Who Owns Victoria's Secret?

• Parent Company:
• Ownership Type: Wholly owned
• Company Type: Publicly Traded

• Founded: 1977
• Founders: Roy Raymond

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

• Headquarters: Columbus, Ohio, USA
• Manufacturing / Operations: United States, China, Vietnam, Sri Lanka, Various international locations

Victoria's Secret & Co. operates under a comprehensive sustainability framework that addresses climate change, supply chain responsibility, and ethical business practices while transforming the brand to meet modern consumer expectations for inclusivity and environmental stewardship. The company has implemented science-based climate targets and extensive supplier engagement programs while navigating the challenges of transitioning from traditional fast-fashion practices to more sustainable operations.

Climate Action and Science-Based Targets: Victoria's Secret has established ambitious climate goals validated by the Science-Based Targets Initiative (SBTi), committing to reduce absolute Scope 1 and 2 greenhouse gas emissions by 42% by 2030 from a 2022 base year, and reduce absolute Scope 3 emissions by 42% by 2030. The company completed a comprehensive climate risk and opportunity assessment aligned with the IFRS S2 framework in 2024, identifying key vulnerabilities in its supply chain, particularly in Vietnam and Sri Lanka where extreme weather events threaten production and transportation.

Renewable Energy and Building Efficiency: The company sources 100% carbon-free energy for its Columbus-based home office and distribution centers through Emissions-Free Energy Certificates from Energy Harbor. Building efficiency initiatives include converting all lighting to LED, installing white roofs to reduce cooling loads, implementing motion sensor lighting, and upgrading HVAC systems. The "Store of the Future" design incorporates energy-efficient features including LED lighting, efficient HVAC systems, hand dryers, and bottle fillers, with open designs that reduce material waste during construction and remodeling.

Supply Chain Sustainability and Supplier Engagement: Victoria's Secret regularly engages with supply chain partners to support emission reduction strategies and has launched a sustainable supply chain finance program in partnership with HSBC. This program provides early payment on invoices to vendors who meet specific social and environmental sustainability achievements, unlocking access to capital at competitive rates. The company focuses particularly on supporting women in key sourcing regions who are often most vulnerable to climate disruption.

Climate Risk Assessment and Resilience: The company's climate risk assessment identified significant physical risks in its supply chain, with extreme rainfall events in Vietnam projected to double by 2030 and triple by 2050, and river flooding in Sri Lanka expected to increase sixfold by 2050. Transition risks include challenges in shifting to renewable energy in coal-reliant regions like Indonesia and increasing regulatory pressures on materials and packaging. Climate considerations are embedded into the company's enterprise risk management program and sourcing decisions.

Ethical Sourcing and Labor Practices: Victoria's Secret maintains comprehensive supplier standards covering labor rights, workplace safety, and ethical business practices. The company has implemented programs to ensure fair wages, safe working conditions, and prohibit forced labor and child labor throughout its supply chain. The brand has faced historical criticism regarding labor practices and has worked to improve transparency and accountability in its sourcing relationships.

Inclusivity and Body Positivity Transformation: Under CEO Hillary Super, Victoria's Secret has undergone significant transformation to address criticism regarding lack of inclusivity and narrow beauty standards. The 2025 revival of the Victoria's Secret Fashion Show featured a more diverse cast including athlete Angel Reese, representing the brand's attempt to reconnect with younger consumers who grew up with body positivity messaging. This transformation includes expanded sizing, diverse marketing campaigns, and partnerships with models and influencers representing various body types and backgrounds.

Environmental Materials and Packaging: The company is working to adopt preferred materials and reduce packaging waste, focusing on sustainable material sourcing and circular economy principles. Store remodeling initiatives emphasize waste reduction through reusable building materials and open designs that minimize construction waste. The brand continues to evaluate material choices and packaging innovations to reduce environmental impact.

