited Brands for approximately $1 million, a sum that later proved remarkably low given the brand's future scale reported by Bloomberg. Wexner, who had built Limited Brands into a retail conglomerate, immediately began scaling the chain by adding new stores and expanding the catalog business. Raymond left the company shortly after the sale and later struggled with the psychological impact of the transaction.
Victoria's Secret Under Wexner, IPO, and Modern Ownership
Public Listing and Brand Evolution
Victoria's Secret parent company Limited Brands, later renamed L Brands, went public and listed on the New York Stock Exchange under the ticker symbol LB per SEC filings. The Victoria's Secret brand became the company's primary revenue driver, known for its annual fashion show and supermodel campaigns. The chain expanded to hundreds of locations across the United States and international markets, while the catalog business remained a core customer acquisition channel.
Recent Ownership and Restructuring
In recent years, L Brands spun off Victoria's Secret as a separate public company, Victoria's Secret & Co., which trades on the NYSE under the ticker VSCO. The brand has undergone leadership changes, store closures, and a repositioning effort focused on loungewear and a broader customer base. The current ownership structure centers on institutional shareholders and public markets, with the company operating as a standalone entity distinct from L Brands