Who Owns Bath & Body Works?

Bath & Body Works launched in 1990 in New Albany, Ohio, as a new format inside Les Wexner's The Limited, the mall retailer that also owned Victoria's Secret, Express, and Abercrombie & Fitch at various points. The concept sold fragranced lotions, shower gels, and candles in a faux-apothecary setting, and it expanded rapidly through American malls during the 1990s.

The business proved more durable than most of Wexner's portfolio. While The Limited, Express, and Lane Bryant were sold off or faded, Bath & Body Works grew steadily, powered by its three-wick candles, antibacterial hand soaps, and an aggressive semi-annual sale cycle that trained customers to wait for discounts. By the 2010s it had become the largest home fragrance retailer in the United States.

The 2021 separation from Victoria's Secret gave the company its own balance sheet and management focus, just as the post-pandemic home fragrance boom faded. Net sales declined for three consecutive fiscal years, from $7.88 billion in fiscal 2022 to $7.31 billion in fiscal 2025.

Under Heaf, who arrived in May 2025, the company adopted a strategy called the Consumer First Formula, focused on product innovation, brand elevation, and new selling channels. The company launched its first official Amazon storefront, expanded international franchising, introduced the Gingham+ store concept, and began courting younger shoppers and male customers more directly.

Fiscal 2025, ended January 31, 2026, produced net sales of $7,291 million, down 0.2 percent, and net income of $649 million, down from $798 million. The company repurchased $400 million of its own shares during the year and reported roughly $80 million in added costs from U.S. tariffs on imported components.