Victoria’s Secret

Victoria’s Secret is one of the world’s best-known lingerie, sleepwear, beauty and lifestyle brands. Founded in 1977, it grew into a cultural icon, known not just for its products but for its provocative marketing, its famous Angels, its annual fashion show, and controversies around body image, inclusivity, and corporate culture. In recent years, the brand has attempted major transformations to adapt to shifting consumer expectations, heightened scrutiny, and changing cultural norms.

History

1977–1981

• Founding: Victoria’s Secret was founded by Roy Raymond and his wife, Gaye Raymond, in June 1977. The motivation was personal: Roy had felt embarrassed buying lingerie for his wife in conventional department stores, where the environment and products didn’t feel welcoming.
• First store: The first boutique was opened in Stanford Shopping Center, Palo Alto, California. It was designed to evoke a more luxurious, Victorian-style ambiance, hence the name.
• Catalog beginnings: Catalogs played a big role early on. As early as 1982, Victoria’s Secret was mailing out catalogs to customers, which drove a large portion of its sales.
  

1982–1990

• Expansion and growth: Throughout the 1980s, the brand expanded its number of stores and product lines. The company refined its offerings beyond lingerie into loungewear, sleepwear, etc.
• Catalog as major channel: The catalog business became significant, accounting for a large share of revenue in early years.

1991–2005

• Rapid retail expansion: The 1990s saw Victoria’s Secret opening many more physical stores, especially in shopping malls across the United States. It enhanced its brand identity with more glamour, sensuality, and high-visibility marketing.
• Birth of the Fashion Show and Angels: The Victoria’s Secret Fashion Show was launched (1995) and became a signature annual event. It spotlighted Victoria’s Secret “Angels” — top models used as brand ambassadors and stars of the show. These have become central to VS’s image.
  

2006–2020

• Peak and beginning of decline: For many years, the brand was at its cultural peak. However, starting in the mid-2010s, signs of trouble emerged. Consumer preferences shifted toward comfort, body inclusivity, and more casual / athleisure styles. Brands like Aerie, Savage X Fenty, ThirdLove etc began to challenge VS’s dominance. Marketing backlash and culture issues: VS began coming under criticism for narrow beauty standards, lack of diversity, and for statements by its executives that many considered out of touch. The 2018 interview by then Chief Marketing Officer Ed Razek, in which he defended excluding transgender and plus-size models from the Fashion Show, is a key moment.
• Declining sales and closing stores: VS saw declining sales, especially among its core lingerie segment, and announced multiple store closures. Catalog sales were discontinued, and the brand struggled to adapt to digital commerce and changing social mores. Also, scandal around the founder, ownership ties, and harassment issues added to reputational challenges.

2021–present

• Rebranding & transformation efforts: In response to the criticisms and the decline, VS started repositioning. Emphasis has increased on inclusivity (body size, race, gender identity), digital and omnichannel shopping, and updating the image of the Angels/Fashion Show. 
• Return of the Fashion Show: After cancellation in 2019, the Fashion Show has been revived (in new format) in 2024 and 2025, with more diverse casting including transgender models (e.g. Valentina Sampaio, Alex Consani) and plus-size models.
• Corporate changes: Leadership changes, new marketing strategies, and adjustments across product lines to respond to market demand for comfort, fit, sustainability, and representation. 

Products

Victoria’s Secret offers a wide range of products across categories. Key product areas include:

• Bras and panties: The core lingerie line, with many styles (push-up, wireless, sports, etc.).
• Sleepwear and loungewear: Nightgowns, pajama sets, robes.
• Activewear and casual wear: Especially under the PINK line, there is activewear, casual tops, and athleisure.
• Beauty and fragrance: Perfumes, body sprays, lotions, cosmetics, etc.
• Accessories: Small items like bags, slippers, etc., often in beauty boutiques or travel retail.

Over time, product innovation has included:

• Expansion of size ranges (though with critique about how inclusive across shapes sizes truly is)
• New fabrics and designs oriented toward comfort, wellness, and even sustainability
• Focus on PINK for younger demographic with lifestyle products

Operating divisions

Victoria’s Secret is structured into several operating arms.

