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Here are 1-3 brief analogies for Victoria's Secret:

• Bath & Body Works for intimate apparel and sleepwear.
• American Eagle's Aerie, but for a broader range of lingerie and loungewear.

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• Bras: Undergarments designed for breast support and shaping.
• Panties: Undergarments worn on the lower body.
• Lingerie: Lightweight, often decorative, intimate apparel for women.
• Sleepwear: Apparel designed for comfortable wear during sleep.
• Loungewear: Casual and comfortable clothing suitable for relaxing at home.
• Athletic Attire and Swimwear: Clothing designed for sports activities and swimming.
• Fragrances: Perfumes, body mists, and other scented products.
• Body Care Products: Lotions, washes, and other items for skin health and hygiene.
• Accessories: Supplementary items like bags, jewelry, or other complementary goods.

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• Adult Women (Victoria's Secret Brand): This core customer segment seeks sophisticated and fashionable intimate apparel, including bras, panties, lingerie, and sleepwear, as well as fragrances and body care products. These customers are often drawn to the Victoria's Secret brand for its association with glamour, quality, and a sense of luxury in their personal care and intimate wear.
• Young Women and Teens (PINK Brand): This demographic is primarily targeted by the PINK brand, which focuses on comfortable, trendy, and casual intimate apparel, loungewear, activewear, and accessories. These customers often value comfort, athleisure styles, and products that reflect a youthful, collegiate, or relaxed aesthetic, appealing to a younger demographic.

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Hillary Super Chief Executive Officer, Victoria's Secret & Co.
Hillary Super is a dynamic retail leader with over three decades of experience driving growth and innovation across renowned fashion brands. Before joining Victoria's Secret & Co. as CEO in September 2024, she served as CEO and board member of Savage X Fenty from 2023 to 2024. Prior to that, she was the Global CEO of Anthropologie Group from 2019 to 2021, where she led the turnaround of the women's apparel and accessories business. Earlier in her career, Super held key merchandising and operational leadership roles at companies such as Gap, Old Navy, American Eagle Outfitters, Ann Taylor Inc., and Guess?.

Scott Sekella Chief Financial Officer, Victoria's Secret & Co.
Scott Sekella was appointed Chief Financial Officer of Victoria's Secret & Co., replacing Timothy Johnson who is set to retire in June 2025. Sekella is a seasoned retail executive with a strong background in finance. He most recently served as CFO of fabric and crafts retailer JOANN, and prior to that, he held financial leadership roles at Under Armour and Crocs. He is recognized for his extensive and diverse retail experience in identifying and accelerating strategies that strengthen performance and enhance profitability.

Melinda (Mel) McAfee Chief Legal and Compliance Officer, Victoria's Secret & Co.
Melinda McAfee joined Victoria's Secret & Co. in May 2021 as Chief Legal Officer, and has also served as Chief Human Resources Officer and Chief Legal Officer. Her previous experience includes serving as Senior Vice President, General Counsel, and Corporate Secretary of EXPRESS, Inc. Before joining EXPRESS, Mel was in-house counsel for Abercrombie & Fitch Co. for over 10 years and was a partner in the Labor & Employment practice of Vorys, Sater, Seymour and Pease, LLP.

Elizabeth Preis Chief Marketing and Customer Officer, Victoria's Secret & Co.
Elizabeth Preis is a marketing executive with over 25 years of experience guiding iconic consumer brands. She most recently served as Global CMO at Anthropologie and has held leadership positions at Estée Lauder, J. Crew, and Saks Fifth Avenue. She is known for her ability to blend consumer insight with compelling creative to build strong brand connections.

Anne Stephenson President of Victoria's Secret, Victoria's Secret & Co.
Anne Stephenson will assume the role of President of Victoria's Secret on May 12, 2025. She currently serves as Chief Merchandising Officer for Victoria's Secret & Co. Anne has over 25 years of experience in merchandising and brand leadership, including previous roles as chief merchant at Full Beauty Brands and Torrid.

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The public company Victoria's Secret (VSCO) faces several key risks to its business, primarily stemming from evolving consumer preferences, intense market competition, and ongoing supply chain and cost pressures.

