Who Founded Victoria Secret
The Victoria Secret brand was co-founded by Roy Raymond and his wife Gaye Raymond in 1977. Roy Raymond, an American entrepreneur, launched the first store in Palo Alto, California, with the goal of creating a comfortable shopping environment for men buying lingerie as gifts. The brand later became a dominant name in retail fashion and intimate apparel.
Roy Raymond, born in 1947, studied at Stanford University and previously worked in business before founding Victoria Secret. He and his wife Gaye Raymond built the initial concept around a luxury, department-store-like experience for men who felt embarrassed shopping for intimate apparel in traditional stores. The brand name was chosen to evoke elegance and exclusivity.
Victoria Secret Early Growth and Ownership
Victoria Secret expanded rapidly after its founding, opening multiple locations and introducing the iconic Victoria Secret Fashion Show in 1995. The brand grew into a global retail chain, becoming one of the most recognized names in intimate apparel and sleepwear. The company was later acquired by L Brands, formerly known as Limited Brands.
In 2020, L Brands sold a majority stake in Victoria Secret to Sycamore Partners, a private equity firm, in a deal valued at approximately $1.1 billion. The transaction marked a major shift in ownership, with the brand moving away from public company control and into private equity management. The sale followed years of declining sales and changing consumer preferences in the retail market.
Current Ownership and Business Structure
Victoria Secret is currently owned by a joint venture between Sycamore Partners and L Brands. The brand operates under the holding company structure, with Sycamore Partners holding the majority ownership stake. The company continues to manage the Victoria Secret and PINK brands, focusing on retail, e-commerce, and global expansion.
Victoria Secret operates hundreds of stores across multiple countries and maintains a significant online presence. The brand has undergone restructuring efforts to modernize its image and product offerings. The current leadership focuses on repositioning the brand for a changing retail landscape while maintaining its core identity in intimate apparel and related categories.