Community Engagement and Social Responsibility: Victoria's Secret invests in community initiatives supporting the areas where it operates, with particular focus on women's empowerment and education programs in key sourcing regions. The company's community engagement priorities are integrated into its overall strategy and decision-making processes, reflecting a commitment to positive social impact alongside business objectives.

Transparency and Reporting: The company annually measures and discloses greenhouse gas emissions in accordance with the Greenhouse Gas Protocol, with data collected internally and with supply chain partners, analyzed by third-party experts, and with limited assurance by external audit firms. Victoria's Secret provides detailed sustainability reporting and ESG disclosures to stakeholders, demonstrating commitment to transparency in its environmental and social performance.

Victoria's Secret has received extensive recognition throughout its history for marketing excellence, brand influence, cultural impact, and more recently for its transformation efforts in inclusivity and sustainability. The brand has been acknowledged as one of the most influential lingerie and fashion retailers globally, with particular recognition for its fashion shows, marketing campaigns, and cultural significance.

Fashion Show Excellence and Cultural Impact: The Victoria's Secret Fashion Show has been recognized as one of the most significant fashion events globally, receiving extensive media coverage and cultural recognition. The show's revival in 2024 and continuation in 2025 has been acknowledged as a successful brand transformation effort, with the 2025 show livestreamed from New York City at Steiner Studios featuring diverse casting including athlete Angel Reese. Fashion industry publications have recognized the show's evolution from traditional narrow beauty standards to more inclusive representation.

Marketing and Brand Recognition: Victoria's Secret has received numerous awards for marketing excellence, advertising innovation, and brand building. The brand's catalog marketing, television advertising, and promotional campaigns have been acknowledged as industry benchmarks for lingerie and intimate apparel marketing. Marketing organizations have recognized Victoria's Secret for creating iconic brand imagery and maintaining consistent brand messaging across decades of operation.

Retail Industry Leadership: The brand has been honored by retail industry organizations for its innovative store concepts, customer experience design, and omnichannel retail strategies. Victoria's Secret's "Store of the Future" design has received recognition for energy efficiency and sustainable building practices. Retail publications have acknowledged the brand's successful integration of physical and digital retail experiences.

Sustainability and Climate Action Recognition: Victoria's Secret & Co. has received recognition for its climate action commitments, particularly its science-based targets validated by the Science-Based Targets Initiative (SBTi). The company's sustainable supply chain finance program in partnership with HSBC has been acknowledged as innovative for supporting supplier sustainability achievements. Environmental organizations have recognized the brand's comprehensive climate risk assessment and renewable energy initiatives.

Transformation and Inclusivity Recognition: Under CEO Hillary Super's leadership, Victoria's Secret has been recognized for its successful brand transformation and commitment to inclusivity. The brand's efforts to expand sizing, diversify marketing campaigns, and address body positivity concerns have received positive attention from fashion industry publications and consumer advocacy groups. The 2025 Fashion Show's diverse casting has been highlighted as a significant step forward in the brand's evolution.

Business Performance and Market Leadership: Victoria's Secret has been acknowledged by business publications and financial analysts for its market leadership in the global lingerie industry and successful spin-off from L Brands in 2021. The company's ability to maintain significant market share while undergoing transformation has been recognized as exemplary in the retail sector. Industry analysts have highlighted Victoria's Secret's brand strength and customer loyalty despite competitive pressures.

Product Innovation and Design Excellence: The brand has received recognition for product innovation in lingerie design, fabric technology, and comfort features. Design organizations have acknowledged Victoria's Secret for balancing fashion trends with practical considerations in intimate apparel design. The brand's beauty and fragrance lines have also received recognition for product quality and market success.

Corporate Social Responsibility Recognition: Victoria's Secret has been acknowledged for its corporate social responsibility initiatives, particularly its focus on women's empowerment in sourcing communities and community engagement programs. The company's supplier engagement programs and ethical sourcing commitments have received positive attention from sustainability organizations and industry watchdogs.

