Founding and Early History
Victoria Secret was founded in 1977 by Roy Raymond in Palo Alto, California. The first store opened in Stanford Shopping Center with the goal of creating a comfortable environment for men to buy lingerie for women. Raymond was inspired by his own embarrassment while shopping for his wife's undergarments in a traditional department store. The brand's name combined the elegance of "Victoria" with the allure of "Secret" to evoke a sense of exclusivity and refinement. Learn more about the brand's origins.
Roy Raymond, an Stanford MBA graduate, initially conceived the idea after struggling to find upscale lingerie for his wife. He believed there was a gap in the market for a store that felt luxurious rather than clinical. The early stores featured Victorian-inspired decor with velvet drapes and dim lighting to create a private shopping experience. Raymond sold the company to Wexner in 1982 for $1 million, a decision that would later shape the brand's massive expansion. Read the Forbes analysis.
Roy Raymond's Role and Legacy
Roy Raymond is widely credited as the inventor and founder of Victoria Secret. He served as the brand's first CEO and established its core identity as a premium lingerie destination. Raymond's vision was to transform the lingerie shopping experience from a mundane task into a luxurious event. His background in psychology and business helped him understand the emotional and social dynamics of intimate apparel shopping. Despite his success, Raymond struggled with the pressures of rapid growth and sold his stake in the company in 1982.
After the sale, Raymond continued to launch other retail ventures but faced significant financial and personal challenges. He tragically passed away in 1993, leaving behind a legacy as the creator of one of the most recognizable retail brands in history. Victoria Secret went on to become a dominant force in the intimate apparel industry under new ownership. The brand's trajectory from a single store to a global empire is a central part of modern retail history. Business of Fashion coverage.
Brand Ownership and Expansion
The Limited Inc., led by Les Wexner, acquired Victoria Secret in 1982 and transformed it into a global brand. Wexner's strategy focused on aggressive expansion, marketing, and the creation of the Victoria Secret Fashion Show. The brand grew to operate over 1,000 stores worldwide at its peak. Victoria Secret became synonymous with high-profile marketing campaigns and celebrity endorsements. The company's parent entity went through several corporate restructurings, including the formation of L Brands.
Today, Victoria Secret operates under the ownership of Sycamore Partners after being spun off from L Brands. The brand continues to evolve its product lines and marketing strategies to adapt to changing consumer preferences. The Victoria Secret Fashion Show, once a cultural phenomenon, was discontinued in 2018 and later relaunched in a modified format. The brand's history reflects broader trends in retail, fashion, and corporate ownership. SEC filings for L Brands.