Victoria's Secret

What Victoria's Secret does

Victoria's Secret & Co. is a vertically integrated intimate apparel and beauty retailer headquartered in Columbus, Ohio. Founded in 1977, spun off from L Brands in June 2021, and listed on the NYSE (ticker VSCO, changing to VSXY effective June 2, 2026), the company sells bras, panties, sleepwear, lingerie, swimwear, activewear, clothing, and fragrances through 1,400+ company-owned retail stores worldwide (anchored in North America) plus the victoriasecret.com e-commerce platform and mobile apps. The portfolio is organized around multiple sub-brands: PINK for younger consumers, Adore Me (acquired November 2022 for $400 million upfront plus up to $300 million earnouts) as a digital-native intimates brand, Victoria's Secret Beauty, and VSX activewear, alongside signature collections such as Body by Victoria, Dream Angels, Very Sexy, The Lacie, and The Love Cloud Collection.

Product differentiation rests on proprietary intimate-apparel technologies including FlexFactor (flexible titanium alloy underwire), Infinity Edge (low-show neckline), TurboWick (laser-cut perforations for airflow), and CoolBra/CoolAir temperature regulation, supported by an inclusive size architecture spanning XS–XXXL, band sizes 30–46, and cup sizes AA–O. International expansion is executed through a master franchise agreement with Apparel Group in India (300+ stores across 50 cities) and through digital marketplaces Tmall and JD.com in China, with additional distribution in Brazil.

The business monetizes through unit-priced retail with high promotional intensity (Semi-Annual Sale up to 60% off, 10/$40 Panty Party, 5/$40 mist deals), complemented by the VS & PINK Rewards loyalty program, an in-house credit card, and the conversion of Adore Me's subscription model into a loyalty program under CEO Hillary Super (appointed late 2024). Pricing spans bras ($25–$74.95), panties ($10.50–$14.50, or 10 for $40), sleepwear ($25–$89.95), and swimwear ($34.95–$89.95). FY2025 net sales were approximately $6.6 billion with FY2026 guidance raised to $7.03–$7.13 billion, and Q1 2026 net sales of $1.56 billion grew 15% year-over-year with comparable store sales up 13%. Customers are primarily women across age cohorts, including specialty segments such as maternity, post-mastectomy, adaptive, and youth (PINK).

Name

Victoria's Secret

Legal name

Victoria's Secret & Co.

Website

https://victoriassecret.com

Company type

Public

Founded year

1977

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Victoria's Secret & Co. is a publicly traded intimate apparel and beauty retailer operating 1,400+ stores worldwide plus direct e-commerce, serving women across inclusive size ranges with bras, panties, sleepwear, lingerie, swimwear, activewear (VSX), and a Beauty/fragrance line under the Victoria's Secret, PINK, and Adore Me sub-brands.

Ownership category

akta.pro rank

Product category

Intimate Apparel & Beauty Retail

NAICS

Clothing and Clothing Accessories Retailers (45811), Cosmetics, Beauty Supplies, and Perfume Retailers (456120), Clothing and Clothing Accessories Retailers (458110)

SIC

Retail-Women's Clothing Stores (5621), Women's, Misses', Children's & Infants' Undergarments (2340), Perfumes, Cosmetics & Other Toilet Preparations (2844), Retail-Apparel & Accessory Stores (5600)

akta.pro primary industry

Intimates, Lingerie, Swimwear & Sleepwear Brands (CRAAAAAF)

Keywords

• Intimate apparel retail
• Lingerie products
• Women's underwear
• Beauty fragrances
• Sleepwear loungewear

Headquarters

HQ city

Columbus

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Retail Store Sales: Revenue from company-owned Victoria's Secret and PINK retail stores selling bras, panties, sleepwear, lingerie, swimwear, and activewear
2. E-commerce Sales: Direct online sales through victoriasecret.com website and mobile applications for all product categories
3. Beauty and Fragrance Products: Sales of perfumes, body mists, lotions, and body care products under Victoria's Secret Beauty brand
4. Adore Me Subscription: Digital-native intimates brand acquired in 2023; CEO is converting subscription model to loyalty program

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Victoria's Secret designs, brands, and sells intimate apparel, sleepwear, swimwear, activewear, lingerie, beauty products, and accessories through company-owned stores, its e-commerce platform, and franchise partners. Its core line includes bras, panties, and sleepwear under flagship collections such as Body by Victoria, Dream Angels, Very Sexy, and The Lacie, with size coverage from XS–XXXL and band sizes 30–46 with cup sizes AA–O, plus fragrances and body care under the Bombshell, Bare, Tease, Very Sexy, Dream, and Love scent families.

