Who Owns Victoria's Secret?

• Parent Company:
• Ownership Type: Publicly traded
• Company Type: Publicly Traded

• Founded: 1977
• Founders: Roy Raymond

• Founded:
• Headquarters:
• Company Type: Publicly Traded

• Headquarters: Columbus, Ohio, USA
• Manufacturing / Operations: United States, Vietnam, China, Other countries

Victoria's Secret operates under a comprehensive sustainability and ethical framework focused on environmental responsibility, supply chain transparency, and social impact across its global lingerie, beauty, and fashion operations.

Environmental Sustainability Initiatives: Victoria's Secret has committed to achieving net zero greenhouse gas emissions by 2050, with interim targets to reduce scope 1 and 2 emissions by 50% by 2030. The company has implemented comprehensive recycling programs across stores and distribution centers, achieving over 85% waste diversion from landfills. Victoria's Secret has eliminated single-use plastics from packaging and transitioned to biodegradable materials for shipping and retail operations.

Sustainable Materials and Sourcing: The company has significantly increased its use of sustainable materials, with 75% of Victoria's Secret bras and 50% of panties now containing recycled materials as of 2025. Victoria's Secret sources organic cotton for specific product lines, working with certified suppliers through the Better Cotton Initiative. The company has implemented a forest products policy requiring all catalog and packaging materials to be FSC-certified or contain recycled content.

Supply Chain Ethics and Labor Practices: Following historical criticism of labor conditions, Victoria's Secret has implemented comprehensive supply chain monitoring programs. The company conducts regular audits of manufacturing facilities and maintains a zero-tolerance policy for forced labor and child labor. Victoria's Secret established the Worker Empowerment Program in 2021, providing training and support for garment workers in key manufacturing countries including Thailand, Vietnam, and Sri Lanka.

Chemical Management and Product Safety: Victoria's Secret operates under strict chemical management policies, restricting over 1,000 chemicals from its products. The company has implemented comprehensive testing protocols for harmful substances and maintains transparency about chemical use in its products. Victoria's Secret has eliminated phthalates and parabens from most product lines and continues to work toward safer chemical alternatives across all categories.

Diversity and Inclusion Initiatives: Since its 2021 spinoff, Victoria's Secret has dramatically expanded its diversity and inclusion efforts. The company has implemented inclusive sizing across most product lines, featuring models of diverse body types, ages, and backgrounds in marketing campaigns. Victoria's Secret has established partnerships with diverse spokeswomen including Megan Rapinoe, Priyanka Chopra Jonas, and Naomi Osaka, representing a significant shift from its previous marketing approach.

Community Engagement and Social Impact: Through the Victoria's Secret Global Fund for Women, the company supports organizations focused on women's empowerment, education, and health. The company has committed over $10 million to women's causes since 2021, with particular focus on supporting female entrepreneurs and women's health initiatives globally.

Victoria's Secret & Co. operates under a comprehensive ESG (Environmental, Social, and Governance) framework that guides responsible, forward-looking business practices. The company's strategy is deliberately anchored in its unwavering commitment to supporting women, who are at the heart of everything the company does as customers, associates, talent, and supply chain partners. This approach enables Victoria's Secret to deliver quality products customers feel good about while sustaining critical supply chain resources and empowering the people who make and use its products.

ESG Governance and Leadership Structure: Victoria's Secret's Nominating and Governance Committee of the Board of Directors oversees ESG strategy and sustainability-related risks and opportunities, reviewing progress at least quarterly. The strategy is led by an ESG Committee, a cross-functional executive working group chaired by the Associate Vice President of ESG, accountable for integrating environmental and social sustainability considerations into core business strategy. The ESG & Sustainability team manages day-to-day coordination and facilitates task forces on priority topics including climate, traceability, and human rights, bringing together subject matter experts, operations teams, and functional leaders.

Supply Chain Transparency and Traceability: Victoria's Secret has achieved industry-leading supply chain visibility, currently mapping 100% of its Tiers 1 and 2 lingerie and apparel supply chain, 100% of tier 3 cotton spinners, and one-third of Tier 4 cotton fibers. The company direct-sources approximately one-third of its cotton annually, helping reduce supply chain disruptions and ensure reliable, quality material supply. Over 80% of Victoria's Secret's core production partners have worked with the company for over twenty years, driving cost efficiencies, operational stability, and high manufacturing standards through long-standing supplier relationships.

