Who Owns Victoria's Secret?

Victoria’s Secret is a leading American lingerie, clothing, and beauty retailer, which generated over $6.3 billion in revenue in 2021, and over $348 million in net profits. Victoria’s Secret is owned primarily by institutional investors like FMR LLC (dba Fidelity Institutional Asset Management) with 11.5% of ownership, The Vanguard Group, with 10.2% ownership, Lone Pine Capital, with 9.8% ownership, The WindAcre Partnership with 8.6% ownership, and BlackRock with 7.4% ownership. Top individual shareholders comprise the company’s CEO, Martin Waters; CEO of Victoria’s Secret Pink, Amy Hauk; and Gregory Unis, Chief Executive Officer of Victoria’s Secret Beauty.

Aspect	Description	Analysis	Examples
Products and Services	Victoria’s Secret offers a range of intimate apparel, lingerie, sleepwear, and beauty products. Its product line includes bras, panties, lingerie sets, loungewear, fragrances, and cosmetics. The company also provides swimwear, sportswear, and accessories. Victoria’s Secret sells its products through physical retail stores, online e-commerce channels, and catalogs.	Victoria’s Secret’s primary offerings include intimate apparel, lingerie, sleepwear, beauty products, fragrances, cosmetics, swimwear, sportswear, and accessories. The company employs a multi-channel approach, with physical stores, e-commerce platforms, and catalogs for sales and distribution. Victoria’s Secret caters to customers seeking lingerie and beauty products.	Intimate apparel, lingerie, sleepwear, beauty products, fragrances, cosmetics, swimwear, sportswear, accessories, multi-channel sales approach encompassing physical stores, e-commerce platforms, and catalogs, catering to customers seeking lingerie and beauty items.
Revenue Streams	Victoria’s Secret generates revenue primarily from the sale of lingerie, intimate apparel, beauty products, and related items through its retail stores and e-commerce platforms. The company also earns income from licensing agreements for its fragrances and beauty products. Additionally, Victoria’s Secret may generate revenue from its semi-annual sales and promotional events.	The main sources of revenue for Victoria’s Secret are the sale of lingerie, intimate apparel, beauty products, and related items through its retail stores and e-commerce channels. Licensing agreements for fragrances and beauty products contribute to income. Semi-annual sales and promotional events can boost revenue during specific periods. Victoria’s Secret’s revenue sources align with its product offerings and sales strategy.	Revenue from the sale of lingerie, intimate apparel, beauty products, and related items through retail stores and e-commerce channels, income from licensing agreements for fragrances and beauty products, revenue generated from semi-annual sales and promotional events, revenue sources aligned with product offerings and sales strategy.
Customer Segments	Victoria’s Secret serves a predominantly female customer base, including women seeking lingerie, intimate apparel, sleepwear, beauty products, and related items. The brand targets a wide age range, from teenagers to adult women. Additionally, Victoria’s Secret offers gift options, attracting gift shoppers for special occasions.	Customer segments for Victoria’s Secret primarily encompass women seeking lingerie, intimate apparel, sleepwear, beauty products, and related items. The brand targets a broad age range, from teenagers to adult women. The availability of gift options also attracts gift shoppers looking for special occasion presents. Victoria’s Secret focuses on female customers across different age groups.	Women seeking lingerie, intimate apparel, sleepwear, beauty products, and related items, broad age range from teenagers to adult women, gift shoppers searching for special occasion presents, focus on female customers across various age groups.
Distribution Channels	Victoria’s Secret distributes its products through a combination of physical retail stores, e-commerce websites, and catalogs. The company operates a network of retail stores located in malls and shopping centers, providing customers with a physical shopping experience. Additionally, Victoria’s Secret maintains an online presence, allowing customers to browse and purchase products through its website and mobile apps. Catalogs may also be used for remote shopping.	Distribution channels for Victoria’s Secret encompass physical retail stores located in malls and shopping centers, offering an in-person shopping experience. E-commerce websites and mobile apps enable online shopping and product browsing. Catalogs provide an additional remote shopping channel. Victoria’s Secret employs a multi-channel approach to reach customers.	Physical retail stores in malls and shopping centers for in-person shopping, e-commerce websites and mobile apps for online shopping, catalogs as a remote shopping channel, multi-channel approach to reach customers through different distribution channels.
Key Partnerships	Victoria’s Secret collaborates with various partners to enhance its product offerings. These partnerships may involve fashion designers and brands for exclusive collections, celebrities for brand endorsements and collaborations, suppliers and manufacturers for sourcing products, and advertising agencies for marketing campaigns. Additionally, the company may partner with credit card companies for store credit cards.	Collaborations with fashion designers, brands, celebrities, suppliers, and manufacturers enhance Victoria’s Secret’s product offerings. Partnerships with advertising agencies contribute to marketing campaigns. Relationships with credit card companies for store credit cards provide additional financial services. Victoria’s Secret’s partnerships enrich its brand and product portfolio.	Collaborations with fashion designers and brands for exclusive collections, celebrities for brand endorsements and collaborations, suppliers and manufacturers for product sourcing, advertising agencies for marketing campaigns, relationships with credit card companies for store credit cards, contributions to enriching the brand and product portfolio.
Key Resources	Victoria’s Secret’s key resources include its retail store locations, e-commerce platforms and websites, product inventory, supplier relationships, brand reputation as a lingerie and beauty retailer, advertising and marketing assets, and a customer base seeking intimate apparel and beauty products. The company’s catalogs also play a role in customer engagement and sales.	Key resources for Victoria’s Secret encompass its network of retail store locations, e-commerce platforms and websites, well-managed product inventory, relationships with suppliers, a strong brand reputation in the lingerie and beauty retail sector, advertising and marketing assets, and a customer base interested in intimate apparel and beauty products. Catalogs serve as an additional resource for customer engagement and sales. Victoria’s Secret’s resources support its operations and brand presence.	Retail store locations, e-commerce platforms and websites, efficiently managed product inventory, supplier relationships, strong brand reputation in lingerie and beauty retail, advertising and marketing assets, customer base interested in intimate apparel and beauty products, catalogs for customer engagement and sales, resources supporting operations and brand presence.
Cost Structure	Victoria’s Secret incurs costs related to the operation of its retail stores, including rent, utilities, and employee salaries. Expenses for product sourcing and manufacturing involve supplier agreements and production costs. Additionally, the company invests in advertising and marketing campaigns to promote its brand and products. Costs also include e-commerce platform maintenance and fulfillment for online orders.	Costs associated with Victoria’s Secret’s operations encompass rent and utilities for retail store locations, employee salaries and benefits, expenses related to product sourcing and manufacturing through supplier agreements and production costs, investments in advertising and marketing campaigns, costs for e-commerce platform maintenance and order fulfillment for online sales. The company manages its expenses while promoting its brand and products.	Costs related to retail store operations (rent, utilities, employee salaries), expenses for product sourcing and manufacturing (supplier agreements, production costs), investments in advertising and marketing campaigns, costs for e-commerce platform maintenance and online order fulfillment, cost management while promoting the brand and products.
Competitive Advantage	Victoria’s Secret’s competitive advantage lies in its well-established brand reputation as a leading lingerie and beauty retailer. The company’s extensive network of physical retail stores provides a tangible shopping experience. Exclusive collections, celebrity endorsements, and partnerships with fashion designers enhance its product offerings. Victoria’s Secret’s multi-channel approach, including e-commerce and catalogs, widens its customer reach. The brand’s focus on female customers across different age groups strengthens its market presence.	Victoria’s Secret’s competitive edge derives from its strong brand reputation in the lingerie and beauty retail sector. Extensive physical retail store presence offers a unique shopping experience. Exclusive collections, celebrity endorsements, and designer partnerships contribute to a diverse product portfolio. Multi-channel distribution, including e-commerce and catalogs, extends customer reach. The brand’s broad appeal to female customers across various age groups solidifies its market position.	Strong brand reputation in lingerie and beauty retail, extensive physical retail store presence providing a unique shopping experience, diverse product portfolio with exclusive collections, celebrity endorsements, and designer partnerships, multi-channel distribution reaching customers through e-commerce and catalogs, broad appeal to female customers across different age groups, reinforcing Victoria’s Secret’s market presence.

