Victoria’s Secret is not owned by another company. It is an independent public company traded on the New York Stock Exchange under the ticker VSCO, spun off from its former parent L Brands in 2021.
Victoria’s Secret clothing is not made in the USA. Most of its lingerie and apparel is manufactured overseas, primarily in Vietnam, China, Indonesia, and Sri Lanka.
This article covers who owns Victoria’s Secret, where its products are actually manufactured, a 2026 shareholder dispute over control of the company, and its founding history.
So let’s get started.
Table of Contents
Who Owns Victoria’s Secret?
Victoria’s Secret and Co is a publicly traded company with no controlling parent, listed on the New York Stock Exchange under the ticker VSCO. Current collections are available on Victoria’s Secret’s official website.
The company separated from its former parent, L Brands, in August 2021, becoming a standalone public business for the first time. Hillary Super has served as CEO since late 2024, with Donna James continuing as the company’s board chair.
The largest institutional shareholders include Vanguard and BlackRock, each holding roughly 10 to 11 percent of outstanding shares, reflecting broad ownership across index funds and retirement accounts rather than any single controlling investor.
Why Are Shareholders Fighting Over Victoria’s Secret?
In 2025, BBRC International, a major Victoria’s Secret shareholder led by Brett Blundy, sought changes to the company’s board and launched a proxy contest against certain sitting directors.
At the company’s 2026 annual meeting, shareholders decisively reelected every board nominee, including chair Donna James, despite BBRC’s campaign. All three major independent proxy advisory firms had recommended shareholders vote for the company’s existing slate rather than BBRC’s proposed changes.
The dispute reflected broader investor pressure on Victoria’s Secret’s management to accelerate growth following its 2023 acquisition of digital first lingerie brand Adore Me and ongoing efforts to modernize the company’s brand image.
Where Is Victoria’s Secret Made?
Most Victoria’s Secret clothing is not made in the USA. The company sources the large majority of its lingerie, sleepwear, and apparel from contract factories in Vietnam, China, Indonesia, and Sri Lanka.
Victoria’s Secret publishes a supply chain map listing many of its manufacturing partners, though the company has faced past criticism over labor conditions at some overseas factories producing its products.
A small number of items may be sourced domestically, but the company does not provide detailed public information about which specific products are made in the United States.
When Was Victoria’s Secret Founded?
Victoria’s Secret was founded in 1977 by Roy Raymond and his wife Gaye, who opened the first store at Stanford Shopping Center in Palo Alto, California. More on the brand’s history is documented on Wikipedia.
Les Wexner acquired the struggling five store chain in 1982 for roughly 1 million dollars and expanded it into a national mall staple, growing it into the largest lingerie retailer in the United States by the early 1990s under his company, then known as The Limited and later L Brands.
Wexner stepped down as CEO and chairman in 2020 following renewed scrutiny of his past ties to Jeffrey Epstein, and Victoria’s Secret separated from L Brands to become an independent public company the following year.
Is Victoria’s Secret Still Good Quality?
Victoria’s Secret faces persistent complaints about declining quality compared to earlier decades. Reviewers on Trustpilot and Consumer Affairs frequently describe panties and bras that wear out or fall apart within a year, thinner fabric than they remember from previous purchases, and inconsistent lining and construction between individual items.
Sizing is another common frustration, with customers describing inconsistent fits across collections and bra fitting practices that some critics say prioritize a flattering silhouette over accurate support. The PINK line in particular draws criticism for narrower sizing and lower construction quality than the core Victoria’s Secret label.
Not all feedback is negative. Some shoppers still praise specific lines like the Bombshell push up bra for fit and comfort, and many customers continue to shop the brand primarily for sales, fragrances, and body care products rather than everyday lingerie basics.
Frequently Asked Questions About Who Makes Victoria’s Secret
Is Victoria’s Secret still owned by L Brands?
No, Victoria’s Secret is no longer owned by L Brands. The company separated from L Brands in August 2021 and now operates as an independent public company under the name Victoria’s Secret and Co.
Is Victoria’s Secret made in the USA?
No, most Victoria’s Secret products are made overseas, primarily in Vietnam, China, Indonesia, and Sri Lanka. The company does not offer detailed information on any specific domestically made items.
Who is the CEO of Victoria’s Secret?
Hillary Super has served as CEO of Victoria’s Secret and Co since late 2024, bringing experience from other inclusive, high growth consumer brands to the role.
Did Les Wexner sell his stake in Victoria’s Secret?
Yes, Les Wexner sold his remaining stake in the company after stepping down as CEO and chairman in 2020, ending his roughly four decade involvement in building and running the brand.
What is Adore Me?
Adore Me is a digital first lingerie brand that Victoria’s Secret acquired for roughly 400 million dollars in 2023, adding an online focused, size inclusive brand to its portfolio alongside the flagship Victoria’s Secret and PINK labels.
I am Jack Neel, a mechanical engineer, researcher, and writer. I created this website to share my knowledge about different brands and products with you. I research the manufacturers behind the brands and provide you with the information you need to make smart buying decisions.