Victoria's Secret & Co.

Is Victoria's Secret & Co. owned by another company?
No, Victoria's Secret & Co. is an independent publicly traded company. It was spun off from L Brands (formerly Limited Brands) in August 2021 and operates independently. L Brands retained Bath & Body Works and changed its name to Bath & Body Works, Inc. Victoria's Secret & Co. has no parent organization or controlling shareholder.

Is Victoria's Secret & Co. publicly traded?
Yes, Victoria's Secret & Co. is publicly traded on the New York Stock Exchange under the ticker symbol VSCO. The company began trading in August 2021 following its spin-off from L Brands. Institutional investors hold the majority of shares.

When was Victoria's Secret & Co. founded?
Victoria's Secret & Co. was established in August 2021 when L Brands completed the spin-off of Victoria's Secret into an independent publicly traded company. The Victoria's Secret brand itself was founded in 1977 by Roy Raymond in San Francisco. The Pink brand was launched in 2002.

Who created Victoria's Secret & Co.?
Victoria's Secret & Co. was created through a corporate spin-off initiated by L Brands. The Victoria's Secret brand was originally founded by Roy Raymond in 1977 and sold to The Limited (later L Brands) in 1982 for approximately $1 million. Under Les Wexner's leadership at L Brands, Victoria's Secret grew into a national retail chain. The spin-off in 2021 created an independent public company.

What is Victoria's Secret & Co.'s market position?
Victoria's Secret & Co. is one of the largest specialty retailers of women's intimate apparel in the world. The company reported $6.553 billion in net sales for fiscal 2025 and operates 793 North American stores, digital channels, and approximately 627 international partner stores. The company faces competition from newer inclusive brands like Aerie, Savage X Fenty, and ThirdLove, but its Q1 2026 results (15 percent net sales growth, 13 percent comparable sales growth) indicate that its transformation strategy is gaining traction.

What brands does Victoria's Secret & Co. own?
Victoria's Secret & Co. owns two primary brands: Victoria's Secret (lingerie, intimate apparel, sleepwear, loungewear, and beauty products) and Pink (loungewear, sleepwear, bras, panties, and beauty products targeting younger consumers). The company also sells Victoria's Secret Beauty products, including fragrances and cosmetics, under the Victoria's Secret brand name.

The Victoria's Secret brand was founded in 1977 by Roy Raymond in San Francisco, California. Raymond started the company because he felt uncomfortable shopping for lingerie in department stores. The first store was at Stanford Shopping Center in Palo Alto. Raymond grew the business to five stores and a mail-order catalog before selling the company to The Limited (later L Brands) in 1982 for approximately $1 million.

Under The Limited's ownership, Victoria's Secret grew into a national retail chain. Les Wexner, founder of The Limited, expanded the brand through mall-based retail stores, the Victoria's Secret catalog, and the Victoria's Secret Fashion Show, which began in 1995 and became a major cultural and marketing event. The Pink brand was launched in 2002 as a sub-brand targeting college-age consumers with loungewear and sleepwear.

By the 2010s, Victoria's Secret faced increasing criticism for its marketing approach, which critics said was outdated and failed to reflect changing consumer preferences around inclusivity and body positivity. The Victoria's Secret Fashion Show was canceled in 2019 amid declining viewership and cultural criticism. Newer brands like Aerie, ThirdLove, and Savage X Fenty gained market share by marketing inclusivity and comfort over the aesthetic that Victoria's Secret had historically promoted.

In 2020, L Brands announced plans to sell a controlling stake in Victoria's Secret to Sycamore Partners for approximately $525 million. The deal fell through in May 2020 after Sycamore Partners attempted to terminate the agreement, citing breaches by L Brands related to store closures during the COVID-19 pandemic. L Brands subsequently announced that it would instead spin off Victoria's Secret as an independent public company.

Victoria's Secret & Co. began trading on the New York Stock Exchange under ticker VSCO in August 2021. The spin-off separated Victoria's Secret from L Brands, which retained Bath & Body Works and changed its name to Bath & Body Works, Inc.

Following the spin-off, the company focused on brand transformation. Initiatives included more inclusive marketing, diverse product sizing, the relaunch of the Victoria's Secret Fashion Show in 2024 with a new format, and investments in digital commerce. The company also expanded its product offerings beyond lingerie into loungewear, sleepwear, and beauty products.

In fiscal 2025, the company faced approximately $85 million in negative operating income impact from tariffs imposed by the U.S. administration on countries where the company sources materials and manufactures products. Despite this pressure, the company delivered adjusted operating income of $403 million, exceeding its guidance.

In Q1 2026, the company reported strong growth across all channels. North American stores generated $802.8 million in sales (up 11.3 percent), digital generated $469.4 million (up 8.4 percent), and international generated $287.4 million (up 44.9 percent). The company raised full-year 2026 guidance based on this performance.

Victoria's Secret & Co. publishes sustainability information through its corporate website and SEC filings. The company is not a Certified B Corporation.

On sourcing and supply chain, the company sources products from third-party manufacturers, primarily in Asia. The company states that it requires suppliers to comply with its Code of Conduct, which covers labor standards, human rights, and environmental practices. The company conducts supplier audits.

On environmental commitments, the company has stated goals for sustainable materials sourcing and packaging. Specific targets and progress are reported through corporate sustainability disclosures.

The company's tariff exposure in fiscal 2025, which reduced operating income by approximately $85 million, is a direct consequence of its sourcing strategy. The company is evaluating shifts in sourcing to mitigate tariff impacts, which could involve moving production to different countries.

Victoria's Secret has faced significant public scrutiny over its marketing and brand image. The company's historical marketing approach, centered on the Victoria's Secret Fashion Show and "Angels" (supermodels who represented the brand), was criticized for promoting an unrealistic and narrow standard of beauty. Critics argued that the brand's marketing was exclusionary and failed to reflect the diversity of its customer base.

The Victoria's Secret Fashion Show was canceled in 2019 amid declining viewership and cultural criticism. The show was relaunched in 2024 with a new format intended to be more inclusive.

The company's former parent, L Brands, and its founder Les Wexner faced controversy related to Wexner's association with Jeffrey Epstein. Epstein served as a financial advisor to Wexner from the late 1980s through 2007. Wexner severed ties with Epstein in 2007 after discovering that Epstein had misappropriated funds. The association drew significant media attention and public criticism, particularly after Epstein's arrest on federal sex trafficking charges in 2019. Wexner stepped down as CEO of L Brands in 2020.

The failed sale to Sycamore Partners in 2020 generated legal controversy. Sycamore Partners sued to terminate the purchase agreement, alleging that L Brands had breached the deal by closing stores and failing to pay rent during the COVID-19 pandemic. The parties settled the dispute in May 2020, with the sale terminated and L Brands proceeding with the spin-off instead.

In fiscal 2025, tariffs imposed by the U.S. administration on countries where the company sources products created approximately $85 million in negative operating income impact. The company disclosed in its 10-K filing that it is evaluating responses including shifts in sourcing strategies, price adjustments, or other cost-mitigation measures.