1977–1981 Victoria's Secret was founded by
Roy Raymond, and his wife, Gaye Raymond, The first store was opened in
Stanford Shopping Center in Palo Alto, California. Raymond reportedly spent the next eight years studying the lingerie market. At the time when the Raymonds founded Victoria's Secret, the undergarments market in the U.S. was dominated by pragmatic items from
Fruit of the Loom,
Hanes, and
Jockey, often sold in packs of three at department stores, while lingerie was reserved for special occasions such as one's
honeymoon. Considered niche products, lingerie items (such as lacy thongs and padded push-up bras) were only found in specialty shops like
Frederick's of Hollywood, located "alongside feathered boas and provocative pirate costumes". Victoria's Secret grossed $500,000 in its first year of business , and a
mail-order operation. operated at that location until 1990, when it was moved to the larger Powell Street frontage of the
Westin St. Francis. In April 1982, Raymond sent out his 12th catalog at a cost to customers of $3 (); catalog sales accounted for 55% of the company's $7 million annual sales that year.
1982–1990 In 1982, Victoria's Secret had grown to five stores, a 40-page catalog, and was grossing $6 million annually. In 1983, Wexner revamped Victoria's Secret's sales model towards a greater focus on female customers. To further this image, the Victoria's Secret catalog continued the practice that Raymond began: listing the company's headquarters on catalogs at a fake London address, with the real headquarters in Columbus, Ohio. In October of that year, the
Los Angeles Times reported that Victoria's Secret was stealing market share from department stores; in 1986, Victoria's Secret was the only national chain devoted to lingerie.
The New York Times reported that Victoria's Secret swiftly expanded to 100 stores by 1986. and described it in 1987 as a "highly visible leader" that used "unabashedly sexy high-fashion photography to sell middle-priced underwear." In 1990, analysts estimated that sales had quadrupled in four years, making it one of the fastest growing mail-order businesses. Sales and profits from the catalog continued to expand due to the addition of clothing, swimwear and shoes and wider circulation.
Cynthia Fedus-Fields oversaw the company's direct business, including its catalog, from the mid-1980s until 2000.
1991–2005 Victoria's Secret experienced quality problems with their product in the early 1990s and was working to resolve the issues. In 1991,
Howard Gross was assigned to fix the
L Brands subsidiary Limited Stores. The company's margins tightened, resulting in slower growth in profits. Victoria's Secret introduced the 'Miracle Bra' in 1993, selling two million within the first year. At the same time, in 1994, Wexner discussed the creation of a company fashion event with
Ed Razek. The first
Victoria's Secret Fashion Show, held in 1995 in New York, became a mainstay for the company's image for the next 23 years. By 1998, Victoria's Secret's market share of the intimate apparel market was 14 percent The following year, in 1999, the company added the
Body by Victoria line. The catalog had achieved "an almost cult-like following". In May 2000, Cynthia Fedus-Fields stepped down as CEO after delivering record profits in 1999 and early 2000. Fedus-Fields later claimed that, up until the time of her departure, the company had acted in accordance with the sensibilities of what a European woman would choose to wear. After her departure in 2000, the brand pursued an image that was "much more blatantly sexy." In May 2006, Wexner promoted Turney from the Victoria's Secret catalog and online units to lead the whole company. In September 2006, Victoria's Secret reportedly tried to make their catalog feel more like magazines by head-hunting writers from ''
Women's Wear Daily''. The company had about a third of the market share in its category in 2013. Victoria's Secret was split into three divisions: Victoria's Secret Lingerie, Victoria's Secret Beauty, and Pink, each with a separate CEO. In 2016, direct sales only grew 1.6% and fell by 7.4% in the last quarter of the year, typically a high revenue period due to the holidays. The company discontinued its use of a print catalog and dropped certain categories of clothing, such as swimwear. Sales revenue continued to stagnate and drop in early 2017. In late 2018, CEO Jan Singer resigned amid declining sales.
The Wall Street Journal reported that only one quarter showed an increase in same-store sales between 2016 and 2018. Singer's announcement came one week after
CMO Ed Razek made a controversial comment that the company does not cast transgender or plus-size models in its annual fashion show "because the show is a fantasy." After a 40% stock plunge in a single year, Victoria's Secret announced the closure of 53 stores in the U.S. in 2019, as well as the relaunch of its swimwear line. In August 2019, chief marketing officer Ed Razek resigned following a disastrous
Vogue interview in which he made inflammatory statements about transgender models. Also in 2019, executive vice president April Holy stepped down after 16 years. In November 2019, Victoria's Secret announced it would no longer hold the annual fashion show featuring its angels, indicating a major change in marketing strategy. In January 2020, L Brands chairman and CEO Lex Wexner was in talks to step down. Reports of widespread bullying and harassment at Victoria's Secret surfaced in February 2020. On February 1, 2020,
The New York Times published an exposé on "the culture of misogyny" at Victoria's Secret, which painted a picture of long-time influential executive Ed Razek's rampant sexual misconduct. On April 22, 2020,
The Wall Street Journal reported that Sycamore Partners wanted out of the deal, which included exceptions for a pandemic. The deal ultimately fell through. Wexner stepped down but maintains a role as chairman emeritus. In June 2020, a shareholder filed a lawsuit against the company for inaction following reports of harassment, discrimination, and retaliation at Victoria's Secret. Shareholders of parent company L Brands filed a complaint in the Court of Chancery of Delaware on January 14, 2021, stating that former chair Wexner, among others, created an "entrenched culture of
misogyny, bullying and harassment" and was aware of abuses being committed by accused
sex trafficker Jeffrey Epstein, which breached his
fiduciary duty to the company, causing devaluation of the brand. The complaint also names Wexner's wife, Abigail, current chair, Sarah E. Nash, and former marketing officer,
Ed Razek, whose "widely known misconduct" was long allowed at the company.
2021–present In 2021, after the resignation of Razek as well as the sale of the company by Wexner, Victoria's Secret's new ownership and management implemented policy changes and new partnerships with a number of new spokeswomen, including
Megan Rapinoe,
Priyanka Chopra Jonas, and
Naomi Osaka. Wexner's parent company,
L Brands spun Victoria's Secret off to become an independent business under the name '''Victoria's Secret & Co.''' (trading on the NYSE as VSCO) on August 3, 2021. Following this brand positioning, Victoria's Secret reported sales increases in all three completed quarters of 2021. Martin Waters was named CEO in 2021, replacing Stuart Burgdorfer, who had served as interim CEO. In July 2022, Victoria's Secret named Amy Hauk chief executive of both the Victoria's Secret and Pink brands. In November 2022, it was announced that Victoria's Secret had acquired the
New York-headquartered lingerie brand,
Adore Me for US$400 million. In May 2025, Victoria's Secret shut down its website and some store services because of a security incident. ==Products==