Ever wondered who’s behind those famous runway shows and lacy lingerie displays? Victoria’s Secret, the well-known retailer, has gone through some big changes over the years.
Victoria’s Secret is currently an independent, publicly traded company after being spun off from L Brands in August 2021.
Before this change, Victoria’s Secret was owned by L Brands for many years. The company was founded by Les Wexner, who built it into a retail giant and served as CEO for more than five decades.
In 2021, L Brands made a big decision to separate Victoria’s Secret into its own company through a tax-free distribution of 100% of shares to existing L Brands stockholders.
The brand has expanded beyond lingerie over the years. In 1998, the parent company created Intimate Beauty Corporation, which helped Victoria’s Secret grow into beauty products and other merchandise lines that shoppers know today.
Victoria’s Secret Profile
Victoria’s Secret is a famous company that sells women’s lingerie, clothing, and beauty products. It became a separate public company on August 3, 2021, when it split from L Brands.
The brand is known worldwide for its fashionable lingerie collections. Victoria’s Secret has been a major player in the fashion industry for decades.
Currently, Victoria’s Secret operates as part of Victoria’s Secret & Co., which includes both Victoria’s Secret and Victoria’s Secret PINK brands. These powerful brands aim to inspire and empower their customers.
Before becoming independent, Victoria’s Secret was owned by L Brands, a retail empire founded by Les Wexner. Wexner served as CEO for more than 5 decades and was instrumental in building the Victoria’s Secret brand.
In 1998, the company expanded its offerings by creating Victoria’s Secret Beauty, showing how the brand grew beyond just lingerie.
Today, Victoria’s Secret continues to be one of the most recognized lingerie retailers in the world. Their stores and online presence offer a wide range of products including bras, underwear, sleepwear, and beauty items.
Current Ownership
Victoria’s Secret has undergone significant ownership changes since 2021, moving from a subsidiary to an independent public company. The brand now operates under its own corporate structure with institutional investors holding major stakes.
L Brands Transition
Victoria’s Secret was previously owned by L Brands, a company that also managed other retail brands. The big change came on August 3, 2021, when L Brands completed the separation of Victoria’s Secret into an independent, publicly traded company.
This separation was done through a tax-free spin-off, allowing Victoria’s Secret to forge its own path in the competitive lingerie and beauty market. The move marked a significant shift in the company’s history since its founding in 1977 by Roy and Gaye Raymond.
The transition helped Victoria’s Secret focus on its core business without being tied to L Brands’ broader corporate strategy. This independence gave the company more flexibility to adapt to changing consumer preferences.
Recent Acquisition
In a major business move, Victoria’s Secret & Co. completed the acquisition of 100% of Adore Me, Inc. This acquisition represents an important strategic expansion for the company.
Adore Me, known for its inclusive approach to lingerie, complements Victoria’s Secret’s efforts to broaden its appeal to diverse customers. The purchase strengthens Victoria’s Secret’s market position and expands its product offerings.
This acquisition shows how Victoria’s Secret is working to stay competitive in the evolving fashion retail landscape. By bringing Adore Me under its corporate umbrella, the company gains new technology, customer insights, and product lines.
Ownership Structure
Today, Victoria’s Secret is primarily owned by institutional investors. FMR LLC (Fidelity Institutional Asset Management) holds approximately 11.5% ownership, making it one of the largest stakeholders.
Other institutional investors also hold significant portions of the company. This ownership structure is typical for publicly traded companies, with a mix of large investment firms, mutual funds, and individual shareholders.
The company trades under the ticker symbol VSCO on the New York Stock Exchange. Since becoming independent from L Brands in 2021, Victoria’s Secret has established itself as a standalone entity in the financial markets.
This diverse ownership base provides capital for growth while subjecting the company to the standards and scrutiny of public markets.
Key Individuals and Leadership
Victoria’s Secret has undergone significant leadership changes throughout its history, moving from founder ownership to corporate management under a board of directors.
Les Wexner’s Role
Les Wexner played a crucial role in Victoria’s Secret’s development. He purchased the struggling brand in 1982 for just $1 million through his company L Brands (formerly The Limited).
Under Wexner’s leadership, Victoria’s Secret transformed from a small business into a retail powerhouse. He focused on creating a luxury shopping experience with affordable prices that appealed to women.
Wexner served as CEO and chairman for decades, steering the brand’s growth and marketing approach. However, his reputation suffered after his connections to Jeffrey Epstein came to light.
In 2020, Wexner stepped down as CEO and chairman of L Brands. He later sold his remaining stake in the company, ending his nearly 40-year association with Victoria’s Secret.
Executive Management
Victoria’s Secret now operates under new leadership after separating from L Brands in 2021. Hillary Super serves as Chief Executive Officer of Victoria’s Secret & Co., bringing experience from her previous role as CEO of Savage X Fenty.
The company has implemented a restructured corporate leadership model. Previously, Amy Hauk was appointed CEO for both Victoria’s Secret and PINK brands after success leading PINK since 2018.
Victoria’s Secret is governed by a diverse Board of Directors that includes:
- Donna James
- Irene Chang Britt
- Sarah Davis
- Jacqueline Hernández
- Rod Little
- Mariam Naficy
- Lauren Peters
- Anne Sheehan
This leadership team is working to modernize the brand’s image and business approach.
Historical Ownership
Victoria’s Secret has changed hands several times since its creation, transforming from a small retail concept into a global lingerie powerhouse. The brand’s ownership history reveals how different business visions shaped its identity and market position.