Table of Contents

Ownership Structure of Victoria’s Secret:

Institutional Investors:

FMR LLC (dba Fidelity Institutional Asset Management) – 11.5% ownership
The Vanguard Group – 10.2% ownership
Lone Pine Capital – 9.8% ownership
The WindAcre Partnership – 8.6% ownership
BlackRock – 7.4% ownership

Top Individual Shareholders:

Martin Waters (CEO of Victoria’s Secret)
Amy Hauk (CEO of Victoria’s Secret Pink)
Gregory Unis (CEO of Victoria’s Secret Beauty)

Business Model of Victoria’s Secret:

Victoria’s Secret operates as a leading lingerie, clothing, and beauty retailer with the following key components in its business model:

Extensive Product Range: Offers a wide selection of lingerie, sleepwear, loungewear, clothing, beauty products, and accessories targeting women.
Strong Brand Identity: Has established a strong brand identity centered around femininity, beauty, and empowerment, appealing to a broad customer base.
Retail Stores and E-commerce: Operates a network of retail stores in malls and shopping centers, along with a robust e-commerce platform to reach customers globally.
Marketing and Fashion Shows: Leverages marketing campaigns, fashion shows, and celebrity endorsements to promote its products and maintain brand visibility.
Customer Loyalty Programs: Offers loyalty programs and credit card partnerships to encourage repeat purchases and foster customer loyalty.
Global Expansion: Expands its presence globally by entering new markets and adapting its product offerings to cater to regional preferences.
Innovation and Technology: Embraces digital technology and social media to engage with customers, provide personalized shopping experiences, and drive online sales.

Organizational Structure of Victoria’s Secret:

Victoria’s Secret operates under a traditional corporate organizational structure, which typically includes the following elements:

CEO and Executive Leadership Team: The CEO, Martin Waters, leads the executive leadership team, consisting of top executives overseeing different business functions such as merchandising, marketing, finance, and operations.
Business Units: Victoria’s Secret may have separate business units or divisions dedicated to lingerie, clothing, beauty, and Victoria’s Secret Pink. Each division has its own team responsible for product development, marketing, and sales.
Retail and E-commerce Operations: The company may have separate teams managing its retail store operations and e-commerce platform to cater to different customer segments.
Functional Departments: Within the corporate headquarters, functional departments such as HR, finance, marketing, and design collaborate to support the overall business objectives.

Key Takeaways:

Victoria’s Secret is a prominent American retailer known for its extensive range of lingerie, clothing, and beauty products.
The company’s ownership is primarily held by institutional investors, with FMR LLC, The Vanguard Group, Lone Pine Capital, The WindAcre Partnership, and BlackRock among the top shareholders.
Victoria’s Secret employs a successful business model that combines a strong brand identity, a diverse product range, retail and e-commerce channels, and strategic marketing efforts.
The company’s organizational structure likely includes a CEO and executive leadership team overseeing multiple business units, functional departments, and retail and e-commerce operations.
Customer loyalty programs, global expansion, and technological innovations play a vital role in maintaining Victoria’s Secret’s competitive edge in the retail industry.