Cultural Influence and Media Recognition: Victoria's Secret has been recognized for its significant cultural influence and media presence, with the brand frequently referenced in popular culture, entertainment, and social media. The brand's ability to remain culturally relevant across decades while adapting to changing social norms has been acknowledged as a remarkable achievement in brand management and cultural adaptation.

Victoria's Secret has faced numerous controversies throughout its history, particularly regarding lack of inclusivity, labor practices, environmental impact, and corporate governance issues. These challenges have significantly impacted the brand's reputation and forced substantial transformation efforts to address modern consumer expectations and social responsibility concerns.

Lack of Inclusivity and Body Standards: Victoria's Secret faced extensive criticism for decades regarding narrow beauty standards and lack of body diversity. The brand's historical focus on tall, thin models and exclusion of plus-size sizes drew accusations of promoting unrealistic body image and contributing to negative self-esteem among women. This criticism intensified as body positivity movements gained cultural prominence, with consumers and advocacy groups calling for more inclusive representation in marketing and product offerings.

Labor Practices and Supply Chain Issues: Victoria's Secret has faced scrutiny regarding labor practices in its supply chain, particularly concerning working conditions, wages, and worker rights in manufacturing facilities. The brand has been criticized for insufficient transparency about supplier relationships and inadequate monitoring of labor standards. Labor rights organizations have called for improved working conditions and fair wages for garment workers, particularly in countries with weaker labor protections.

Environmental Impact and Fast Fashion Criticism: As a major fast-fashion retailer, Victoria's Secret has faced criticism regarding environmental sustainability, including water usage, chemical pollution from textile production, and contribution to textile waste. Environmental groups have challenged the brand's rapid product turnover and disposable fashion model, calling for more sustainable materials, reduced environmental impact, and circular economy practices.

Corporate Governance and Leadership Controversies: The brand faced significant controversy regarding its relationship with L Brands founder Leslie Wexner and his associations with Jeffrey Epstein. These connections raised serious questions about corporate governance, leadership judgment, and brand values. The controversy contributed to leadership changes and the eventual spin-off of Victoria's Secret & Co. as an independent company in 2021.

Product Quality and Safety Issues: Victoria's Secret has occasionally faced product quality issues, including concerns about chemical content in fabrics, allergic reactions to materials, and inconsistent product quality across different price points. The brand has implemented quality control improvements but continues to face scrutiny regarding product safety and material transparency.

Cultural Appropriation and Marketing Missteps: The brand has faced criticism for cultural appropriation in marketing campaigns and fashion show themes, particularly regarding the use of cultural elements without proper context or respect. These incidents have led to accusations of insensitivity and lack of cultural awareness in brand marketing and creative direction.

Competition and Market Share Challenges: Victoria's Secret has faced significant competitive pressure from newer, more inclusive lingerie brands like Savage X Fenty, ThirdLove, and Aerie. These competitors have gained market share by offering diverse sizing, inclusive marketing, and more sustainable practices, highlighting Victoria's Secret's slow adaptation to changing consumer preferences.

Financial Performance and Investor Pressure: The brand's declining sales and market share during the 2010s led to investor pressure and criticism of management strategy. Financial analysts questioned the brand's ability to remain relevant while maintaining its traditional positioning, leading to strategic shifts and ultimately the decision to spin off as an independent company.

Data Privacy and Customer Security: Victoria's Secret has faced scrutiny regarding data privacy practices and customer information security, particularly in relation to its loyalty programs and customer data collection. Privacy advocates have raised concerns about data handling practices and the security of customer personal information.

Transformation Challenges and Authenticity Questions: The brand's recent transformation efforts, while praised for direction, have faced criticism regarding authenticity and whether changes represent genuine commitment to inclusivity or merely marketing responses to consumer pressure. Some critics question whether the brand's transformation is sufficiently deep and lasting to address historical issues.