Victoria's Secret
Victoria’s Secret was founded in 1977 by Roy and Gaye Raymond. After being sold to Les Wexner in 1982, the company rapidly expanded to 350 stores and became the largest lingerie retailer in the U.S. by the early 1990s.
In this slideshow, we take a trip down memory lane and explore rare photos and interesting facts about the company.
The brand
The brand was known for its annual Fashion Show from 1995 to 2018 and introduced several successful products, including the “miracle bra” and the PINK line for younger consumers.
Stanford Shopping Center
Victoria’s Secret first store opened in the Stanford Shopping Center in Palo Alto, California. Roy Raymond was inspired to create the store after feeling embarrassed while purchasing lingerie for his wife.
Lingerie market
The lingerie market was dominated by practical items from brands like Fruit of the Loom and Hanes at the time.
Comfortable shopping environment
Raymond borrowed $80,000 to establish Victoria’s Secret, aiming to create a comfortable shopping environment for men. The store’s name references Queen Victoria and the refinement of the Victorian era.
6 million annually
Victoria’s Secret grossed $500,000 in its first year, allowing for expansion and a mail-order operation. By 1982, the company had grown to five stores and was grossing $6 million annually.
Les Wexner
Les Wexner purchased Victoria’s Secret from Raymond for $1 million in 1982. Wexner shifted the focus of the brand to appeal more to female customers.
Catalog
The Victoria’s Secret catalog was influential in presenting lingerie as romantic and tasteful.
Expanded rapidly
The company expanded rapidly, reaching 100 stores by 1986. By the early 1990s, Victoria’s Secret was a leading national chain dedicated to lingerie.
Miracle Bra
The introduction of the ‘Miracle Bra’ in 1993 sold two million units in its first year.
Fashion Show
The first Victoria’s Secret Fashion Show was held in 1995 and became a significant part of the brand’s identity.
Intimate apparel
By 1998, Victoria’s Secret held a 14% market share of the intimate apparel market.
CEO until 2000
Cynthia Fedus-Fields served as CEO until 2000, overseeing significant revenue growth.
The brand
After Fedus-Fields’ departure, the brand adopted a more overtly sexy image.Sharen Jester Turney was appointed CEO in 2000 to revamp the catalog and appeal to a more upscale customer base.
Declining market
By 2016, Victoria’s Secret faced declining market share due to increased competition and changing consumer preferences, leading to the cancellation of its catalog and struggles with corporate controversies.
Lingerie retailer
As of May 2020, it still operated over 1,070 stores, maintaining its status as the largest lingerie retailer in the U.S.