Victoria’s Secret is owned by its public shareholders. Victoria’s Secret & Co. has been an independent listed company since its spin-off from L Brands on 2 August 2021. Its 2026 proxy (holdings as of 15 April 2026) lists three holders above 5%: BlackRock (13.8%), BBRC International (13.0%), a Singapore vehicle controlled by Australian retail investor Brett Blundy, and Vanguard (5.9%). BBRC has since sold shares and reported about 9.8% in July 2026.
BlackRock held 10,936,720 shares (13.8%) and Vanguard Portfolio Management 4,707,006 shares (5.9%), as listed in the 2026 proxy for holdings as of 15 April 2026.
02
Brett Blundy's BBRC International
BBRC and related Blundy entities reported 10,310,631 shares (13.0%) in the same proxy, making them the second-largest holder. Their July 2026 Schedule 13D/A reported 7,810,631 shares, about 9.8% of the 79,491,720 shares outstanding as of 29 May 2026.
03
No parent company
L Brands distributed Victoria's Secret & Co. to its own shareholders in the August 2021 spin-off. Since then the company has had no parent; its board is elected by shareholders every year.
04
What the owners own
A specialty retailer of intimates, apparel and beauty under the Victoria's Secret, PINK and Adore Me names, with approximately 860 stores in the US, Canada and China and net sales of $6.553 billion in fiscal 2025 (year ended 31 January 2026).
What changed in 2025-26
A poison pill against a big holder
In response to BBRC’s “substantial accumulation” of shares, the board adopted a one-year shareholder rights plan effective 20 May 2025, triggered at 15% (20% for certain passive investors). It was set to expire on 18 May 2026.
A vote-against campaign
On 4 May 2026 BBRC launched a campaign urging shareholders to vote against the re-election of Chair Donna James and director Mariam Naficy, citing board oversight of capital allocation, including the Adore Me acquisition. Naficy withdrew. At the 11 June 2026 meeting all nine nominees were elected; James received 54,925,752 votes for and 10,800,993 against.
The activist sells down
BBRC sold shares from June 2026 onward, according to its own 13D amendments, and reported about 9.8% of the shares at the end of July 2026, down from 13.0% in the proxy.
New ticker and AI in the stores
The stock began trading as VSXY on the NYSE on 2 June 2026. The fiscal 2025 annual report says the company is modernising its digital platform with AI-driven chatbots and geo-targeted digital marketing, and lists AI among its strategic investments and risks.
Largest disclosed holders and their source
BlackRock, Inc.
Stake13.8% (10,936,720 shares)
Source and date2026 proxy, as of 15 April 2026
BBRC International (Brett Blundy)
Stake13.0% in the proxy; about 9.8% later
Source and dateProxy; Schedule 13D/A filed 29 July 2026
Vanguard Portfolio Management
Stake5.9% (4,707,006 shares)
Source and date2026 proxy, as of 15 April 2026
Shares outstanding
Stake79,425,668
Source and dateAs of 15 April 2026 (proxy)
Brands owned
StakeVictoria's Secret, PINK, Adore Me
Source and dateAnnual report, fiscal 2025
What it means for you
Investors: you can own Victoria's Secret directly through the listed shares (VSXY); there is no parent to buy instead.
Quote stakes with their date: the largest holders moved within months in 2026, so a 13.0% figure from April was already out of date by July.
Watch Schedule 13D filings: a holder above 5% with activist intent must report changes, and that is where BBRC's sales showed up first.
Operators: a large private holder can push the board without seeking a seat, as BBRC's vote-against campaign showed.
Brand builders: the company is betting on three distinct brands and a beauty business rather than one mega-brand.
The Business Engineer lens
Victoria’s Secret shows how a spun-off brand becomes a contest between index funds that hold quietly and a concentrated investor that pushes. The Business Engineer’s view is that in retail the real question is no longer who owns the shares but who owns the customer relationship as discovery shifts to AI agents and search.
Public shareholders. The 2026 proxy lists BlackRock (13.8%), BBRC International (13.0%) and Vanguard (5.9%) as holders above 5% as of 15 April 2026.
Who is Brett Blundy?
An Australian retail investor whose entity BBRC International was Victoria's Secret's second-largest holder in 2026 and ran a vote-against campaign at the June 2026 annual meeting.
Is Victoria's Secret still part of L Brands?
No. It was spun off on 2 August 2021; L Brands then renamed itself Bath & Body Works.
What is Victoria's Secret's ticker?
The company announced that its shares would trade on the NYSE as VSXY from 2 June 2026.
The complete explainer, cleaned up and reformatted for mobile.
In short
Victoria’s Secret & Co. is an independent public company, spun off from L Brands on 2 August 2021. Its 2026 proxy lists BlackRock (13.8%), BBRC International (13.0%), controlled by Australian retail investor Brett Blundy, and Vanguard (5.9%) as the holders above 5%.
Correction (10 Oct 2026): the data card at the top of this page showed undated, unsourced figures. It is replaced by figures from VS&Co’s 2026 proxy; the rest of the article is kept as it was.