Physical locations

International stores

The brand is present globally with a mix of company-owned, franchised, and partner-operated stores.

Canada

• Stores in Canada are mostly company-operated. The brand has adjusted store sizes, formats (full assortment vs PINK vs beauty/accesories) to meet local market preferences. (Detailed numbers change, but closures and openings happen based on performance.)

United Kingdom

• UK stores are part of the international partner-operated network. Full assortment Victoria’s Secret stores and PINK freestanding stores have existed. The UK has also seen digital presence and online marketing. The company works through localized marketing and product adaptation. (Exact store-count fluctuates.) 

China

• China is a key growth market. In Greater China, there are both joint-venture (company-operated) stores and partner-operated ones. Beauty & Accessories stores, full-assortment stores, and e-commerce sites serve customers. China also accounts for a growing share of international net sales. 

Victoria’s Secret Direct

Catalog (1977–2016)

• The catalog was core to the brand’s business model for decades. It served not just as a sales vehicle but also as a marketing tool to showcase new designs, promote the fantasy/luxury themes, and reach customers beyond physical stores.
  
• Over time, catalog relevance declined: cost, competition, digital substitution, changing consumer behavior. By mid-2010s, growth flatlined and catalogs were discontinued. 

E-commerce

• In recent years, e-commerce has become central. Victoria’s Secret & Co has invested in its websites, mobile platforms, omni-channel integration (e.g. buy online, pick up in store), digital marketing, AI tools. The goal is to link physical store presence with digital convenience. 

Victoria’s Secret Beauty

Franchise locations worldwide (VSBA)

• VSBA: Beauty & Accessories stores are smaller format stores focusing on fragrance, body care, cosmetics, accessories. Often in airports, travel retail, or high-footfall areas. Many are franchised or partner-operated outside the core U.S./Canada & Greater China markets. 

Corporate affairs

Ownership and name

• Victoria’s Secret was originally part of L Brands (formerly The Limited Brands), which owned Bath & Body Works, etc. In recent years (2021 onwards), the company restructured; Victoria’s Secret & Co. is the publicly traded company.
• The name “Victoria’s Secret & Co.” is used in corporate documentation. There have been discussions about the brand image, including how the name invokes “secret,” fantasy, sensuality. Some people have noted changes/shifts in branding (less overt sexualization, more lifestyle).
  

Management structure

• Executive leadership has changed substantially over recent years as the brand seeks to modernize its culture. CEOs and senior marketing / creative leads have been replaced or repositioned.
• The board and investor pressures have increased, especially in relation to labor practices, harassment allegations, inclusivity, environmental/sustainability issues.

Manufacturing and environmental record

• Sourcing & vendors: Victoria’s Secret sources its merchandise from many vendors globally. As of some recent reports, hundreds of vendors are involved; one big vendor may account for ~ 10-15 % of purchases.Environmental and sustainability initiatives: The brand has begun to respond to growing consumer concern: better materials, more sustainable packaging, reducing waste, exploring renewable and recycled fabrics. But critics say that progress is slow and transparency is uneven.
• Supply chain risk: Global sourcing brings risk of supply chain disruptions, labor violations, environmental harm. There have been calls for Victoria’s Secret to increase monitoring, reporting, and to enforce higher standards with vendors.

Marketing

Marketing has always been central to Victoria’s Secret: it is not merely what they sell, but how they present desire, fantasy, beauty, glamour.

Victoria’s Secret Fashion Show

• Began in 1995, the Fashion Show became a global annual spectacle combining runway modeling, music performances, celebrity hosts. It heavily reinforced the brand’s identity: glamorous, sexy, large budget, wings, spectacle.
• For years, it provided huge media exposure and brand prestige. But ratings began to decline in the late 2010s, due in part to backlash over lack of diversity and changing public attitudes. 
• After being canceled in 2019 (alongside multiple controversies), it was revived in 2024 (and continued into 2025) with changes: more inclusive casting, adjusting formats, streaming platforms, etc.