Product overview

Victoria's Secret is a vertically-integrated intimate apparel and beauty retailer offering a comprehensive portfolio of core products spanning bras, panties, sleepwear, beauty/fragrances, swimwear, activewear (VSX), lingerie, and apparel/clothing. The portfolio is organized around flagship sub-brands including Body by Victoria (featuring FlexFactor wireless technology), Dream Angels, Very Sexy, The Lacie Collection, and PINK for younger demographics. The company also operates the Adore Me digitally-native intimates brand acquired in 2023 for $400 million, which brings subscription and sizing technology capabilities. Beauty offerings center on fragrance collections including Bombshell, Bare, Tease, Very Sexy, Dream, and Love. Activewear products feature the VSX technology platform with VSX Elevate, VSX GlossyTech, and Featherweight Knit fabrics. Swimwear and accessories expand the lifestyle ecosystem through partnerships with Montce, Frankies Bikinis, UGG, Hunter, and other brands. The company operates brick-and-mortar retail alongside e-commerce platforms and is expanding internationally through franchisee partnerships.

Differentiator

Problem solved

Functional benefit

Brands

• PINK: Youth-oriented apparel and accessories brand targeting college-age women with casual wear, underwear, and lifestyle products
• Adore Me
• Victoria's Secret Beauty
• VSX
• Body by Victoria
• Dream Angels
• Very Sexy
• The Lacie
• The Love Cloud Collection

Products and services

• Victoria's Secret Bras World's #1 bra brand offering multiple styles including push-up, full coverage, wireless, balconette, plunge, sports, strapless, T-shirt, bralettes, demi, unlined, and specialty bras (adaptive, minimizer, nursing, mastectomy). Sized from XS–XXXL with band sizes 30–46 and cup sizes AA–O.
• Victoria's Secret Panties Women's underwear collection spanning thongs, V-strings, cheekies, briefs, boyshorts, hiphuggers, bikinis, Brazilian, seamless, no-show, shapewear, peekaboo, garters & stockings, and period panties.
• Victoria's Secret Sleepwear Sleep and loungewear including pajama sets, sleepshirts, nightgowns, robes, cami sets, slips, loungewear, slippers, and SoSoft Modal fabrics.
• Victoria's Secret Beauty Beauty and fragrance line covering perfumes, body mists, hair mists, lotions, oils, lip products, bath & shower, candles, men's fragrances, and travel sizes. Includes Bombshell No. 1, Bare, Tease, Very Sexy, Dream, and Love fragrance families.
• Victoria's Secret Swimwear Women's swimwear including bikini tops, bikini bottoms, one-piece swimsuits, cover-ups, bra-sized swim, and shaping swimwear, with collections from Montce and Frankies Bikinis.
• Victoria's Secret Activewear (VSX) Sport and activewear line featuring sports bras, leggings, tops, matching sets, jackets, shorts, and sneakers built on VSX technology platforms (VSX Elevate compression, VSX New Essential, VSX Featherweight, GlossyTech).
• Victoria's Secret Lingerie Sexy and occasion lingerie including teddies, slips, babydolls, robes, bodysuits, corsets and bustiers, hosiery, garter belts, stockings, bridal lingerie, and corset tops.
• Victoria's Secret Apparel Apparel collection including dresses, loungewear, tops, sweatshirts, jeans, bodysuits, sweaters, jackets, maternity wear, and bridal guest dresses.
• PINK Youth-focused intimates and apparel sub-brand targeting younger demographics (college-age women) with casual underwear, activewear, and lifestyle products.
• Adore Me Digitally-native intimates brand offering subscription-based lingerie and underwear. Acquired in November 2022 for $400 million upfront cash with potential performance-based earnouts up to $300 million; brings digital-first technology and sizing capabilities.
• Victoria's Secret Accessories Accessories including bags, jewelry, sunglasses, luggage, socks, hats, makeup bags, and shoes via partner brands UGG, Hunter, Birkenstock, PUMA, Steve Madden, and Dolce Vita.
• Body by Victoria Collection Flagship bra collection featuring proprietary FlexFactor technology with flexible titanium alloy wire that adapts to unique curves, including balconette and plunge styles; positioned as the brand's #1 collection.
• Dream Angels Collection Lingerie collection emphasizing beauty and comfort with ultra-feminine styles, lace details, and supportive fits.
• Very Sexy Collection Seductive lingerie and bra collection featuring push-up styles, strappy designs, and bold looks including the signature Shine Strap panty marketed as America's most iconic panty.
• The Season of Strapless Collection Global seasonal collection including the Invisible by Victoria's Secret Strapless Collection, Summer Swim Collection, and Bombshell Bronze Eau de Parfum.
• Adaptive Intimates Line Inclusive adaptive intimate apparel developed in partnership with Runway of Dreams Foundation for consumers with disabilities.
• Cool Air Collection (India) Cool Air collection with CoolBra temperature-regulating technology launched in India through Apparel Group franchise partner.