How we source: figures on this page come from the company’s own filings (SEC 10-K, 10-Q, prospectus and earnings releases, or its annual report), with the period stated next to each number; outside estimates appear only labelled, with their source and date. Last refreshed October 2026. Our methodology.
Victoria’s Secret & Co. (VS&Co) has been an independent, standalone public company since 2 August 2021, when it was spun off from L Brands, which then renamed itself Bath & Body Works (proxy). Its 2026 proxy lists three holders above 5%: BlackRock (13.8%), BBRC International Pte Limited (13.0%), a Singapore vehicle controlled by Australian retail entrepreneur Brett Blundy, and Vanguard Portfolio Management (5.9%). Hillary Super has been CEO since August 2024.
The Business Engineer view
The spin-off separated a fast-growing, high-margin business (Bath & Body Works) from a brand that needed a reset. Since then, the arrival of a large private investor alongside index funds gives one shareholder an unusually loud voice for a company of this size, which matters as Victoria’s Secret repositions its brand and stores.
The full story
Detail
Description
Company
Victoria’s Secret & Co.
Ownership Structure
Publicly traded company
Ticker Symbol
VSCO (NYSE)
Spun Off From
L Brands, Inc.
Spin-Off Date
August 2, 2021
Founding Date
June 12, 1977
Founders
Roy Raymond and Gaye Raymond
Headquarters
Reynoldsburg, Ohio, USA
Primary Business
Designing, manufacturing, and selling lingerie, apparel, and beauty products
Strategic Goals
Revitalizing brand image, expanding product lines, enhancing digital presence, increasing inclusivity and sustainability
Additional Ownership Details
Corporate Structure and Ownership: Victoria’s Secret & Co. is a publicly traded company listed on the New York Stock Exchange (NYSE) under the ticker symbol VSCO. The company was spun off from L Brands, Inc. on August 2, 2021, becoming an independent entity. As a publicly traded company, Victoria’s Secret is owned by a diverse group of institutional and individual investors. This structure allows for greater transparency and accountability to shareholders, while providing the capital needed to support strategic initiatives and growth.
History and Evolution: Victoria’s Secret was founded in 1977 by Roy Raymond and his wife Gaye Raymond in San Francisco, California. The brand was created to offer a comfortable and inviting environment for men to purchase lingerie for their partners. The company quickly expanded, becoming a leading retailer of women’s lingerie and apparel. In 1982, Leslie Wexner, the founder of L Brands, Inc., acquired Victoria’s Secret and transformed it into a global brand known for its glamorous image and fashion shows. Over the years, Victoria’s Secret expanded its product offerings to include beauty products, loungewear, and activewear.
Business Model and Revenue Streams: Victoria’s Secret operates a retail business model focused on the design, manufacture, and sale of lingerie, apparel, and beauty products. The company generates revenue through:
Retail Sales: Operates a network of stores in key markets around the world.
E-commerce: Online sales through its website and mobile app, providing a convenient shopping experience for customers.
Catalog Sales: Traditional mail-order catalogs, although this has become less prominent in recent years.
The company’s revenue streams are diversified across these channels, with a growing emphasis on digital sales to meet changing consumer preferences.
Product Offerings and Brand Image: Victoria’s Secret offers a wide range of products, including:
Lingerie: Bras, panties, sleepwear, and shapewear.
Apparel: Loungewear, activewear, and swimwear.
Beauty Products: Fragrances, body care, and cosmetics.
The brand is known for its glamorous and sexy image, which has been promoted through high-profile fashion shows, advertising campaigns, and celebrity endorsements. Recently, Victoria’s Secret has made efforts to revamp its brand image to be more inclusive and body-positive, reflecting broader societal shifts towards diversity and acceptance.
Strategic Goals and Initiatives: Victoria’s Secret is focused on several key strategic goals to drive growth and enhance its market position:
Brand Revitalization: Refreshing the brand image to appeal to a broader audience, including initiatives to increase inclusivity and promote body positivity.
Product Expansion: Expanding product lines to include more diverse offerings in lingerie, apparel, and beauty.
Digital Transformation: Enhancing e-commerce capabilities and digital presence to meet the growing demand for online shopping.
Sustainability: Implementing sustainable practices in sourcing, manufacturing, and packaging to reduce environmental impact and meet consumer expectations for corporate responsibility.
Aspect · Description · Analysis · Examples
Products and Services
Description. 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.
Analysis. 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.
Examples. 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
Description. 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.
Analysis. 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.
Examples. 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
Description. 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.
Analysis. 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.
Examples. 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
Description. 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.
Analysis. 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.
Examples. 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
Description. 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.
Analysis. 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.
Examples. 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
Description. 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.
Analysis. 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.
Examples. 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
Description. 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.
Analysis. 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.
Examples. 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
Description. 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.
Analysis. 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.
Examples. 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.
Ownership Structure of Victoria’s Secret:
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 — as explored in the new organizational architecture for the AI era — , which typically includes the following elements:
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.
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.
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Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
