Founding and Early Ownership of Victoria's Secret
Victoria's Secret was founded in 1977 by Roy Raymond in San Francisco, California. The first store opened in Stanford Shopping Center, and the brand was built as a destination for lingerie and sleepwear aimed at couples. Raymond later sold the company to Les Wexner and L Brands, then known as Limited Brands, in 1982, which marked the start of rapid national expansion under a centralized retail strategy.
Under Wexner's leadership, Victoria's Secret grew into the largest lingerie retailer in the United States by revenue. The brand became known for its annual fashion show, celebrity Angels, and flagship stores in major malls. Limited Brands later rebranded as L Brands, and Victoria's Secret remained its most prominent subsidiary for decades.
Ownership Transitions, Spinoff, and Current Structure
L Brands announced plans to spin off Victoria's Secret as a separate public company after years of declining sales and brand repositioning efforts. The Victoria's Secret & Co. spinoff was completed in 2021, with L Brands shareholders receiving shares in the new entity. The separation was designed to allow each brand to pursue independent strategy, with Victoria's Secret focusing on a younger, more diverse customer base.
Following the spinoff, Victoria's Secret & Co. became an independent publicly traded company listed on the New York Stock Exchange under the ticker symbol VSCO. The company continues to operate hundreds of stores across the United States and internationally, while also expanding its direct-to-consumer digital business. For current financial and ownership details, you can review the latest filings and investor materials on the official Victoria's Secret investor relations page.
Key Figures, Financial Data, and Brand Evolution
Roy Raymond, the original founder, sold Victoria's Secret to L Brands for an undisclosed sum in 1982, a transaction that shaped the modern lingerie retail industry. Les Wexner served as chairman and CEO of L Brands for decades and was widely credited with scaling the Victoria's Secret brand into a global retail powerhouse through aggressive store expansion and marketing.
Recent Financial and Ownership Highlights
After the 2021 spinoff, Victoria's Secret & Co. reported its first standalone quarterly and annual results as a public company. The company has continued to update its product assortment, marketing approach, and store footprint in response to shifting consumer demand and competitive pressure from other lingerie and apparel brands. Investors and analysts track Victoria's Secret & Co. revenue, same-store sales, and balance sheet data through quarterly earnings releases and investor presentations available on the company's official investor relations website.
Leadership and Strategic Direction
Victoria's Secret & Co. has named new executives and leadership teams since the separation from L Brands, with a focus on brand refresh, digital growth, and international expansion. The company's ownership structure now centers on public shareholders, institutional investors, and members of the former L Brands shareholder base who received Victoria's Secret & Co. stock in the spinoff transaction.