Founding and Early History
Victoria’s Secret was founded in 1977 by Roy Raymond, an American entrepreneur. Raymond created the store after feeling uncomfortable shopping for lingerie for his wife in department stores.
He opened the first Victoria’s Secret as a place where men could comfortably purchase lingerie in a luxurious, boutique environment. The brand was designed to evoke Victorian-era elegance with its decor and branding.
Despite its unique concept, the company struggled financially under Raymond’s leadership. By the early 1980s, Victoria’s Secret was nearly bankrupt, which led to a pivotal ownership change that would forever alter the brand’s trajectory.
Expansion and Growth
In 1982, Les Wexner purchased Victoria’s Secret for $1 million – a decision that would transform the struggling company into a retail giant. Wexner was already a successful businessman from Ohio, known for founding The Limited clothing stores.
Under Wexner’s ownership, Victoria’s Secret underwent a complete reinvention. He shifted the focus from male shoppers to women, creating stores where women felt comfortable shopping for themselves.
Wexner’s company, which became L Brands, expanded Victoria’s Secret dramatically throughout the 1980s and 1990s. He introduced the iconic catalog, fashion shows, and the Angels marketing concept that defined the brand for decades.
The Ohio-based retail magnate maintained control of Victoria’s Secret for over 5 decades, building it into a billion-dollar business before recent ownership changes.
Controversies and Legal Issues
Victoria’s Secret has faced several major challenges that have tarnished its reputation and led to financial consequences. The company’s troubles went beyond business decisions to include serious ethical concerns.
Jeffrey Epstein’s Connection
The lingering shadow over Victoria’s Secret involves ties between convicted sex offender Jeffrey Epstein and Les Wexner, the billionaire CEO who owned the brand’s parent company. Epstein once served as Wexner’s financial advisor and had significant influence within the organization.
This relationship became a major focus in the Hulu documentary “Victoria’s Secret: Angels and Demons,” which explored these troubling connections in detail. The documentary raised questions about how much Wexner knew about Epstein’s activities.
Some reports suggested Epstein used his connection to Victoria’s Secret to approach women, claiming he could help them become models for the brand. This association damaged the company’s image severely once Epstein’s crimes became public knowledge.
Brand Image Repercussions
Beyond the Epstein scandal, Victoria’s Secret faced criticism for fostering a toxic culture of sexual harassment and misogyny. A landmark settlement was eventually approved in shareholder suits against the company’s parent organization.
A New York Times investigation uncovered widespread bullying and harassment of employees and models within the company. This report revealed troubling behavior, particularly from executives within the organization.
The brand also faced pressure from activist shareholders in 2019, including Barington Capital Group, who pushed for changes in company leadership and culture. These controversies contributed to Victoria’s Secret’s declining market position and forced the company to reconsider its marketing approach.
Brand Evolution and Market Strategy
Victoria’s Secret has undergone significant transformation since its founding in 1977 by Roy Raymond. The brand’s journey reflects changing consumer preferences and market demands in the competitive lingerie industry.
Rebranding Efforts
Victoria’s Secret launched a major rebrand in August 2021 to reshape its image and address changing consumer expectations. This strategic shift moved away from the brand’s previous marketing approach that featured the famous Victoria’s Secret Angels and flashy runway shows.
The company recognized the need to embrace body positivity and inclusivity to remain relevant in today’s market. They introduced more diverse models and expanded size ranges to connect with a broader audience.
The rebranding included new store designs, updated packaging, and fresh marketing campaigns that focus on women’s empowerment rather than fantasy-driven imagery. This transformation represents Victoria’s Secret’s effort to evolve with changing social values while maintaining its position as a leading lingerie retailer.
Consumer Engagement Strategies
Victoria’s Secret has developed innovative approaches to connect with customers in today’s competitive retail landscape. The brand leverages its Victoria’s Secret and PINK labels to target different market segments with tailored messaging and products.
Social media plays a crucial role in their engagement strategy, with millions of followers across platforms like Instagram and TikTok. The brand creates interactive content that encourages customer participation and brand loyalty.
Their loyalty program offers special perks, early access to sales, and personalized recommendations. This data-driven approach helps Victoria’s Secret understand customer preferences and shopping behaviors.
In-store experiences have also evolved to be more welcoming and less intimidating. Staff are trained to provide helpful guidance rather than pushing specific products, creating a more comfortable shopping environment for customers of all body types.
Company Strategies and Future Outlook
Victoria’s Secret & Co. is currently focusing on a strategic growth plan aimed at strengthening its core brands. CEO Martin Waters has declared the company’s ambitious goal to become “the world’s leading fashion retailer.”
The company wants to maximize the potential of both Victoria’s Secret and PINK brands. This strategy represents a significant shift from their previous marketing approach. The old approach had become increasingly criticized for being out of touch with modern consumers.
In 2021, Victoria’s Secret announced a complete rebrand initiative. This change came after years of declining relevance as consumer preferences shifted toward more inclusive and body-positive brands.
Key Strategy Elements:
- Brand modernization
- Expanding product offerings
- Increasing inclusivity
- Improving digital presence
The company has moved away from its famous fashion shows and “Angel” marketing that defined its image for decades. Founded in 1977 as a store for men to buy lingerie, Victoria’s Secret has undergone several transformations since Leslie Wexner purchased it in 1982.
The current leadership faces the challenge of revitalizing an iconic but somewhat outdated retail model. They must balance honoring the brand’s heritage while creating a more inclusive shopping experience that resonates with today’s diverse consumers.
