• Victoria's Secret for scented body care and home fragrances.
• Yankee Candle, but also a popular brand for scented body lotions and soaps.

• Fragrance Mists & Perfumes: A variety of personal fragrance products including fine fragrance mists, eau de parfums, and colognes.
• Body Lotions & Creams: Moisturizing and nourishing products for the skin, such as body lotions, creams, and butters.
• Shower Gels & Body Washes: Cleansing products for the body, including shower gels, body washes, and scrubs.
• Hand Soaps & Sanitizers: Products for hand hygiene, encompassing foaming hand soaps, gel hand soaps, and hand sanitizers.
• Home Fragrance: A wide range of products designed to scent living spaces, such as 3-wick candles, single-wick candles, and Wallflowers fragrance refills and plugs.
• Gifts & Accessories: Curated gift sets, cosmetic bags, and other small accessories often paired with their core products.

Bath & Body Works (BBWI) primarily sells its products directly to individual consumers through its own retail stores and e-commerce platforms.

The company serves the following categories of customers:

1. Everyday Personal Care & Beauty Shoppers

   This category includes individuals who regularly purchase products for their personal hygiene and self-care routines. These customers are looking for items such as lotions, body washes, hand soaps, hand sanitizers, and other beauty products for daily use, often returning for favorite scents or to explore new collections.

2. Home Fragrance Consumers

   This segment comprises individuals who specifically seek products to enhance the scent and ambiance of their living spaces. They frequently purchase items such as candles, Wallflowers refills and plugs, room sprays, and other home fragrance products, often aligning their selections with seasons or personal preferences for creating a specific atmosphere.

3. Gift Shoppers

   Bath & Body Works is a popular destination for individuals looking to purchase gifts for others. These customers buy products for various occasions such as holidays, birthdays, anniversaries, or as 'thank you' gifts, leveraging the company's wide range of scents, product types, and often attractive packaging and seasonal offerings.

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Daniel Heaf Chief Executive Officer

Daniel Heaf is a passionate and innovative leader with over two decades of experience in transformational growth strategies across consumer goods, media, retail, and technology sectors. Prior to joining Bath & Body Works, Heaf served as Chief Strategy and Transformation Officer at Nike, where he developed corporate, functional, consumer, and geography strategies. Before his time at Nike, he was Senior Vice President of Digital, Digital Marketing, Customer Service & Data at Burberry, where he significantly increased digital sales and pioneered livestreaming of fashion shows.

Eva Boratto Chief Financial Officer

Eva Boratto was appointed Chief Financial Officer for Bath & Body Works in August 2023. She brings over three decades of financial and operational experience from both public and private companies. Before Bath & Body Works, Boratto served as CFO of Opentrons Labworks, a privately held life sciences company. She also spent 11 years at CVS Health, most recently as Executive Vice President and Chief Financial Officer, where she was crucial in developing the company’s growth plan, including investment in digitization and new businesses, and supported the integration of CVS Health's $69 billion acquisition of Aetna. Earlier in her career, Boratto spent 20 years at Merck & Co., Inc. in various leadership roles. She currently serves on the United Parcel Service (UPS) board of directors as chair of its audit committee.

Maly Bernstein Chief Commercial Officer

Maly Bernstein was appointed Chief Commercial Officer, effective November 12, 2025. She was previously the Chief Executive Officer at Bluemercury, where she led brand evolution and merchandising changes that resulted in consecutive quarters of comparable sales growth. Before Bluemercury, Bernstein spent eight years at CVS Health, leading e-commerce and omnichannel operations and the multi-billion dollar Beauty & Personal Care division. Earlier in her career, she was an Associate Principal at McKinsey & Company, advising leading retail and CPG clients globally.

Samantha Charleston Chief Human Resources Officer

Samantha Charleston was appointed Chief Human Resources Officer, effective November 12, 2025. She has over two decades of human resources leadership experience across consumer and industrial companies. Prior to Bath & Body Works, Charleston served as Chief Human Resources Officer at Americold, where she led the transformation of a 15,000-employee global workforce. She also held senior HR leadership roles at Newell Brands during a period of transformational growth.

Michael Wu Chief Legal Officer and Corporate Secretary

Michael Wu serves as Chief Legal Officer and Corporate Secretary for Bath & Body Works, having joined the company in May 2021. He oversees the legal, ethics and compliance, regulatory compliance, and trade compliance teams. Wu is a four-time public company general counsel and corporate secretary with nearly 30 years of experience in growth companies and retail, with deep expertise in corporate governance, corporate social responsibility, compliance and risk management, securities, merger and acquisition, and international expansion.

The key risks to Bath & Body Works' business primarily stem from external economic pressures, the highly competitive retail environment, and vulnerabilities within its supply chain.

