Who Founded Victoria Secret and Why
Roy Raymond founded Victoria Secret in 1977 after feeling embarrassed shopping for lingerie in traditional stores. He wanted a comfortable, upscale environment for men buying intimate apparel for their partners. The first store opened in Stanford Shopping Center, Palo Alto, California, with a Victorian-era decor concept. Raymond's idea was to create a retail experience that removed the awkwardness of lingerie shopping for men.
The brand name "Victoria Secret" was chosen to evoke exclusivity and mystery, inspired by Queen Victoria and the idea of a secret world of luxury. Raymond's initial goal was to serve a niche market of men who preferred a refined shopping experience. The concept quickly gained traction in the upscale retail market, attracting customers who valued discretion and elegance.
Growth, Roy Raymond's Departure, and Ownership Changes
Victoria Secret expanded rapidly through the 1980s and 1990s, opening hundreds of stores across the United States. The brand became known for its annual fashion shows and supermodel endorsements, which helped it become a cultural icon. By the mid-1990s, Victoria Secret was one of the most recognized lingerie brands in the world, with a strong presence in shopping malls nationwide.
Roy Raymond sold Victoria Secret to Les Wexner and L Brands (then Limited Brands) in 1982 for about $1 million. The deal allowed the brand to scale nationally under a larger corporate structure. Wexner's leadership transformed Victoria Secret into a dominant force in intimate apparel, while Raymond left the business shortly after the sale and later struggled with financial and personal challenges.
Recent Ownership, Brand Strategy, and Market Position
In 2020, L Brands spun off Victoria Secret as a separate public company under the name Victoria's Secret & Co., with the stock trading on the NYSE under the ticker symbol "VSCO." The company has since focused on repositioning its brand image to appeal to a broader customer base. Leadership changes and strategic shifts aimed to modernize the brand and address evolving consumer preferences in the intimate apparel market.
Victoria's Secret & Co. continues to operate a large global retail footprint, with hundreds of stores and a significant e-commerce presence. The brand competes with other major lingerie and apparel companies in a highly competitive retail sector. Investors and analysts track its performance closely as it navigates changing market dynamics and consumer trends in the fashion industry Forbes.