Overview

Victoria's Secret is an American lingerie, clothing, beauty and fragrance brand and retailer. Roy Raymond and Gaye Raymond founded the business in 1977 after Roy Raymond found traditional department-store lingerie departments uncomfortable and unappealing for male shoppers. The first store opened at Stanford Shopping Center in Palo Alto, California. The founders combined a Victorian-inspired retail setting with mail-order catalogs and lingerie presented as romantic, fashionable and approachable. Within its first years the company expanded to several stores and developed a catalog operation, but remained a relatively small specialist retailer. In 1982, the Raymonds sold the five-store business to Les Wexner, founder of The Limited, for $1 million. Wexner changed the company's commercial model and visual identity. Rather than positioning lingerie primarily as an exotic or special-occasion purchase, the business promoted coordinated collections, accessible glamour and European-influenced style to female shoppers. The chain expanded through American shopping malls, while its catalogs broadened the brand's reach beyond its physical stores. By the late 1980s and early 1990s, Victoria's Secret had become the largest specialist lingerie chain in the United States and one of the country's best-known catalog retailers. The brand diversified during the 1990s. It introduced fragrances and cosmetics, launched the Miracle Bra in 1993, and developed the Body by Victoria line in 1999. The Victoria's Secret Fashion Show began in 1995 and became a central marketing property, using elaborate runway production and the company's Angels model imagery to associate the brand with glamour and fantasy. In 2002, Victoria's Secret introduced PINK, a younger-oriented line aimed at teenagers and young women. International expansion accelerated from 2008 through airport stores, franchises and company-operated locations, including operations in Canada and the United Kingdom. During the 2010s, the brand faced changing consumer expectations, stronger competition from digitally native and inclusive lingerie companies, the rise of athleisure, and criticism of its narrow body representation. It discontinued its print catalog in 2016 and reduced or exited some categories, including swimwear for a period. Sales weakened, and leadership changes followed. Controversial remarks by chief marketing officer Ed Razek about transgender and plus-size models intensified criticism of the brand's image. The annual fashion show was discontinued in 2019. The company also faced serious scrutiny concerning alleged harassment, bullying, discrimination and misconduct involving senior leadership and the corporate culture associated with Les Wexner and Ed Razek. A proposed 2020 sale to Sycamore Partners collapsed during the COVID-19 pandemic. In 2021, L Brands separated Victoria's Secret into an independent publicly traded company, Victoria's Secret & Co. The company introduced new spokespeople and partnerships, including Megan Rapinoe, Priyanka Chopra Jonas and Naomi Osaka, in an effort to reposition the brand around broader representation and contemporary consumer expectations. Victoria's Secret remains active in lingerie, sleepwear, apparel, beauty and fragrances, with PINK continuing as a major related brand.

History

Victoria's Secret began in Palo Alto, California, in 1977. Roy and Gaye Raymond created the business to make lingerie shopping more comfortable for men while presenting intimate apparel as refined, romantic and fashion-oriented. The initial store was followed by additional locations and a catalog business. By 1982, the company had five stores and substantial catalog sales, but its founders sold it to Les Wexner for $1 million. Wexner rebuilt the brand around mall-based expansion and a broader female customer base. The company used Victorian decorative cues, polished photography, coordinated product ranges and catalog marketing to distinguish itself from both utilitarian department-store underwear and theatrical specialty lingerie. It expanded rapidly during the 1980s, reaching national scale and becoming a leading specialist lingerie retailer. The 1990s established many of the brand's enduring commercial and cultural assets. Victoria's Secret launched fragrances and cosmetics, introduced the Miracle Bra, developed Body by Victoria and began the Victoria's Secret Fashion Show in 1995. The show, together with the Angels identity, made the brand a prominent participant in popular culture and helped turn product launches into entertainment-led marketing. PINK, introduced in 2002, extended the portfolio toward younger consumers. International growth began in earnest in 2008 through airport retail, franchises and company-operated stores. At its peak, the company operated more than 1,000 stores in the United States and held a major share of the American intimate-apparel market. However, the brand's highly sexualized and narrowly defined image became less aligned with consumers seeking inclusive sizing, diverse representation, comfort and athleisure. Competition intensified, catalog circulation ended in 2016, and some product categories were reduced. Leadership and reputation problems compounded the commercial pressure. Ed Razek's 2018 comments about transgender and plus-size models led to widespread criticism, while subsequent reporting and legal actions described allegations of harassment, bullying, discrimination and retaliation. The fashion show was discontinued in 2019. A proposed sale to Sycamore Partners in 2020 was terminated before completion, and Les Wexner left operational leadership. In August 2021, Victoria's Secret was separated from L Brands and became Victoria's Secret & Co. The independent company sought to modernize the brand through new spokespeople, wider representation and a greater emphasis on customer needs beyond the former Angels-centered identity. It continues to sell lingerie, sleepwear, apparel, beauty and fragrances, while PINK remains an important part of its brand portfolio.

