Current Owner of Victoria's Secret
Victoria's Secret is currently owned by Essity AB, the Swedish consumer goods company, which acquired the brand through a leveraged buyout. The deal placed Victoria's Secret under the ownership of a consortium led by private equity firms, with Sycamore Partners playing a central role in the transaction. The brand operates as a privately held company, meaning its financials are not disclosed through public stock exchanges.
The ownership structure reflects a shift from its previous public listing, when Victoria's Secret was traded on the New York Stock Exchange under the ticker symbol "VIC." The buyout removed the brand from public markets and placed it under direct control of private equity investors and strategic partners. This change allows the company to operate without quarterly earnings pressure and with greater flexibility in restructuring its business.
History of Ownership Changes
Victoria's Secret was founded in 1977 by Roy Raymond and later grew rapidly under the ownership of L Brands, formerly known as Limited Brands. L Brands retained majority ownership for decades while also managing other retail brands like Bath & Body Works. In 2020, L Brands announced the sale of Victoria's Secret to a consortium led by Sycamore Partners and other investors.
The sale marked the end of Victoria's Secret's long tenure as a publicly traded brand under L Brands. The transaction valued the company at several billion dollars and involved significant debt financing to complete the buyout. Since then, the brand has undergone leadership changes, store closures, and a strategic repositioning aimed at regaining market share in the intimate apparel and lifestyle retail sector.
Ownership Structure and Key Investors
The ownership of Victoria's Secret is concentrated among a group of private equity firms and institutional investors. Sycamore Partners, a leading private equity firm specializing in retail and consumer brands, remains a primary owner and has been involved in major strategic decisions. Other investors in the consortium include institutional funds and credit providers who financed the leveraged buyout.
Essity AB, the current parent company, is a publicly traded Swedish company listed on the Nasdaq Stockholm. Essity's ownership of Victoria's Secret is part of its broader strategy to expand its portfolio of global consumer brands in the personal care and hygiene sectors. The structure allows Victoria's Secret to operate as a distinct brand while benefiting from Essity's international distribution and supply chain capabilities.