Victoria’s Secret Angels

• The “Angels” are essentially the face of the brand — top models contracted to represent VS in shows, ads, and public appearances. They have been central in aspirational branding.
• Over time, some criticism has focused on how narrow the definition of beauty has been under the Angels concept (very thin, tall, certain body proportions). VS has attempted in recent years to refresh what an Angel can represent (more diversity in body type, age, race).
  

PINK spokes-models

• PINK is the younger, lifestyle/active/casual / dorm-friendly sub-brand of Victoria’s Secret. Its spokesmodels often appeal to younger demographics (teens / college). PINK models are influencers, social media stars, etc.
• Marketing for PINK often includes more casual, fun, active energy — compared to the more glamorous / sensual mainline VS positioning.

Criticisms and controversies

Victoria’s Secret has had a long history not just of commercial success, but also of substantial criticism. Many controversies have affected its reputation, impacted its sales, and forced organizational change.

Harassment and abuse

Silencing of harassment complaints

• Complaints from models and staff about verbal abuse, harassment by senior executives have surfaced. For instance, Monica Mitro, formerly VP of Public Relations, reported repeated verbal abuse by Ed Razek. 
• In addition, there have been lawsuits and shareholder complaints alleging the company ignored or suppressed harassment complaints and created a toxic workplace culture.

Connections with Jeffrey Epstein

• The founder Les Wexner had a personal and professional relationship with Jeffrey Epstein, which has been the subject of scrutiny. While Victoria’s Secret claims separation, the negative association has tainted public perceptions.

Racism and corporate apologies

• Criticism over lack of representation of models of color, insensitivity in campaigns, and imagery that echoed stereotypes.
• Corporate apologies have been made in some cases (e.g. for transphobic or exclusionary comments). But critics often argue they were reactive, and not always matched with structural change.

Influence on socio-cultural body image norms

• Victoria’s Secret has contributed significantly to standardizing a particular model of feminine beauty: very slim, toned body, specific proportions. This has been critiqued by scholars, activists, competitors as contributing to unhealthy body expectations.
• Rising consumer demand for more inclusive body representation, comfort over looks, and diversity in shape, age, skin tone, ability etc, has been partly a very direct reaction to VS’s earlier norms.
  

Use of cultural stereotypes

• Various marketing campaigns over time have been accused of using cultural appropriation, employing stereotypes in aesthetic (costume, theme) without deeper contextual respect.
• The brand has had to respond to backlash and alter some campaign materials historically.
  

Transgender models

• The 2018 controversy: Ed Razek commented that transgender models “shouldn’t” be included, because the show is fantasy. This generated immediate backlash.
• Over time the brand has made first steps: hiring Valentina Sampaio (2019) as its first openly transgender model. In 2024, Valentina Sampaio and Alex Consani walked in the revived Fashion Show — marking historical firsts. 

Conclusions & Lessons

Victoria’s Secret’s story is a useful case study in how powerful brand identity, marketing, and cultural trends interact, and how brands must adapt (or risk decline) when societal values shift.

Major lessons include:

1. Brand identity must evolve — what worked in the 1990s and 2000s (very sexualized glamour, idealized beauty) is less persuasive in a time when consumers prize authenticity, diversity, comfort, and ethical practices.
   
2. Listening matters — those internal/external criticisms (body image, lack of inclusion, harassment) carried reputational cost. VS’s delay in responding amplified damage.
   
3. Alignment between values, business model, marketing — consumers are increasingly attentive to whether a brand’s messaging aligns with its actions (e.g. in hiring, product development, manufacturing, environmental impact). ESG and similar expectations are no longer optional.
   
4. Diversification of channels — digital, e-commerce, omnichannel, international franchising etc are essential in today’s market, especially given decline in catalogs and changing retail footprints (store closures etc).
   
5. Cultural relevance over pure fantasy — VS is trying to balance its fantasy appeal (part of its DNA) with real-world changes: inclusive casting, size diversity, more transparency. That balance is delicate but necessary.