Hey guys! Ever wondered who's really calling the shots at Victoria's Secret? We all know and recognize the brand, with its glamorous fashion shows, iconic Angels, and a wide array of lingerie, perfumes, and beauty products. But behind all the glitz and glam, there's a fascinating story of ownership and evolution. Let's dive deep into the history and current owner of this famous brand, giving you the inside scoop. Understanding who owns such a massive brand can give you insight into its strategic direction, ethical practices, and overall vision. Victoria's Secret has gone through significant changes over the years, and knowing its ownership structure helps explain many of these shifts. So, buckle up as we uncover the figures and companies behind the Victoria's Secret empire!

The Early Days of Victoria's Secret

Before we get to the current owner, let’s rewind to the beginning. Victoria's Secret was founded in 1977 by Roy Raymond. Raymond, a Stanford Graduate School of Business alumnus, came up with the idea after feeling embarrassed purchasing lingerie for his wife in a public department store. He envisioned a more comfortable and inviting shopping experience for men. So, he took a leap of faith, borrowing $40,000 and securing a $40,000 bank loan to bring his vision to life.

The first Victoria's Secret store opened in a Stanford Shopping Center in Palo Alto, California. The store was designed to look like a Victorian boudoir, creating a cozy and intimate atmosphere. Raymond aimed to make lingerie shopping a pleasurable experience for both men and women. The products were displayed elegantly, and the store offered a wide range of styles, sizes, and price points. In its early years, Victoria's Secret differentiated itself by offering a mail-order catalog, which allowed customers to shop from the comfort of their homes. This catalog became incredibly popular, contributing significantly to the brand's growth. Within a few years, Victoria's Secret expanded to multiple locations, becoming a recognizable name in the lingerie market. Raymond’s innovative approach to lingerie retail laid the foundation for what would become a global phenomenon. However, the brand's journey wasn't without its challenges, and the ownership would eventually change hands, paving the way for a new chapter in Victoria's Secret history.

The Limited, Inc. Acquisition

In 1982, a major turning point occurred when Leslie Wexner, the founder of The Limited, Inc., acquired Victoria's Secret for approximately $1 million. At the time, Victoria's Secret had six stores and a catalog operation. Wexner saw immense potential in the brand and believed he could transform it into a mass-market powerhouse. Under Wexner's leadership, Victoria's Secret underwent a significant transformation. He refined the brand's image, focusing on sex appeal and glamour. The product line expanded to include not only lingerie but also sleepwear, sportswear, and fragrances. The stores were redesigned to create a more luxurious and visually appealing shopping environment. One of Wexner's most impactful strategies was the launch of the Victoria's Secret Fashion Show in 1995. This annual event quickly became a pop culture phenomenon, featuring supermodels (the Angels) adorned in elaborate lingerie and wings. The fashion show generated enormous buzz and solidified Victoria's Secret as a leading lingerie brand worldwide.

Under The Limited, Inc., Victoria's Secret experienced exponential growth. The brand expanded its retail footprint, opening hundreds of stores across the United States and internationally. The catalog business continued to thrive, reaching millions of households. Victoria's Secret became synonymous with femininity, beauty, and aspiration. The brand's marketing campaigns were highly effective, featuring top models and creating a sense of desire and exclusivity. However, as the brand grew, it also faced criticism for its narrow definition of beauty and its portrayal of women. Despite the controversies, Victoria's Secret remained a dominant force in the lingerie market for decades, largely due to Wexner's vision and leadership. The acquisition by The Limited, Inc. marked a pivotal moment in Victoria's Secret's history, setting the stage for its rise to global prominence.

The Rise and Fall Under L Brands

As The Limited, Inc. evolved, it eventually became L Brands. Under L Brands, Victoria's Secret reached its peak but also faced significant challenges. Throughout the late 1990s and 2000s, Victoria's Secret continued to dominate the lingerie market. The brand's annual fashion show remained a highly anticipated event, drawing millions of viewers worldwide. The Angels became household names, and the brand's marketing campaigns were ubiquitous. However, in the 2010s, Victoria's Secret began to face increasing competition from other lingerie brands that embraced more inclusive sizing and body positivity. The brand's narrow focus on a specific body type and its overtly sexualized marketing campaigns started to feel outdated and out of touch.