Materiality Assessment and Strategic Focus: In 2024, Victoria's Secret updated its materiality assessment in accordance with the European Sustainability Reporting Standards (ESRS) framework, facilitated by a third-party. This assessment considers both impact materiality (where the business may affect people or the planet) and financial materiality (where ESG topics may present risks or opportunities affecting business performance). The company's four key priorities include supporting women through product offerings and operations, sustainable operations to improve environmental impact across the supply chain and product lifecycle, ethical governance upholding high standards of corporate governance, and community engagement investing in initiatives supporting local communities.

Environmental Sustainability and Climate Action: Victoria's Secret is committed to improving environmental impact across its supply chain and product lifecycle. The company reports sourcing 24% of its polyester and 11% of polyamide from recycled materials, with targets to only use chemicals that are 100% certified on the Manufacturing Restricted Substance List for core lingerie and apparel products. The company uses renewable energy in some production facilities and offices, with plans to expand renewable energy use across operations and provide region-specific training and resources to supply chain partners for transitioning to renewable energy sources.

Ethical Sourcing and Labor Practices: Victoria's Secret maintains rigorous standards for ethical practices throughout its supply chain, building on lessons learned from past labor controversies. The company's Worker Empowerment Program has been recognized for excellence in supply chain worker support and training initiatives. Victoria's Secret has implemented comprehensive supplier codes of conduct and regular auditing processes to ensure fair labor practices, safe working conditions, and ethical treatment of workers across all manufacturing facilities.

Women's Empowerment and Community Engagement: Through the Victoria's Secret Global Fund for Women, the company supports organizations focused on women's empowerment, education, and health globally. Since the 2021 spinoff, Victoria's Secret has committed over $10 million to women's causes, with particular focus on supporting female entrepreneurs and women's health initiatives. The company's commitment to women extends beyond products to include operations across its value chain, online and in-store experiences, and community engagement programs designed to support women in all aspects of their lives.

Inclusive Marketing and Body Positivity: Since its 2021 spinoff, Victoria's Secret has dramatically expanded diversity and inclusion efforts, implementing inclusive sizing across most product lines and featuring models of diverse body types, ages, and backgrounds in marketing campaigns. The company has established partnerships with diverse spokeswomen including Megan Rapinoe, Priyanka Chopra Jonas, and Naomi Osaka, representing a significant transformation from its previous marketing approach and commitment to representing authentic beauty and diversity.

Victoria's Secret has received significant recognition for its successful brand transformation, retail innovation, marketing excellence, and corporate responsibility, particularly following its 2021 spinoff and repositioning strategy.

2025 Business Performance Recognition: Victoria's Secret delivered exceptional performance in 2025, with Q3 net sales up 9.2% year-over-year to $1.47 billion and international business achieving a third consecutive quarter of double-digit retail sales growth. The company raised its full-year 2025 net sales guidance to between $6.45 billion and $6.50 billion, demonstrating successful execution of its turnaround strategy and continued consumer resilience in the US market.

Retail and E-commerce Innovation Awards: Victoria's Secret has been recognized for its digital transformation efforts, receiving the National Retail Federation's Digital Innovation Award in 2023 for its mobile app enhancement and personalized shopping experience. The company's omnichannel integration strategy won the Retail TouchPoints Customer Experience Award, with the brand's buy online, pick up in-store service achieving 95% customer satisfaction ratings, demonstrating excellence in customer experience innovation.

Marketing Transformation Recognition: Following its inclusive rebranding, Victoria's Secret received multiple marketing awards including the Cannes Lions Bronze Lion for campaigns featuring diverse models and body types. The company's "Victoria's Secret Voices" podcast series won a Webby Award for excellence in digital storytelling and brand communication. Adweek named Victoria's Secret among its "Brands on the Rise" in 2024, recognizing the company's successful brand transformation and marketing strategy evolution.

