Who Owns Victoria's Secret?

Victoria's Secret & Co. operates under a comprehensive ESG framework anchored in its commitment to supporting women as customers, associates, talent, and supply chain partners. The Nominating and Governance Committee of the Board oversees ESG strategy, with day-to-day coordination by the ESG & Sustainability team.

Climate Action: Victoria's Secret has established science-based targets validated by 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 climate risk assessment aligned with the IFRS S2 framework in 2024, identifying vulnerabilities in its supply chain particularly in Vietnam and Sri Lanka. The company sources 100% carbon-free energy for its Columbus-based home office and distribution centers through Emissions-Free Energy Certificates from Energy Harbor.

Supply Chain Transparency: Victoria's Secret has mapped 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. Over 80% of core production partners have worked with the company for over twenty years. The company launched a sustainable supply chain finance program with HSBC, providing early payment on invoices to vendors who meet specific social and environmental sustainability achievements.

Sustainable Materials: The company reports sourcing 24% of its polyester and 11% of polyamide from recycled materials. Victoria's Secret targets 100% certified Manufacturing Restricted Substance List chemicals for core lingerie and apparel products. The company has implemented a forest products policy requiring all catalog and packaging materials to be FSC-certified or contain recycled content.

Ethical Sourcing and Labor Practices: Following historical criticism of labor conditions, 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. The company conducts regular audits of manufacturing facilities and maintains a zero-tolerance policy for forced labor and child labor.

Diversity and Inclusion: Since its 2021 spinoff, Victoria's Secret has expanded inclusive sizing across most product lines and featured models of diverse body types, ages, and backgrounds in marketing campaigns. The 2025 Victoria's Secret Fashion Show revival featured a diverse cast including athlete Angel Reese, representing the brand's shift toward inclusive representation.

Community Engagement: Through the Victoria's Secret Global Fund for Women, the company has committed over $10 million to women's causes since 2021, focusing on supporting female entrepreneurs and women's health initiatives globally.

Victoria's Secret has received recognition for its brand transformation, retail innovation, and corporate responsibility, particularly following its 2021 spinoff and CEO Hillary Super's turnaround strategy.

• FY2025 Business Performance: Victoria's Secret delivered FY2025 net sales of $6.55 billion, up 5% year-over-year, with Q4 comparable sales growth of 8%, the best streak in four years. The company exceeded its guidance and initiated FY2026 guidance of $6.85-$6.95 billion
• Q1 2026 Acceleration: Q1 2026 net sales of $1.56 billion, up 15.3% year-over-year, with the stock surging 47% following earnings. Double-digit comparable sales increases across all brands, channels, and geographies
• Retail and E-commerce Innovation: The company's Store of the Future format has been recognized for energy efficiency and sustainable building practices. The format is expected to reach approximately 250 North American stores (30% of the fleet) by end of fiscal 2026
• Marketing Transformation: The 2025 Victoria's Secret Fashion Show revival at Steiner Studios in New York City, featuring diverse casting including athlete Angel Reese, was recognized as a successful brand transformation effort. Adweek named Victoria's Secret among its "Brands on the Rise" in 2024
• Sustainability Recognition: Victoria's Secret's science-based targets have been validated by SBTi. The company's sustainable supply chain finance program with HSBC has been acknowledged as innovative for supporting supplier sustainability achievements
• International Growth: International sales grew 27% in FY2025 and 43% in Q4 2025, with the international segment representing approximately 15% of total sales. The company's asset-light expansion model through franchise, license, wholesale, and joint venture structures has been recognized as capital-efficient

Victoria's Secret has faced significant controversies throughout its history, particularly related to labor practices, body image representation, corporate governance, and data security.

Cyber Security Incident (May 2025): In May 2025, Victoria's Secret experienced a security incident that forced the company to shut down its website and some store services temporarily. The company shut down corporate systems and e-commerce on May 26, 2025, and restored its website on May 29. The breach delayed the company's Q1 2025 earnings release but did not materially impact financial results. The incident raised concerns about customer data protection in the intimate apparel category.

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. In 2011, investigations revealed working conditions in Jordanian factories described as comparable to slave labor. These reports drove the company's current commitment to supply chain transparency and ethical labor standards.

Factory Bankruptcy and Worker Compensation (2021): The Brilliant Alliance factory in Thailand declared bankruptcy, leaving over 1,250 garment workers owed $8.3 million in unpaid wages. Victoria's Secret fronted the money to compensate the affected workers, setting a precedent for corporate responsibility in supply chain worker protection.

Body Image and Representation: Throughout the 2000s and 2010s, Victoria's Secret faced sustained criticism for promoting unrealistic body standards through its exclusive use of extremely thin models. This criticism intensified with the rise of body positivity movements, ultimately driving the company's current commitment to inclusive representation under CEO Hillary Super.

Corporate Governance and Leslie Wexner: The company faced governance challenges under L Brands ownership related to the association between founder Leslie Wexner and Jeffrey Epstein. Following the 2021 spinoff, Victoria's Secret established independent governance structures and enhanced oversight mechanisms.

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 company successfully defended its position and continued its independent growth trajectory under Hillary Super's leadership.