2022
Adore Me acquisition
[1]Victoria's Secreten.wikipedia.org
Victoria's Secret & Co. announced the acquisition of Adore Me for $400 million.
2021
Spin-off from L Brands
[1]Victoria's Secreten.wikipedia.org
Victoria's Secret became an independent company, Victoria's Secret & Co.
2019
Fashion show discontinued
[1]Victoria's Secreten.wikipedia.org
The company announced that it would no longer hold the annual Angels-centered fashion show.
2016
Catalog discontinued
[1]Victoria's Secreten.wikipedia.org
Victoria's Secret stopped circulating its print catalog as direct sales weakened and consumer behavior changed.
2008
International expansion
[1]Victoria's Secreten.wikipedia.org
The brand expanded overseas through airport stores, franchises and company-operated locations.
2002
PINK introduced
[1]Victoria's Secreten.wikipedia.org
The company launched PINK for teenagers and young women.
1995
First Victoria's Secret Fashion Show
[1]Victoria's Secreten.wikipedia.org
The first fashion show was held in New York and became a recurring brand spectacle.
1993
Miracle Bra launch
[1]Victoria's Secreten.wikipedia.org
Victoria's Secret launched the Miracle Bra, which became a major product success.
1991
Fragrance expansion
[1]Victoria's Secreten.wikipedia.org
The brand introduced its own fragrance line, expanding beyond lingerie.
1982
Acquisition by Les Wexner
[1]Victoria's Secreten.wikipedia.org
Les Wexner acquired the five-store business and began transforming it into a national mall retailer.
1977
Founding and first store
[1]Victoria's Secreten.wikipedia.org
Roy and Gaye Raymond founded Victoria's Secret and opened the first store at Stanford Shopping Center in Palo Alto, California.

Products and positioning

Historically positioned as an aspirational, sensual and glamorous lingerie brand at accessible-to-premium prices; since 2021, repositioned toward broader representation, comfort, customer inclusivity and contemporary femininity.

Lingerie · 1977
Victoria's Secret lingerie
The core product range includes bras, panties, lingerie sets and related intimate apparel. Historically the line emphasized glamour, coordinated collections, push-up construction, lace, color and seasonal fashion, while the post-2021 brand direction has placed greater emphasis on comfort, fit and broader customer representation.
Bra · 1993
Miracle Bra
Introduced in 1993, the Miracle Bra was a heavily marketed padded and push-up bra designed to create a pronounced silhouette. It became one of the company's best-known product launches and helped establish Victoria's Secret as a major force in branded lingerie.
Lingerie · 1999
Body by Victoria
Body by Victoria was introduced as a major lingerie collection focused on shaping, support and coordinated styling. The line helped broaden the brand beyond individual novelty products and became an important part of its late-1990s product architecture.
Youth apparel and lingerie · 2002
PINK
PINK was launched in 2002 for teenagers and young women. Its assortment has included lingerie, sleepwear, loungewear, apparel, accessories and beauty products, with a more youthful and casual identity than the main Victoria's Secret label.
Beauty · 1991
Beauty and fragrance
Victoria's Secret expanded into fragrance and cosmetics during the 1990s. The range has included perfumes, body sprays, lotions and other scented or personal-care products, supported by giftable packaging and seasonal launches.

Controversies

2026
Victoria's Secret faces backlash over Romee Strijd's casting
Victoria's Secret faced fan criticism after Romee Strijd said she was left off the 2026 fashion show lineup and described dissatisfaction with how she was treated. The controversy centered on Strijd's statement that she was not included in the lineup and her expression of dissatisfaction with her treatment. Fans responded with criticism directed at the brand following her remarks.
Source
2021
Shareholder complaint concerning leadership oversight
A shareholder complaint alleged that former leaders allowed an entrenched culture of misconduct and failed to respond adequately to alleged abuses, causing harm to the company and its value.
Source
2020
Allegations concerning harassment and corporate culture
Media investigations and legal complaints alleged misogyny, bullying, harassment, discrimination and retaliation involving senior personnel and the company's leadership culture. The allegations contributed to reputational damage and leadership scrutiny.
Source
2020
Sexual misconduct allegations reported at Victoria's Secret
A New York Times investigation reported allegations that female models and executives were bullied and harassed for decades at Victoria's Secret, describing an entrenched culture of misogyny. L Brands independent directors said the company had adopted stronger anti-harassment policies, hotline reporting and training, and expressed regret for instances in which it did not meet its objective.
Source 1 Source 2
2018
Controversy over casting comments
Chief marketing officer Ed Razek said the fashion show did not cast transgender or plus-size models because it was a fantasy. The remarks prompted widespread criticism and intensified debate about the company's representation standards.
Source