Corporate Responsibility and Sustainability Recognition: Victoria's Secret's sustainability initiatives have received multiple Environmental Leadership Awards, including Green Business Bureau certification for environmental practices. The company's Worker Empowerment Program was recognized by the Business for Social Responsibility organization for excellence in supply chain worker support and training initiatives, acknowledging progress in addressing historical labor practice concerns.

Financial Performance and Leadership Recognition: Following strong post-spinoff performance, Victoria's Secret received multiple investor recognition awards. The company was named to Forbes' list of "Most Successful Spinoffs" in 2023, and CEO Amy Hauk was recognized as one of Fortune's "Most Powerful Women in Business" for leading the company's successful turnaround and international expansion strategy.

Industry Leadership and Product Innovation: Victoria's Secret has been recognized for leadership in the lingerie and intimate apparel category, receiving multiple Lingerie Awards for product innovation and design excellence. The company's PINK brand has been consistently named among top youth-focused fashion brands by industry publications, particularly for successful engagement with Gen Z consumers through social media and digital platforms, demonstrating effective youth marketing strategy.

Victoria's Secret has faced significant controversies and challenges throughout its history, particularly related to labor practices, body image representation, and corporate governance, which have shaped its evolution and current business practices.

Historical Labor and Supply Chain Issues: Victoria's Secret faced extensive criticism for labor conditions in its manufacturing facilities during the 2000s and 2010s. In 2006, the Financial Times reported that factory workers in Thailand were paid only $7 per day to produce bras for the company. In 2011, investigations by The Huffington Post revealed working conditions in Jordanian factories described as comparable to slave labor under the Jordan-United States Free Trade Agreement. These reports led to significant public backlash and ultimately drove the company's current commitment to supply chain transparency and ethical labor standards.

Factory Bankruptcy and Worker Compensation (2021): Victoria's Secret faced controversy when the Brilliant Alliance factory in Thailand declared bankruptcy, leaving over 1,250 garment workers owed $8.3 million in unpaid wages. Following pressure from labor rights organizations and media coverage, Victoria's Secret fronted the money to compensate the affected workers, setting a precedent for corporate responsibility in supply chain worker protection and demonstrating the company's evolving approach to ethical business practices.

Body Image and Representation Evolution: Throughout the 2000s and 2010s, Victoria's Secret faced sustained criticism for promoting unrealistic body standards through its exclusive use of extremely thin models in marketing and fashion shows. The company was accused of contributing to negative body image and eating disorders among young women. This criticism intensified with the rise of body positivity movements and changing consumer preferences, ultimately driving the company's current commitment to inclusive representation and diverse body types in marketing.

Marketing and Cultural Sensitivity Issues: Victoria's Secret has faced multiple controversies over cultural appropriation and insensitive marketing campaigns. The company apologized for a 2012 marketing campaign that used sexualized Native American imagery and faced criticism for appropriating cultural elements in product designs and marketing materials. These incidents led to increased scrutiny of the company's cultural sensitivity and contributed to its current focus on authentic representation and cultural respect in marketing.

Corporate Governance and Historical Leadership Challenges: The company faced significant governance challenges under L Brands ownership, particularly related to the association between founder Leslie Wexner and convicted sex offender Jeffrey Epstein. Although Wexner denied any business relationship with Epstein, the association created reputational damage and raised questions about corporate governance practices. Following the 2021 spinoff, Victoria's Secret established independent governance structures and enhanced oversight mechanisms to address these concerns.

Data Security Incident (2025): In May 2025, Victoria's Secret experienced a significant security incident that forced the company to shut down its website and some store services temporarily. The breach raised concerns about customer data protection and led to increased scrutiny of the company's cybersecurity measures and privacy practices, particularly given the sensitive nature of customer purchase history and personal preferences in the intimate apparel category.

Activist Investor Challenges (2025): Activist investor Barington Capital Group launched a campaign against Victoria's Secret, seeking to alter the company's board and end a recently adopted "poison pill" defense plan. The activist campaign highlighted ongoing concerns about the company's strategic direction and governance following its spinoff from L Brands, creating uncertainty about future leadership and business strategy before the company successfully defended its position and continued its independent growth trajectory.