Quantifiable outcome

• 15% consolidated revenue growth for Q1 2026
• +4 more outcomes

Named customers3 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Runway of Dreams FoundationminorStrategic or Co-development Partner · 30 June 2026Partnership to develop and launch Victoria's Secret's debut adaptive intimate's line for consumers with disabilities, expanding inclusive product offerings
• IMG ModelsminorGTM or Marketing Partner · 7 April 2026Partnership for Victoria's Secret 2026 Fashion Show casting, offering exclusive modeling contracts to selected candidates including rookie spots
• Adore MecoreStrategic or Co-development Partner · 1 November 2022Acquired for $400 million upfront cash with potential $300 million earnouts; digital-native intimates brand bringing technology and digital-first approach to modernize Victoria's Secret; CEO converting subscription model to loyalty program; strategic review underway including DailyLook styling service
• Apparel GroupcoreChannel Partner/ Reseller/ Distributor · 1 November 2021Master franchisee operating Victoria's Secret brand across India with over 300 stores in 50 cities; responsible for retail expansion, localized marketing, and omnichannel integration in the Indian market; reported FY25 revenue of ₹1,120 crore with 26% YoY growth
• Tmall (China)minorChannel Partner/ Reseller/ DistributorDigital marketplace partnership driving e-commerce sales in China, contributing to 43% year-over-year revenue growth in the market
• JD.com (China)minorChannel Partner/ Reseller/ DistributorDigital marketplace partnership for China e-commerce operations alongside Tmall platform

Scale indicators15 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Calvin Klein (PVH Corp): PVH's Calvin Klein is a leading global intimates and underwear brand competing directly with Victoria's Secret across bras, underwear, and loungewear in similar department-store, specialty, and DTC channels.
• American Eagle Outfitters (Aerie): Aerie is American Eagle's intimates and loungewear sub-brand and one of the most direct competitors to Victoria's Secret and PINK, particularly with younger consumers seeking inclusive sizing and body-positive marketing.
• Savage X Fenty: Rihanna's Savage X Fenty is a digitally-native lingerie and intimates brand competing with Victoria's Secret on inclusive sizing, body diversity, and membership/subscription economics.
• Calzedonia / Intimissimi: Calzedonia Group's Intimissimi is a leading European intimate apparel brand with strong global retail expansion (including in the U.S. and U.K.) directly competing with Victoria's Secret on lingerie, hosiery, and sleepwear.

Broad incumbents

• Hanesbrands: Hanesbrands owns major innerwear and activewear labels (Hanes, Maidenform, Champion, Bali) and competes across the intimates and basics categories with both retail brands and wholesale supply.
• Bath & Body Works: Former sister company under L Brands; a leading U.S. specialty retailer of body care, fragrances, and home scents that directly competes with Victoria's Secret Beauty in mall-based fragrance and body mist categories.
• Warnaco / Warner's: Warner's (now part of Hanesbrands) is a heritage U.S. intimates brand selling bras, panties, and shapewear through mass and department-store channels, competing with Victoria's Secret on everyday basics and fit.

Emerging players

• ThirdLove: ThirdLove is a digitally-native intimates brand focused on fit technology, half-cup sizing, and direct-to-consumer sales, competing with Victoria's Secret for the modern, fit-conscious bra shopper.
• Adore Me: Acquired by Victoria's Secret in 2022 for $400M, Adore Me is now a wholly-owned digitally-native intimates brand offering bras, underwear, and sleepwear, and continues to operate as a distinct digital-first competitor and incubation platform.

Regional players

• Loungefly / Carter's intimate apparel: Carter's/OshKosh's intimate apparel and sleepwear lines for children and adults compete with Victoria's Secret in the family-clothing channel, particularly at mass and mid-tier price points.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/VictoriasSecret
• YouTubeyoutube.com/victoriassecret
• Facebookfacebook.com/victoriassecret
• Instagraminstagram.com/victoriassecret
• TikToktiktok.com/@victoriassecret
• Pinterestpinterest.com/victoriassecret
• LinkedInlinkedin.com/company/2251

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Victoria's Secret