1. Changing Consumer Preferences and Brand Image: Victoria's Secret has struggled to adapt its brand image to align with modern consumer values, particularly regarding body positivity and inclusivity. Its traditional "fantasy" image is perceived as outdated and out of touch. Consumers are increasingly gravitating towards comfortable styles and brands that promote diversity and authenticity, a shift that has significantly impacted Victoria's Secret's sales and market share. The #MeToo movement further highlighted this disconnect, leading to declining brand perception and a need for extensive rebranding efforts. Failure to fully embrace and consistently project an inclusive image risks further consumer backlash and erosion of its customer base.
2. Intense Competition: The lingerie market is highly competitive, with a growing number of new entrants and established players successfully catering to evolving consumer demands. Competitors such as Aerie and Skims have gained significant market share by offering diverse product ranges, inclusive marketing, and ethical practices. This intense competitive landscape puts pressure on Victoria's Secret to continuously innovate and differentiate its offerings to avoid losing further market share and to maintain brand relevance.
3. Supply Chain Disruptions and Cost Pressures: Victoria's Secret is vulnerable to global supply chain disruptions, as evidenced by significant portions of its holiday inventory getting stuck in transit due to shortages and logistical challenges. The company's heavy manufacturing exposure in regions like Asia-Pacific creates susceptibility to geopolitical or logistics shocks. Furthermore, macroeconomic uncertainties, including rising tariffs and inflationary pressures, pose a substantial threat to the company's cost structure and profitability. These factors can lead to increased operational costs, lower demand for premium products, and inventory imbalances requiring promotional activities that compress margins.

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The addressable markets for Victoria's Secret's main products and services on a global basis are as follows:

• Intimate Apparel (including bras, panties, and lingerie): The global intimate apparel market size was valued at approximately USD 88.25 billion in 2025.
• Sleepwear: The global sleepwear market size was estimated at USD 14.32 billion in 2024.
• Loungewear: The global loungewear market size was valued at USD 13.56 billion in 2024.
• Athletic Attire (Athleisure): The global athleisure market size was estimated at USD 393.7 billion in 2024.
• Swimwear: The global swimwear market size was valued at USD 24.85 billion in 2024.
• Fragrances: The global perfume market size was valued at USD 54.01 billion in 2024.
• Body Care Products: The global body care market was valued at USD 150.00 billion in 2024.

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Here are 3-5 expected drivers of future revenue growth for Victoria's Secret (VSCO) over the next 2-3 years:

1. International Expansion: Victoria's Secret is focused on significant growth in its international business, particularly in China. The company plans to expand its presence in existing markets and enter new regions, with management expecting double-digit international growth in fiscal year 2026.
2. Digital and Social Commerce: A key driver is maximizing opportunities in digital and social commerce. This includes investments to enhance the customer experience on digital channels, leveraging social commerce and live streaming, particularly in markets like China, and repositioning the PINK brand as a digitally native and socially driven lifestyle brand.
3. Focus on Core Categories and Product Innovation: Under its "Path to Potential" strategy, Victoria's Secret is accelerating its core business by placing bras back at the center of the brand and introducing new and engaging merchandise across bras, panties, and sleepwear. There is also a pipeline of product innovation and collaborations, with ongoing investments in the beauty and accessories categories to accelerate their growth. The beauty business has consistently been a strong performing category for the company.
4. PINK Brand Repositioning and Growth: The PINK brand is being strategically repositioned as a digitally native, socially driven lifestyle brand targeting 18-24 year olds. This repositioning has already resulted in strong sales growth and increased brand consideration and equity among Gen Z consumers.

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Share Repurchases

• In March 2024, Victoria's Secret & Co.'s Board of Directors authorized a new share repurchase program of up to $250 million of the company's common stock.
• The company's annual share buybacks totaled $125 million in 2024.
• Victoria's Secret & Co. is generating positive free cash flow, which is being channeled into capital allocation priorities including shareholder returns through share repurchases.

Outbound Investments

• Victoria's Secret acquired Adore Me, integrating the brand into its portfolio.
• The company actively manages its portfolio, which includes a strategic review of noncore assets and the discontinuation of the Adore Me subscription.

Capital Expenditures

• Estimated capital expenditures for fiscal year 2024 were approximately $190 million, with a focus on store capital programs and technology to drive strategic growth initiatives.
• For fiscal year 2025, capital expenditures were planned to be approximately $200 million.
• Projected capital expenditures for fiscal year 2026 are in the range of $220 million to $240 million, concentrating on stores, customer experience, and technology and logistics to enhance growth and operating efficiencies.