Sales began to decline, and the brand's image suffered. L Brands struggled to adapt to the changing landscape and faced criticism for its lack of diversity and its CEO's controversial remarks. In 2020, after years of declining performance, L Brands announced that it would sell a majority stake in Victoria's Secret to Sycamore Partners, a private equity firm. However, the deal fell through due to the COVID-19 pandemic, leaving Victoria's Secret's future uncertain. The challenges faced by Victoria's Secret under L Brands highlighted the importance of adapting to changing consumer preferences and embracing inclusivity. The brand's struggles served as a cautionary tale for other retailers, demonstrating the need to stay relevant and responsive to evolving social norms. Despite the difficulties, Victoria's Secret remained a powerful brand with a loyal customer base, setting the stage for a new chapter in its history.

The Spin-Off: Victoria's Secret as an Independent Company

In August 2021, Victoria's Secret officially became an independent, publicly-traded company after a spin-off from L Brands (now Bath & Body Works, Inc.). This marked a new chapter for the brand, giving it the opportunity to redefine its image and strategy. As a standalone company, Victoria's Secret & Co. (NYSE: VSCO) has greater control over its operations and decision-making. The spin-off was intended to allow both Victoria's Secret and Bath & Body Works to focus on their respective strengths and pursue their own growth strategies.

The separation aimed to unlock value for shareholders and provide each company with the flexibility to adapt to changing market conditions. Victoria's Secret, under new leadership, has been working to revamp its brand image and embrace inclusivity. The company has introduced more diverse models, expanded its size range, and launched marketing campaigns that celebrate body positivity. Victoria's Secret has also been investing in its digital channels and exploring new retail formats to reach a broader audience. The spin-off represents a significant shift in Victoria's Secret's ownership structure and strategic direction. As an independent company, Victoria's Secret is now responsible for its own success and must navigate the challenges of a rapidly evolving retail landscape. The company's ability to adapt, innovate, and connect with consumers will determine its future in the competitive lingerie market. So, to answer the question who owns Victoria's Secret? It is now owned by its shareholders, as it is a publicly traded company.

Current Ownership and Leadership

So, who's steering the ship now? As a publicly traded company, Victoria's Secret & Co. is owned by its shareholders. This means that ownership is distributed among numerous individuals and institutions who hold shares of the company's stock (NYSE: VSCO). While there isn't one single owner, the company is governed by a board of directors and led by a management team.

The current CEO of Victoria's Secret is Gina Boswell, who assumed the role in 2022. She brings a wealth of experience in the consumer goods and retail industries and is responsible for leading the company's strategic direction and day-to-day operations. The board of directors plays a crucial role in overseeing the company's performance and ensuring that it is aligned with the interests of its shareholders. The board members bring diverse backgrounds and expertise to the table, providing guidance and oversight to the management team. Key institutional investors, such as mutual funds and pension funds, also hold significant stakes in Victoria's Secret & Co. These investors have a vested interest in the company's success and closely monitor its performance. The ownership structure of Victoria's Secret as a publicly traded company reflects a shift towards greater transparency and accountability. The company is subject to regulatory requirements and must regularly report its financial performance to shareholders and the public. This increased scrutiny can help ensure that the company operates in a responsible and ethical manner.

The Future of Victoria's Secret

Looking ahead, the future of Victoria's Secret hinges on its ability to continue evolving and adapting to changing consumer expectations. The company has made significant strides in recent years to revamp its brand image and embrace inclusivity, but there is still work to be done. Victoria's Secret must continue to prioritize diversity, body positivity, and sustainability in its products, marketing campaigns, and overall operations. The company's success will depend on its ability to connect with a new generation of consumers who value authenticity, empowerment, and social responsibility. Investing in digital channels, enhancing the customer experience, and exploring innovative retail formats will also be crucial for Victoria's Secret's future growth. The company must leverage technology to personalize the shopping experience, streamline operations, and reach a wider audience. Additionally, Victoria's Secret has the opportunity to expand its product offerings and explore new markets. The company could consider launching new categories, such as activewear or loungewear, to cater to a broader range of consumer needs. Expanding into international markets with high growth potential could also drive revenue and increase brand awareness. The journey of Victoria's Secret from its humble beginnings to its current status as a publicly traded company is a testament to the power of innovation, adaptation, and resilience. The brand has faced numerous challenges over the years, but it has consistently found ways to reinvent itself and stay relevant. As Victoria's Secret continues to evolve, it will be fascinating to see how it shapes the future of the lingerie industry and inspires women around the world.

So, there you have it! The story of Victoria's Secret's ownership is a winding tale of entrepreneurs, acquisitions, and spin-offs. From Roy Raymond's initial vision to the brand's current status as a publicly-traded company, Victoria's Secret has undergone significant transformations. Understanding who owns the brand provides valuable insights into its strategic direction and its ongoing efforts to redefine its image and connect with consumers. Keep an eye on Victoria's Secret as it continues to navigate the ever-changing world of fashion and retail!