Victoria's Secret didn't start as a multi-billion-dollar empire known for glossy television specials and runway supermodels. It began in 1977 as a small boutique in Palo Alto, California—not Columbus, Ohio, as popular myths sometimes suggest—created by Roy Raymond because he felt embarrassed buying lingerie for his wife in traditional department stores. He envisioned a comfortable, European-styled environment where men could shop without feeling out of place.
Understanding how the brand morphed from a modest startup into a polarizing cultural juggernaut requires looking at strategic acquisitions, high-risk marketing plays, and recent corporate reinventions. This comprehensive look traces the pivotal eras that built, nearly broke, and ultimately forced a modern restructuring of the world's most famous lingerie brand.
The Raymond Era and the Retail Blueprint (1977–1982)
Roy Raymond opened the first store at the Stanford Shopping Center with a modest $40,000 borrowed and saved. The interior featured Victorian-inspired decor, wood-paneled walls, and plush velvet sofas. The merchandise moved away from the purely utilitarian, cotton-heavy undergarments dominant in 1970s American department stores, introducing luxurious European-style aesthetics to everyday shoppers.
- The Mail-Order Catalog: To reach customers outside California, Raymond launched a glossy mail-order catalog. This catalog became the primary growth engine.
- Rapid Expansion: Within five years, the business grew to five stores and a $6 million annual catalog operation.
- The Financial Crunch: Despite strong top-line revenue, the company faced severe cash-flow issues. In 1982, Raymond sold the business to Leslie Wexner, founder of The Limited, for $1 million.
Roy Raymond's original concept laid the groundwork, but Wexner recognized a much larger, untapped market by pivoting the brand's focus entirely toward female consumers.
The Wexner Transformation and Mass Market Scaling (1982–1999)
Under Leslie Wexner's leadership, Victoria's Secret shifted its primary target demographic from men buying gifts to women purchasing for themselves. The aesthetic evolved from high-end European luxury toward accessible, glamorous everyday wear.
The catalog remained the crown jewel. Wexner styled the pages to mimic high-fashion magazines like Vogue, pairing sultry photography with romantic copywriting. Stores expanded aggressively into American suburban malls. By the early 1990s, Victoria's Secret was the largest lingerie retailer in the United States.
To solidify cultural dominance, the brand launched the Victoria's Secret Fashion Show in 1995. Initially a modest New York event, it grew into a global pop-culture phenomenon viewed by millions, featuring musical headliners and the iconic "Angels"—supermodels under exclusive contract like Tyra Banks, Heidi Klum, and Gisele Bündchen.
Cultural Peak and Strategic Blind Spots (2000–2018)
Throughout the 2000s, the brand dominated market share, peaking at over 30% of the US intimate apparel market. However, maintaining a singular, highly narrow definition of sexy eventually created vulnerabilities.
- Resistance to Body Positivity: While competitors like Aerie (owned by American Eagle) and emerging direct-to-consumer brands championed inclusivity, size diversity, and comfort-first designs, Victoria's Secret held fast to its hyper-sexualized, fantasy-driven marketing.
- Shifting Consumer Values: Millennial and Gen Z shoppers began prioritizing comfort, bralettes, and body-positive brand values over push-up bras and runway fantasy.
- Leadership and Cultural Scandals: Public scrutiny mounted regarding executive culture, lack of board diversity, and shifting beauty standards. Viewing figures for the annual fashion show plummeted, leading to its cancellation in 2019.
The Corporate Split and Modern Restructuring (2020–Present)
Facing steep sales declines and pandemic-era retail headwinds, parent company L Brands spun off Victoria's Secret into an independent, publicly traded company in 2021 under CEO Martin Waters.
The standalone company initiated a sweeping brand turnaround:
- The VS Collective: The traditional "Angels" were replaced by a diverse group of activists, athletes, and artists—including Megan Rapinoe and Priyanka Chopra—focused on advocacy and representation rather than exclusive runway standards.
- Product Realignment: The assortment shifted back toward comfort, sports bras, maternity wear, and inclusive sizing up to XXXL.
- The Return of the Runway: In 2024, the brand reimagined its signature fashion show as a cinematic, globally inclusive celebration highlighting creators and models from diverse backgrounds.
For a deeper look into the brand's financial restructuring and corporate filings, review the Victoria's Secret & Co. Investor Relations portal.
Common Misconceptions About the Brand's History
Public lore often blurs the actual corporate timeline. Clarifying these details helps map the true trajectory of the company:
- Myth: Roy Raymond stayed with the company for decades. Fact: Raymond sold the company in 1982 and went on to other retail ventures long before the catalog and fashion show made the brand a household name.
- Myth: The brand invented mail-order lingerie. Fact: While Victoria's Secret mastered high-end catalog presentation, mail-order undergarments had existed for decades through competitors like Frederick's of Hollywood.
- Myth: The fashion show has always been a global broadcast. Fact: It began as a small, local New York hotel event in 1995 before migrating to television networks and internet streaming platforms in the late 1990s.
Frequently Asked Questions
Who originally founded Victoria's Secret?
Roy and Gaye Raymond founded the company in Palo Alto, California, in 1977. They operated it for five years before selling it to Leslie Wexner's The Limited in 1982.
When did the famous Victoria's Secret Fashion Show start?
The inaugural fashion show took place in New York City in August 1995. It ran annually until 2018, paused for several years, and returned in a redesigned format in 2024.
Why did Victoria's Secret change its marketing strategy?
Changing consumer preferences drove the pivot. Modern shoppers increasingly favored comfort, body inclusivity, and authenticity over the hyper-feminine fantasy imagery that defined the brand throughout the 1990s and 2000s.
Is Victoria's Secret still part of L Brands?
No. In 2021, L Brands completed a full corporate spin-off, making Victoria's Secret an independent, publicly traded company listed on the New York Stock Exchange.
