What Happened to Victoria's Secret & Co.?
Victoria's Secret, once a dominant lingerie retailer known for its aspirational 'Angels' and elaborate fashion shows, faced significant decline due to an outdated brand image, lack of inclusivity, and corporate controversies. Following its spin-off from L Brands in 2021, the company embarked on a comprehensive rebrand focused on diversity, empowerment, and comfort, which has shown signs of financial recovery and culminated in the return of its iconic fashion show with a more inclusive cast in late 2025.
Quick Answer
Victoria's Secret underwent a major transformation after years of declining sales and public backlash over its exclusive beauty standards and corporate culture. The brand spun off from its parent company, L Brands, in 2021, and has since rebranded to prioritize inclusivity, diversity, and customer empowerment. This strategic shift, including the introduction of the 'VS Collective' and a reimagined, more inclusive fashion show in 2025, has contributed to a recent financial turnaround, with the company reporting increased sales and raised outlooks as of late 2025.
📊Key Facts
📅Complete Timeline16 events
Victoria's Secret Founded
Roy Raymond and his wife Gaye founded Victoria's Secret in Palo Alto, California, aiming to create a comfortable lingerie shopping environment.
Acquired by Leslie Wexner
Roy Raymond sold Victoria's Secret to Leslie Wexner, founder of The Limited (later L Brands), for approximately $1 million. Wexner transformed the brand, expanding it rapidly.
First Victoria's Secret Fashion Show
The brand launched its iconic fashion show, which would become an annual televised event featuring 'Angels' and elaborate lingerie, defining its aspirational image.
Market Share Decline Begins
Victoria's Secret's market share began to decline due to increased competition from brands offering more inclusive sizing and a growing consumer preference for comfort and athleisure. The company also canceled its catalog.
CMO Ed Razek's Controversial Comments
Chief Marketing Officer Ed Razek sparked outrage with comments to Vogue, stating he didn't believe transgender or plus-size models should be in the fashion show, citing it as a 'fantasy.'
Ed Razek Resigns; Fashion Show Canceled
Ed Razek resigned amid widespread controversy. Later that year, Victoria's Secret announced it would no longer hold its annual televised fashion show, signaling a major shift in strategy.
Victoria's Secret Spins Off from L Brands
L Brands completed the spin-off of Victoria's Secret, PINK, and Victoria's Secret Beauty into an independent, publicly traded company, Victoria's Secret & Co. (NYSE: VSCO).
Launch of VS Collective
As part of its rebranding, Victoria's Secret launched the 'VS Collective,' a group of diverse women, including activists and athletes, to serve as brand ambassadors and advisors, focusing on inclusivity.
Hillary Super Appointed CEO
Victoria's Secret & Co. appointed Hillary Super, former CEO of Savage X Fenty, as its new Chief Executive Officer, effective September 9, 2024, to drive the brand's next chapter of growth.
Victoria's Secret Fashion Show 'Reimagined Revival'
After a five-year hiatus, the Victoria's Secret Fashion Show returned as a 'reimagined revival' event in New York City, featuring a mix of legendary Angels and new diverse faces.
Reports Strong FY2024 Financial Results
Victoria's Secret & Co. reported a 1% increase in net sales to $6.230 billion and a net income of $165 million for the 52-week fiscal year 2024, indicating signs of financial recovery.
Security Incident Affects Website and Stores
Victoria's Secret experienced a security incident that led to the temporary shutdown of its website and some store services.
Official Return of Victoria's Secret Fashion Show Announced for 2025
Victoria's Secret officially confirmed the return of its iconic fashion show for 2025, teasing fans with 'Lights, Camera, Angels' and promising a new creative vision.
Victoria's Secret Fashion Show 2025
The Victoria's Secret Fashion Show returned as an in-person event in New York City, featuring a diverse and inclusive cast of models, balancing traditional Angels with new faces and body types.
Q3 2025 Results Exceed Expectations, Full Year Outlook Raised
Victoria's Secret reported strong third-quarter 2025 results, with net sales increasing 9% year-over-year, exceeding guidance, and raised its full-year 2025 sales and operating income outlook.
Current U.S. Store Count
As of early 2026, Victoria's Secret operates 768 stores in the United States, reflecting ongoing strategic store closures and expansions of its 'Store of the Future' concept.
🔍Deep Dive Analysis
Victoria's Secret, founded in 1977 by Roy Raymond, initially aimed to create a comfortable lingerie shopping experience for men. After being sold to Leslie Wexner in 1982 for approximately $1 million, the brand rapidly expanded, becoming the largest lingerie retailer in the United States by the early 1990s with sales reaching $1 billion. Its annual fashion shows, featuring 'Angels' and 'Fantasy Bras,' became a cultural phenomenon, defining a highly sexualized and aspirational image of beauty.
However, by the mid-2010s, Victoria's Secret began to struggle. Its market share declined significantly, falling from 32% in 2013 to 24% by 2018, as consumers increasingly favored brands offering a wider range of sizes, comfort, and inclusivity. The brand faced mounting criticism for its lack of diversity, with then-Chief Marketing Officer Ed Razek making controversial comments in 2018 about not including transgender or plus-size models in the fashion show. This, coupled with reports of a toxic corporate culture, bullying, harassment, and former CEO Leslie Wexner's ties to Jeffrey Epstein, severely damaged the brand's reputation. The iconic Victoria's Secret Fashion Show was canceled in 2019.
In response to these challenges, L Brands, Victoria's Secret's parent company, announced in May 2021 its decision to spin off Victoria's Secret into a separate, publicly traded company. This separation, which included Victoria's Secret Lingerie, PINK, and Victoria's Secret Beauty, was completed in August 2021, with Victoria's Secret & Co. (VSCO) beginning trading independently. The newly independent company embarked on a significant rebranding effort, focusing on inclusivity, empowerment, and a departure from its past 'male-fantasy' centered image. Key initiatives included the launch of the 'VS Collective,' featuring diverse women like Megan Rapinoe and Priyanka Chopra-Jonas as brand ambassadors and advisors, and a commitment to a more authentic and comfortable shopping experience.
As of 2024 and 2025, the rebranding efforts began to show positive results. Hillary Super was appointed CEO in August 2024, succeeding Martin Waters, to accelerate growth. The company reported strong financial performance for fiscal year 2024, with net sales increasing by 1% to $6.230 billion and net income rising to $165 million. This positive trend continued into 2025, with Q1 2025 sales exceeding expectations and Q3 2025 results showing a 9% increase in net sales and an improved outlook for the full year. The brand also announced the official return of the Victoria's Secret Fashion Show in July 2025, which took place in October 2025 with a notably inclusive cast, balancing nostalgia with modern representation. While the company continues to strategically close some underperforming stores, it is also expanding its 'Store of the Future' concept, focusing on modern, technology-forward locations to enhance the customer experience.
As of March 1, 2026, Victoria's Secret is actively working to rebuild its brand credibility and market share, with a focus on consistent product quality, diverse representation, and an enhanced customer experience across both physical and digital channels. The company's market capitalization stood at $4.7 billion as of February 28, 2026.