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Mass MarketUnited StatesEst. 1977

Victoria's Secret

The world's most famous lingerie brand

Founded by Roy Raymond, acquired by Les Wexner for $1M in 1982. Built into a multi-billion dollar empire. Cancelled its famous fashion show in 2018.

Victoria's Secret

The Rise, Fall, and Reinvention of America's Lingerie Empire

A Stanford MBA's Embarrassment (1977)

The story of Victoria's Secret begins with a moment of acute male discomfort. In 1977, Roy Raymond — a Stanford Graduate School of Business alumnus — walked into a department store to buy lingerie for his wife. Surrounded by fluorescent lighting, industrial carpet, and saleswomen who made him feel like a pervert, Raymond had an epiphany: there had to be a better way.

With $80,000 ($40,000 of it borrowed from relatives), Raymond opened the first Victoria's Secret at Stanford Shopping Center in Palo Alto, California. The concept was revolutionary — a store designed to make men comfortable buying lingerie, with a Victorian boudoir aesthetic, wood-paneled walls, and a catalog that resembled a gentleman's periodical. First-year sales hit $500,000.

The Wexner Acquisition (1982)

By 1982, Raymond had expanded to six stores and a mail-order catalog generating $6 million annually. But the business was hemorrhaging cash. Enter Les Wexner, founder of The Limited, who purchased Victoria's Secret for just $1 million — roughly 0.17x revenue.

What Wexner saw was not what Raymond had built, but what it could become. He pivoted the brand from catering to men buying gifts to empowering women buying for themselves. He replaced the Victorian aesthetic with aspirational glamour and expanded the product line from intimate apparel into beauty, fragrance, and loungewear.

The Angels Era (1995-2018)

The Victoria's Secret Fashion Show debuted on August 1, 1995, in the Plaza Hotel in New York City. What began as a relatively modest runway event would become one of the most-watched fashion spectacles in television history, peaking at 10.3 million viewers in 2001.

The "Angels" — contract models who became household names — transformed the brand into a cultural phenomenon. Tyra Banks, Heidi Klum, Gisele Bundchen, Adriana Lima, and Alessandra Ambrosio became some of the most famous faces on the planet. The Fantasy Bra, an annual jewel-encrusted creation, became a publicity juggernaut, with the 2000 "Red Hot Fantasy Bra" valued at $15 million.

At its peak in 2015, Victoria's Secret commanded roughly 33% of the American lingerie market and generated $7.7 billion in annual revenue.

The Reckoning (2018-2020)

The fall was swift and staggering. Chief Marketing Officer Ed Razek told Vogue in 2018 that the fashion show should not include transgender or plus-size models because the show was a "fantasy." The backlash was immediate and devastating.

The 2018 fashion show drew only 3.3 million viewers — a 70% drop from the peak. It was the last show ever broadcast. The brand's market share plummeted to roughly 21% by 2019. Fenty, ThirdLove, and Aerie had redefined what consumers expected: inclusivity, comfort, and authenticity.

The association with Jeffrey Epstein — Les Wexner was Epstein's primary financial patron, and Epstein had posed as a Victoria's Secret talent recruiter — added a devastating layer of scandal. Wexner stepped down as CEO of L Brands in 2020.

VS&Co and Reinvention (2021-Present)

In August 2021, Victoria's Secret was spun off from L Brands as an independent public company. The Angels were retired. The VS Collective — featuring Megan Rapinoe, Priyanka Chopra Jonas, and Valentina Sampaio (the brand's first transgender model) — replaced them.

The brand that once defined American lingerie is now attempting the hardest trick in retail: reinventing itself without losing the customers who loved what it was, while winning over those who never could.

Models (23)

GB

Gisele Bündchen

Model · 2000–2006

AL

Adriana Lima

Model · 1999–2018

TB

Tyra Banks

Model · 1997–2005

NC

Naomi Campbell

Model · 1996–2003

HK

Heidi Klum

Model · 1999–2010

DK

Doutzen Kroes

Model · 2008–2014

AA

Alessandra Ambrosio

Model · 2004–2017

MK

Miranda Kerr

Model · 2007–2013

CS

Candice Swanepoel

Model · 2010–2018

BP

Behati Prinsloo

Model · 2009–2018

JT

Jasmine Tookes

Model · 2015–2018

LR

Lais Ribeiro

Model · 2015–2018

KK

Karolína Kurková

Model · 2002–2008

LA

Lily Aldridge

Model · 2010–2018

EH

Elsa Hosk

Model · 2015–2018

BP

Barbara Palvin

Model · 2019–2019

SM

Stella Maxwell

Model · 2015–2018

TH

Taylor Hill

Model · 2014–2018

SS

Sara Sampaio

Model · 2015–2018

RS

Romee Strijd

Model · 2017–2018

JS

Josephine Skriver

Model · 2016–2018

IG

Izabel Goulart

Model · 2005–2016

VS

Valentina Sampaio

Model · 2019–present

Collections (31)

Spring 2025

SS 2025

Spring/Summer 2023

SS 2023

Autumn/Winter 2022

FW 2022

Spring/Summer 2022

SS 2022

Autumn/Winter 2021

FW 2021

Holiday 2021

Holiday 2021

Spring/Summer 2021

SS 2021

Fashion Show 2018

FW 2018

The final Victoria's Secret Fashion Show before the format was cancelled. Featured the first collaboration with another fashion house — Balmain, co-designed by Olivier Rousteing. Elsa Hosk wore the final Fantasy Bra, encrusted with 21,000 diamonds by Swarovski.

