Victoria's Secret Company History Timeline
Victoria's Secret was founded by Roy Raymond, and his wife, Gaye Raymond, on June 12, 1977.
Victoria's Secret officially launched in 1977.
Ron Raymond opened the first Victoria's Secret store in 1977 in San Francisco.
By June 1982, Limited — which had previously acquired Express and Lane Bryant — was listed on the New York Stock Exchange.
In 1983, Wexner revamped Victoria's Secret's sales model towards a greater focus on female customers.
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.
In 1987, Victoria's Secret was reported to be among the bestselling catalogs.
In 1989, FCB/Leber Katz Partners and Victoria's Secret executed a national advertising campaign with a ten-page glossy insert in the November issue of Elle, Vogue, Vanity Fair, Victoria, House Beautiful, Bon Appetit, New Woman, and People magazines.
Victoria's Secret introduced the 'Miracle Bra' in 1993, selling two million within the first year.
Founder Raymond died in 1993 after reportedly jumping off of the Golden Gate Bridge.
When faced with competition from Sara Lee's WonderBra a year later in 1994, the company responded with a TV campaign.
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.
In 1996 the hosiery line was redesigned and hosiery-only boutiques opened—14 of them by the end of 1996.
In 1996 Victoria's Secret announced it would be implementing a new system to improve its warehouse merchandising.
The company's Angels underwear collection was marketed in 1997 by a TV commercial that included supermodels Helena Christensen, Karen Mulder, Daniela Peštová, Stephanie Seymour, and Tyra Banks.
In 1997 Victoria's Secret Stores conquered 14 percent of the $10-billion United States lingerie market.
In 1999, a 30-second Super Bowl advertisement resulted in one million visits to the company's website within an hour of airing.
She was succeeded in May 2000 by Sharen Jester Turney as chief executive of the division.
In 2002 Victoria's Secret announced the launch of PINK, a brand that was aimed to appeal to teenagers.
In 2002, Intimate Brands was combined with the Limited, then renamed Limited Brands.
In 2004, the company did not hold a fashion show due fallout from the Super Bowl halftime show controversy, and instead alternately marketed the brand via a tour called Angels Across America.
Victoria's Secret Beauty opened a provisional UK boutique at Heathrow Airport in 2005 through partnership with World Duty Free.
In May 2006, Christine Beauchamp was named president and CEO of Victoria's Secret Beauty.
In May 2006, Wexner promoted Turney from the Victoria's Secret catalog and online units to lead the whole company.
By 2006 the Victoria's Secret Beauty division had reported sales of nearly US$1 billion.
In 2006, the Financial Times reported that Victoria's Secret paid factory workers $7 per day to make bras in Thailand.
By 2006, Victoria's Secret's 1,000 stores across the United States accounted for one third of all purchases in the intimate apparel industry.
Victoria's Secret's Angels continued to be featured in popular culture, and were chosen to be part of People magazine's annual "100 Most Beautiful People in the World" in 2007.
Starting in 2008, Victoria's Secret expanded internationally, with retail outlets within international airports, franchises in major cities overseas, and in company-owned stores throughout Canada and the UK.
Alongside new Angel Doutzen Kroes, they also took part in the grand reopening of the Fontainebleau in Miami in 2008.
The international expansion of Victoria's Secret stores began in 2008.
In 2010, Victoria's Secret launched the 'Incredible' bra.
In 2010, the first Canadian store opened in Edmonton, Alberta.
By 2011, the budget for the fashion show was $12 million up from the first show's budget of $120,000.
In 2013, parent company Limited Brands officially changed its name to L Brands.
A Serbian store opened in January 2014 at the Nikola Tesla Airport in Belgrade.
Ellingson, Kroes, and Kloss departed after the 2014 fashion show.
In 2016, it was reported that L Brands fully purchased 26 stores back from its franchise partners in China.
In a November 2018 interview with Vogue, Victoria's Secret president Ed Razek stated (when discussing diversity the Victoria's Secret Fashion Show): "Shouldn’t you have transsexuals in the show? No.
In March 2019, activist shareholder Barington Capital sent a letter to Wexner, laying out recommendations to improve growth at Victoria's Secret in order to "unlock substantial value."
In 2019, new Angels Leomie Anderson, Grace Elizabeth, Alexina Graham, and Barbara Palvin, were added to the roster.
In 2019, worldwide net sales had receded to $6.81 billion.
In 2019, nonprofit advocacy group Model Alliance and several other publications reported on initiatives underway in California, New York and the United States aiming to protect models from harassment and sexual abuse.
L Brands, the parent company of Victoria's Secret, came under public pressure in 2019 from an activist shareholder of Barrington Capital Group who took issue with the performance of Razek and urged the company to update its brand image and switch up its predominantly male board of directors.
On April 22, 2020, The Wall Street Journal reported that Sycamore Partners wanted out of the deal which included exceptions for a pandemic.
As of May 2020 , with over 1,070 stores, Victoria's Secret remained the largest lingerie retailer in the United States.
Following this brand positioning, Victoria's Secret reported sales increase in all three completed quarters of 2021.
Martin Waters was named CEO in 2021, replacing Stuart Burgdorfer who had served as interim CEO.
On January 25, 2022, Victoria’s Secret announced a Joint venture partnership agreement with Regina Miracle International (Holdings) Limited.
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| Company Name | Founded Date | Revenue | Employee Size | Job Openings |
|---|---|---|---|---|
| Gap Inc. | 1969 | $16.7B | 117,000 | 3,086 |
| Abercrombie & Fitch Co | 1892 | $3.7B | 44,000 | 2,236 |
| The Donna Karan Company LLC | 1984 | $440.0M | 3,000 | - |
| GUESS | 1981 | $2.6B | 14,701 | 316 |
| True Religion | 2002 | $467.3M | 50 | 54 |
| Bath & Body Works | 1990 | $7.9B | 336 | 3,873 |
| Forever 21 | 1984 | $4.0B | 30,000 | 307 |
| Aeropostale | 1987 | $2.1B | 21,007 | 551 |
| Proenza Schouler | 2002 | $13.0M | 154 | - |
| American Eagle Outfitters | 1977 | $5.0B | 37,000 | - |
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Victoria's Secret may also be known as or be related to Victoria's Secret, Victoria's Secret & Co. and Victoria's Secret Pink.