From a man's awkward shopping trip to a global lingerie empire and its reckoning
Founded in 1977 to solve a man's discomfort in department stores, Victoria's Secret grew into a billion-dollar retail giant. Yet, its reliance on a narrow, hyper-sexualized fantasy eventually alienated modern consumers, leading to a dramatic corporate collapse, leadership scandals, and a desperate, ongoing attempt to redefine its identity.
Roy Raymond founded Victoria's Secret in 1977 after feeling like an unwelcome intruder while buying lingerie for his wife. He envisioned a store where men felt comfortable, naming it after Queen Victoria to evoke refinement. By 1982, the company had five stores and a catalog, but Raymond sold it to Les Wexner for $1 million. Wexner pivoted the brand toward female buyers, using high-fashion photography and the allure of European luxury to dominate American malls. By the 1990s, the brand was a cultural juggernaut, bolstered by the 'Miracle Bra' and the annual Fashion Show, which cemented the 'Angel' image for over two decades.
The brand's decline began around 2016 as consumer preferences shifted toward athleisure and inclusive sizing. The company struggled to adapt, hampered by a rigid marketing strategy that excluded diverse body types and transgender models. Simultaneously, the corporate culture faced intense scrutiny. Exposés revealed a toxic environment of bullying, harassment, and misogyny, particularly centered around long-time marketing executive Ed Razek. These revelations, coupled with financial stagnation and a failed sale to Sycamore Partners, forced a massive restructuring.
Following the 2021 spin-off from L Brands into an independent company, Victoria's Secret has attempted a radical pivot. It replaced its traditional 'Angels' with a diverse group of spokeswomen, including Megan Rapinoe and Naomi Osaka, and acquired the brand Adore Me for $400 million to modernize its operations. While the company remains the largest lingerie retailer in the United States, it continues to navigate the fallout of its past, balancing the need for brand relevance with the legacy of a culture that once prioritized a narrow, controversial fantasy over the evolving needs of its customers.
Source: Victoria's Secret
