Founder and Early History
Roy Raymond founded Victoria Secret in 1977 in San Francisco, California, with the goal of creating a comfortable shopping environment for men buying lingerie as gifts. He opened the first store in Stanford Shopping Center and later expanded the brand to multiple locations across the United States. Raymond sold the company to Limited Brands in 1982 for approximately $1 million, a transaction documented by business historians and financial news sources read more here.
Limited Brands, now known as L Brands, transformed Victoria Secret into a global lingerie and beauty retailer under the leadership of executives like Leslie Wexner. The brand grew rapidly during the 1980s and 1990s, becoming synonymous with mainstream lingerie retail in the U.S. and internationally source.
Ownership and Corporate Structure
Victoria Secret operates as a brand under L Brands, a publicly traded company listed on the New York Stock Exchange under the ticker symbol LB. L Brands spun off Victoria Secret as a separate public company in 2021, and the brand is now controlled by a consortium led by Sycamore Partners, a private equity firm. The separation marked a major shift in corporate governance and strategic direction for the retailer.
Key Executives and Leadership
Martin Waters currently serves as the CEO of Victoria Secret & Co., overseeing global operations, product design, and marketing strategy. The leadership team includes executives with backgrounds in retail, fashion, and consumer goods, reflecting the brand's focus on repositioning itself in a competitive market SEC filing.
Brand Evolution and Current Status
Victoria Secret faced significant challenges in the late 2010s and early 2020s, including declining sales, loss of market share to competitors like Savage X Fenty and ThirdLove, and public criticism of its marketing approach. The company responded with a rebranding effort, new leadership, and a shift toward inclusivity and digital-first retail strategies.
Financial Performance and Market Position
As of the latest available public data, Victoria Secret operates hundreds of stores globally and maintains a significant online presence. The brand's revenue and valuation have been impacted by broader trends in retail and consumer preferences, but it remains one of the most recognized lingerie brands worldwide Forbes Advisor.