Victoria's Secret
Victoria's Secret & Co. · United States
Victoria's Secret is an American lingerie, sleepwear and beauty retailer founded in 1977 by Roy Raymond and operated by the listed company Victoria's Secret & Co. since its spin-off from L Brands in 2021. With PINK and Victoria's Secret Beauty, it is the largest specialist lingerie retailer in the United States.
| Founded | 1977, Palo Alto |
|---|---|
| Founder | Roy Raymond |
| Owner | Victoria's Secret & Co. (NYSE listed) |
| Headquarters | Reynoldsburg, Ohio, United States |
| CEO | Hillary Super (since 2024) |
| Spin-off | From L Brands, August 2021 |
| Website | victoriassecret.com |
What is Victoria's Secret?
Victoria's Secret is a US specialty retailer of bras, panties, lingerie, sleepwear, activewear, swimwear and beauty products. It is operated by Victoria's Secret & Co., a company listed on the New York Stock Exchange and headquartered in Reynoldsburg, Ohio. Its brands include Victoria's Secret, PINK, aimed at younger women, and Victoria's Secret Beauty. Hillary Super has been chief executive since 2024.
History
Roy Raymond and his wife Gaye opened the first store at the Stanford Shopping Center in Palo Alto, California, in 1977. In 1982 Raymond sold the business to Les Wexner, whose Limited group, later L Brands, turned it into a national mall chain and a catalogue business. The e-commerce site launched in 1998, PINK was introduced in 2002 and the print catalogue was discontinued in 2016.
The televised Victoria's Secret Fashion Show ran from 1995 and was cancelled in 2019 amid declining ratings and criticism of the brand's image. L Brands spun Victoria's Secret off as an independent public company in August 2021, after which the company emphasised a broader and more inclusive brand positioning. In 2024 the company announced plans to bring the fashion show back after a five-year break.
Products and positioning
- Bras, panties and lingerie
- Sleepwear and loungewear
- PINK apparel, underwear and activewear
- Fragrances, body care and cosmetics under Victoria's Secret Beauty
- Swimwear and Victoria Sport activewear
Business model and distribution
The company operates around 1,400 stores, mostly in the United States and Canada, alongside a large e-commerce business. Company-owned stores also operate in the United Kingdom and China, while franchise partners run stores and beauty and accessories shops in other markets, including airports. Its US website also offers selected partner brands.
Victoria's Secret and technology
Victoria's Secret was an early mover in online retail, launching e-commerce in 1998. In May 2025 the company temporarily shut its website and some store services after a security incident.
Why it matters
Victoria's Secret is the dominant name in US lingerie retail, and its repositioning since the spin-off is a closely watched case of a mass brand responding to changing consumer expectations and competition from direct-to-consumer challengers.
Frequently asked questions
Who owns Victoria's Secret?
Victoria's Secret is operated by Victoria's Secret & Co., a public company listed on the New York Stock Exchange. It became independent in August 2021, when L Brands spun it off.
Who founded Victoria's Secret?
Victoria's Secret was founded by Roy Raymond and his wife Gaye in 1977, with a first store in Palo Alto, California. Raymond sold the company to Les Wexner in 1982.