Fashion Show 2017

FW 2017

Held in Shanghai, China — the first Victoria's Secret Fashion Show in Asia. Lais Ribeiro wore the Champagne Nights Fantasy Bra.

Fashion Show 2016

FW 2016

Jasmine Tookes wore the Bright Night Fantasy Bra. The show was held in Paris for the first time, at the Grand Palais.

Fashion Show 2015

FW 2015

Musical performers included The Weeknd, Selena Gomez, and Ellie Goulding. Gomez performed a medley for the PINK segment.

Fashion Show 2014

FW 2014

Featured performances by Taylor Swift, Ed Sheeran, Ariana Grande, and Hozier. Two Dream Angels Fantasy Bras were worn by Adriana Lima and Alessandra Ambrosio.

Fashion Show 2013

FW 2013

Candice Swanepoel wore the Royal Fantasy Bra, created by Mouawad. The show by this point featured elaborate staging and A-list musical performances.

Fashion Show 2012

FW 2012

Featured the "Circus" segment with Adriana Lima as ringmaster, "Calendar Girls" with each month as a runway look, and "Angels in Bloom" with flower-inspired designs. Alessandra Ambrosio wore the Floral Fantasy Bra.

Fashion Show 2011

FW 2011

Miranda Kerr wore the Fantasy Treasure Bra. The show continued its trajectory as the most-watched fashion event globally.

Fashion Show 2010

FW 2010

Segments included "Tough Love" (opened by Adriana Lima), "Country Girls" (opened by Candice Swanepoel), and "Game ON" (opened by Erin Heatherton).

Fashion Show 2009

FW 2009

The "Star Trooper" segment featured flashy metallic and neon Space Age designs, backed by the Black Eyed Peas' electro-pop performances.

Fashion Show 2008

FW 2008

The "Glamour Goddess" segment drew inspiration from Greek mythology, with models draped in flowing fabrics and metallic accessories.

Fashion Show 2007

FW 2007

Featured the "Surreally Sexy" segment inspired by Dalí and Magritte paintings, and the "Deck the Halls" holiday segment. Heidi Klum wore massive snowflake wings.

Fashion Show 2006

FW 2006

Segments included "Come Fly With Me" (retro flight attendant-inspired), "Highland Romance" (Scottish-inspired with tartan and pheasant feathers), and "Winter Wonderland" (crystallized lingerie with all-white fur muffs).

Fashion Show 2005

FW 2005

Featured the "Santa's Helpers" segment with festive details and a candy-themed segment with looks evoking candy canes and conversation hearts. Gisele Bündchen wore the Sexy Splendor Fantasy Bra.

Fashion Show 2003

FW 2003

Held at the 69th Regiment Armory in NYC. Featured performances by Sting, Mary J. Blige, and Eve. Heidi Klum wore the Very Sexy Fantasy Bra.

Fashion Show 2002

FW 2002

Karolína Kurková wore the Star of Victoria Fantasy Bra. The show established itself as a cultural phenomenon beyond the fashion world.

Fashion Show 2001

FW 2001

Heidi Klum wore the Heavenly Star Fantasy Bra. The show continued to grow in scale and celebrity involvement.

Fashion Show 2000

FW 2000

Gisele Bündchen wore the $15 million Red Hot Fantasy Bra, which earned a Guinness World Record as the most expensive item of lingerie ever created.

Fashion Show 1999

FW 1999

A groundbreaking event as the first major fashion webcast, streamed live on the internet. Heidi Klum wore the $10 million Millennium Fantasy Bra.

Fashion Show 1998

FW 1998

Notable for introducing the iconic Angel wings on the runway for the first time, transforming VS models into the "Angels" that would define the brand for two decades.

Fashion Show 1997

FW 1997

The first Victoria's Secret Fashion Show to be televised. Held at the Plaza Hotel in NYC, it marked the brand's transition from intimate runway event to mass media spectacle.

Million Dollar Miracle Bra

1996

The first Victoria's Secret Fantasy Bra. Modeled by Claudia Schiffer for campaign images — the first model to don the Fantasy Bra, which appeared in ads but not on the runway.

Fashion Show 1995

1995

Fashion Show 1995

FW 1995

The very first Victoria's Secret Fashion Show, held at the Plaza Hotel in New York City. Introduced by Stephanie Seymour, it established the template for what would become the most-watched fashion event in the world.

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