1. Economic Uncertainty and Fluctuating Consumer Discretionary Spending: As a retailer of non-essential, discretionary products, Bath & Body Works is particularly vulnerable to economic downturns, inflationary pressures, and shifts in consumer spending habits. Economic instability can directly lead to reduced consumer demand for its products, impacting sales and profitability. This risk is emphasized by its significant reliance on the U.S. market, where domestic consumer sentiment and retail traffic are major factors.
2. Intense Market Competition and Evolving Consumer Preferences: The personal care and home fragrance market is highly competitive, with numerous established brands and emerging direct-to-consumer companies vying for market share. Bath & Body Works must continuously innovate its products, maintain robust marketing efforts, and adapt to rapidly changing consumer preferences, such as increasing demand for natural, organic, or cruelty-free products. Failure to anticipate or react to these trends can result in lower sales and significant amounts of unsold inventory.
3. Supply Chain Vulnerabilities, Rising Input Costs, and Tariffs: The company faces risks associated with its global supply chains, including volatility in product input costs such as raw materials, freight, and labor. Geopolitical events, transportation disruptions, and trade policies, particularly tariffs, pose significant threats. Tariffs have been explicitly cited as a material financial headwind, impacting gross profit and merchandise margins, necessitating strategic cost-saving initiatives to mitigate their effects.

The accelerating consumer shift towards demanding transparent, ethically sourced, and sustainably produced personal care and home fragrance products, combined with the rise of agile direct-to-consumer (DTC) brands that can quickly capitalize on these preferences. This trend could erode Bath & Body Works' market share by offering alternatives that align more closely with evolving consumer values and by establishing strong loyalty among a new generation of conscious consumers.

Body Care Products

Home Fragrances (including Candles)

Soaps & Sanitizers

Expected Drivers of Future Revenue Growth for Bath & Body Works (BBWI)

Over the next two to three years, Bath & Body Works (BBWI) is anticipated to drive revenue growth through several strategic initiatives:

1. International Expansion: Bath & Body Works views international markets as a significant opportunity for incremental growth. The company's international presence is currently small, contributing approximately 5% of total sales with around 500 international stores, but this segment is experiencing rapid growth, achieving mid-teens growth in some regions. The company plans to open at least 50 new international stores in 2024 and projects at least 30 net new international store openings for fiscal 2025. New CEO Daniel Heaf has emphasized that international growth could "define an era" for the company.

2. Product Expansion and New Categories: BBWI is diversifying its product portfolio beyond its traditional offerings into new and adjacent categories. This includes expanding into men's grooming and household categories, such as laundry and hair care products. The company launched laundry products in Fall 2023 and a new personal care brand named "Moxy," encompassing moisturizers, hair masks, and dietary supplements. Additionally, Bath & Body Works has expanded its men's line, which has shown significant growth, and rolled out reformulated body care products in January 2024, focusing on ingredients and excluding sulfates and parabens. Collaborations, such as the successful Disney Princess collection, are also a key focus for new product lines.

3. Digital Platform Enhancements: Investment in and improvement of the company's digital capabilities are expected to be a crucial driver of future revenue. CEO Daniel Heaf has highlighted digital improvements as a key lever for growth, with the company actively working on elevating its digital platform through enhanced user experience and interface across its website and product pages. These enhancements are designed to improve conversion rates and customer engagement, bolstering future growth.

4. Loyalty Program Engagement: The robust loyalty program plays a significant role in customer retention and driving sales. Bath & Body Works boasts a large base of approximately 39 million active loyalty members as of Q2 2025, representing a 5% increase year-over-year. A substantial portion of sales, roughly 80%, flows through this program, indicating its effectiveness in fostering repeat business and customer loyalty. Strong engagement within the loyalty program was cited as a major contributor to the company's Q1 2025 results.

5. Store Optimization and Real Estate Strategy: The company is strategically evolving its retail footprint by shifting towards more profitable store formats and locations. Bath & Body Works is increasing its presence in off-mall locations, which have demonstrated higher returns on sales and better profit margins compared to mall-based stores. This transition has seen off-mall stores grow from 39% of locations in FY2016 to 55% by 2023, with further expansion planned. Additionally, the remodeling of existing stores into the White Barn format has led to a notable 15% increase in sales and traffic at these revitalized locations.

Share Repurchases

• In fiscal 2021, Bath & Body Works repurchased nearly $2 billion of its stock.
• In February 2022, the Board of Directors authorized a new $1.5 billion share repurchase program, with $1 billion planned for an accelerated share repurchase. The company conducted $1.964 billion in share buybacks during fiscal 2022.
• For fiscal year 2024, the company repurchased 10.4 million shares of common stock for $400 million. In February 2025, a new $500 million share repurchase program was authorized, replacing the approximately $120 million remaining under a prior program. The company expects to deploy approximately $300 million in share repurchases in fiscal 2025, which was later raised to $400 million.

Share Issuance

• No significant dollar amount of shares issued by Bath & Body Works as a company has been reported within the last 3-5 years. The number of outstanding shares decreased from 0.26 billion in 2021 to 0.20 billion in 2025, indicating net repurchases rather than issuances.

Inbound Investments

• No information regarding large inbound investments made in Bath & Body Works by third-parties, such as strategic partners or private equity firms, was found in the provided search results.

Outbound Investments

• No information regarding strategic investments made by Bath & Body Works in other companies was found in the provided search results.

Capital Expenditures

• Capital expenditures were -$228 million in fiscal 2021, -$270 million in fiscal 2022, -$328 million in fiscal 2023, and -$298 million in fiscal 2024.
• The primary focus of capital expenditures includes investments in compelling product development, new off-mall stores, and enhanced capabilities to support growth in the direct channel and international franchised stores.
• Expected free cash flow for fiscal 2025 is between $750 million and $850 million. Capital expenditures also focus on digital enhancements, in-store technology, and loyalty programs.