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About Victoria's Secret Stores, LLC

The largest subsidiary of L Brands, Victoria's Secret Stores is also North America's #1 specialty retailer of women's intimate apparel, operating about 1,200 mostly mall-based Victoria's Secret and Victoria's Secret PINK shops throughout the US, Canada, China, Ireland, and the UK. Bras, panties, hosiery, swimwear, and fragrances are sold under the Victoria's Secret brand and grouped in collections such as Angels and Very Sexy. Many Victoria's Secret lingerie stores also sell beauty products. The chain's youth-oriented PINK brand targets teens and younger women with less-racy bras and panties, as well as sweats and hoodies and beauty products.

Geographic Reach

Victoria's Secret operates more than 1,100 locations in the US, as well as about 50 in Canada, some 35 in China (mostly Victoria's Secret Beauty and Accessories stores), and two dozen in Ireland and the UK. There are also more than 400 Victoria's Secret Beauty and Accessories and other stores in some 70 countries operating under franchise, license, and wholesale arrangements.

Sales and Marketing

In addition to its network of company-owned stores, Victoria's Secret's products are sold online via its websites and mobile apps. The company's products are also available at hundreds of partner locations in more than 70 countries.

Financial Performance

Victoria's Secret is the top performer among L Brands' retail businesses, with company-owned stores in North America generating about $7.4 billion in revenue in 2017, or nearly 60% of L Brands' total revenue. Operations outside North America add several hundred million dollars more in revenue, but L Brands doesn't not break that number out for Victoria's Secret specifically.

North American revenue was down 5% from 2016 on a decline in bra and panties sales, as well as the strategic decision to exit the swim and apparel categories. Same-store sales dropped 8% year-over-year. Internationally, Victoria's Secret is seeing revenue growth, but those operations make up a small part of total revenue.

 

Strategy

Victoria's Secret has been struggling for several years with decreasing sales amid an overall slowdown in the lingerie industry and more intense competition from online startups and youth-targeted brands such as Aerie from American Eagle and Gilly Hicks from Abercrombie & Fitch. In addition, the Victoria's Secret name is not as fresh as it once was and the company's success is closely tied to mall traffic, which is also on the decline.

With a new CEO taking over in 2019, Victoria's Secret is taking a fresh look at all parts of the business, including marketing, brand positioning, and its store portfolio. Merchandising, however, appears to be its top focus. The company has announced that it will relaunch a swimwear line in 2019 (the line was discontinued in 2016) and introduce new bras, panties, sleepwear, and PINK loungeware. Victoria's Secret is also considering expanding into such areas as eyewear and shoes.

It also maintains its focus on international expansion, which is a small but growing area for the business. The company has plans for 10 additional stores in China and a handful in the UK in 2018. Victoria's Secret entered countries such as Poland, Russia, and Turkey through partners in 2017 and has plans for an additional 25 partner-operated stores in 2018.

Company Background

Victoria's Secret was founded in 1977 by Roy and Gayle Raymond. The first store was located in Palo Alto, California. Within five years the couple was able to sell what was then a chain of locations to The Limited for some $4 million. 

Victoria's Secret Stores, LLC

4 LIMITED PKWY EAST
Reynoldsburg, OH 43068-5300
Phone: 1 (614) 577-7111

Stats

Employer Type: Privately Owned
Chief Administrative Officer: Dein Boyle
Executive Vice President Public Relations: Monica Mitro
Chairman and CEO: Leslie H. Wexner
Employees (This Location): 1,000
Employees (All Locations): 18,000

Major Office Locations

Reynoldsburg, OH

Other Locations

Auburn, AL
Birmingham, AL
Decatur, AL
Florence, AL
Gadsden, AL
Hoover, AL
Huntsville, AL
Mobile, AL
Montgomery, AL
Oxford, AL
Spanish Fort, AL
Tuscaloosa, AL
Fayetteville, AR
Fort Smith, AR
Hot Springs, AR
Jonesboro, AR
Little Rock, AR
North Little Rock, AR
Rogers, AR
Casa Grande, AZ
Chandler, AZ
Flagstaff, AZ
Gilbert, AZ
Mesa, AZ
Phoenix, AZ
Prescott, AZ
Scottsdale, AZ
Sierra Vista, AZ
Tempe, AZ
Tucson, AZ
Antioch, CA
Arcadia, CA
Bakersfield, CA
Brea, CA
Canoga Park, CA
Capitola, CA
Carlsbad, CA
Cerritos, CA
Chico, CA
Chino Hills, CA
Chula Vista, CA
Citrus Heights, CA
Clovis, CA
Concord, CA
Corona, CA
Costa Mesa, CA
Culver City, CA
Daly City, CA
Downey, CA
El Cajon, CA
El Centro, CA
Emeryville, CA
Escondido, CA
Eureka, CA
Fairfield, CA
Fresno, CA
Glendale, CA
Hayward, CA
Los Angeles, CA
Manhattan Beach, CA
Milpitas, CA
Modesto, CA
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Montebello, CA
Monterey, CA
Moreno Valley, CA
National City, CA
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Newport Beach, CA
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Victorville, CA
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Westminster, CA
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Enfield, CT
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Glastonbury, CT
Manchester, CT
Meriden, CT
Southbury, CT
Trumbull, CT
Uncasville, CT
Waterbury, CT
Waterford, CT
Washington, DC
Dover, DE
Newark, DE
Wilmington, DE
Altamonte Springs, FL
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Brandon, FL
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Plainfield, IN
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Leawood, KS
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Salina, KS
Topeka, KS
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Ashland, KY
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Lexington, KY
Louisville, KY
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Alexandria, LA
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Auburn, MA
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Hingham, MA
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Hyannis, MA
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North Dartmouth, MA
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Atlantic City, NJ
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Sea Girt, NJ
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Woodbridge, NJ
Woodcliff Lake, NJ
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Astoria, NY
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Ithaca, NY
Johnson City, NY
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Plattsburgh, NY
Poughkeepsie, NY
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Rochester, NY
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Valley Stream, NY
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White Plains, NY
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Akron, OH
Beavercreek, OH
Canton, OH
Cincinnati, OH
Cleveland, OH
Columbus, OH
Dayton, OH
Dublin, OH
Elyria, OH
Fairlawn, OH
Findlay, OH
Glen Burnie, OH
Heath, OH
Liberty Township, OH
Lima, OH
Madison, OH
Mansfield, OH
Mentor, OH
North Olmsted, OH
Reynoldsburg, OH
Saint Clairsville, OH
Sandusky, OH
Springfield, OH
Strongsville, OH
Sunbury, OH
Toledo, OH
Westlake, OH
Zanesville, OH
Lawton, OK
Norman, OK
Oklahoma City, OK
Shawnee, OK
Tulsa, OK
Bend, OR
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Allentown, PA
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Erie, PA
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Frackville, PA
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Harrisburg, PA
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Victoria, TX
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