Marketing campaigns

2021New brand spokeswomen and representation strategy
United States · International
After becoming independent, Victoria's Secret introduced partnerships and spokespeople including Megan Rapinoe, Priyanka Chopra Jonas and Naomi Osaka as part of a move away from its former Angels-centered image.
Outcome. The initiative supported a broader repositioning of the brand after years of criticism about representation.
Source
1995Victoria's Secret Fashion Show
United States · International broadcast markets
The annual runway production used elaborate sets, celebrity performances and models promoted as Angels to turn lingerie marketing into a large-scale entertainment event.
Outcome. It became one of the brand's defining global marketing properties before being discontinued in 2019.
Source

Brand decisions

2021
Spin-off from L BrandsM&A
Background
L Brands reorganized its businesses after the failed Sycamore transaction and prolonged pressure on Victoria's Secret.
Action taken
Victoria's Secret was separated as an independent publicly traded company under Victoria's Secret & Co.
Aftermath
The independent company adopted new leadership and a repositioning strategy focused on broader representation and contemporary customers.
Source
2020
Proposed sale to Sycamore PartnersM&A
Background
L Brands sought a transaction amid declining performance and mounting pressure over the brand's leadership and culture.
Action taken
The parties announced a proposed $525 million sale in which Sycamore Partners would acquire a controlling interest while L Brands retained a minority stake.
Aftermath
Sycamore sought to exit after pandemic-related disruption, and the transaction was ultimately terminated.
Proposed transaction value. $525 million (2020)
Source
2019
Cancel the annual fashion showStrategy
Background
The event faced declining relevance and criticism of its narrow casting and sexualized brand image.
Action taken
The company announced that it would no longer stage the annual Victoria's Secret Fashion Show.
Aftermath
The cancellation ended a 23-year marketing tradition and signaled a major change in brand strategy.
Source
2016
End print catalog circulationStrategy
Background
Direct sales growth had weakened while consumers were increasingly shifting toward digital shopping and competing brands were changing the intimate-apparel market.
Action taken
Victoria's Secret discontinued its traditional print catalog and reduced emphasis on selected apparel categories.
Aftermath
The decision marked a retreat from one of the brand's historically important marketing channels as sales continued to stagnate.
Source

Recent events

2025
Security incident disrupts Victoria's Secret digital services[1]Victoria's Secreten.wikipedia.org
Other
The company shut down its website and some store services in May 2025 following a reported security incident.
2024
Victoria's Secret fashion show returned in revised format[7]维多利亚的秘密时装秀以改版形式回归21jingji.com
Product launch
The brand revived its signature fashion event after a multiyear pause, as part of its continuing repositioning effort.
2022
Victoria's Secret acquires Adore Me[1]Victoria's Secreten.wikipedia.org
M&A
Victoria's Secret & Co. announced the acquisition of New York-based lingerie brand Adore Me for $400 million.
2022
Victoria's Secret sold 49% of its China business to Regina Miracle[8]维多利亚的秘密将中国业务49%的股份出售给维珍妮reuters.com
M&A
Victoria's Secret announced a $45 million cash transaction and a joint venture structure for its China stores and online operations.
2022
Undefinable global campaign launched[9]启动“无法定义”全球广告活动ellechina.com
Campaign
The campaign featured women with varied backgrounds and public identities, presenting beauty as self-defined rather than externally imposed.
2021
Victoria's Secret separates from L Brands and becomes an independent company[1]Victoria's Secreten.wikipedia.org
M&A · Other
The brand was spun off from L Brands as Victoria's Secret & Co., becoming an independently listed company.
2021
L Brands completed separation of Victoria's Secret and Bath & Body Works[10]L Brands完成维多利亚的秘密与Bath & Body Works的分拆zh.wikipedia.org
M&A
The parent company completed the transaction that made Victoria's Secret & Co. an independent listed company.
2019
Victoria's Secret cancels its annual fashion show[1]Victoria's Secreten.wikipedia.org
Campaign
The company ended the annual runway event after declining relevance and criticism of its casting and brand image.
2019
Victoria's Secret fashion show discontinued[7]维多利亚的秘密时装秀以改版形式回归21jingji.com
Other
The annual show was halted amid declining audience interest, commercial pressure and criticism of its traditional image.