Victoria’s Secret Story: From Vision to Global Icon
Brands are more than just a name or a logo; they embody a story and a legacy that has been built over time. Behind every brand, there is a rich history and a unique set of circumstances that have shaped its identity and contributed to its success. These background stories have become an integral part of the brand, and they serve as an essential tool for building brand loyalty and connecting with customers. There are various brands that you think you know about, but do you really know them? In this series of articles, we will be telling you unknown stories behind the known brands.
Victoria’s Secret & Co. a name synonymous with luxury and sophistication in the world of lingerie, has a rich and intriguing history that began with the visionary innovation of Roy Raymond and his wife, Gaye. The story of Victoria’s Secret is a testament to the power of entrepreneurial daring and the impact of a well-conceived brand strategy.
In 1977, Roy Raymond, a Stanford graduate, set out to solve a common yet often unspoken problem: the discomfort men felt while shopping for lingerie for their partners. During a shopping trip to a department store, Raymond found the women’s lingerie section to be an uncomfortable and unwelcoming environment for men. These experiences sparked an idea to create a lingerie store where both men and women could shop comfortably.
The Birth of Victoria’s Secret
Raymond and Gaye founded Victoria’s Secret in the suburbs of San Francisco, California. With an initial investment of $40,000, borrowed from relatives and a bank, they opened their first store in 1977. The name “Victoria’s Secret” was chosen to evoke the elegance and sophistication of the Victorian era, a period known for its refined aesthetics and strict societal norms. The “Secret” part of the name added a layer of intrigue and intimacy, suggesting the private and personal nature of lingerie.
The unique shopping experience and sophisticated ambiance of Victoria’s Secret quickly set it apart from other lingerie stores. In the first year, the store generated 500,000 in sales and by 1982 the brand expanded to six stores. Raumond also introduced a mail order catalogue, a form of direct-to-consumer sales that was innovative for its time
Victoria’s Secret was more than just a store; it was a concept that transformed the intimate apparel market. The store’s Victorian-inspired design, with its elegant decor and comfortable shopping environment, made it a destination for both men and women. The brand’s focus on luxury and sophistication resonated with consumers, setting the stage for its future success.
The Sale to Leslie Wexner
Despite the brand’s growing success, Roy Raymond faced financial difficulties. In 1982, he sold Victoria’s Secret to Leslie Wexner, the founder of The Limited (now known as L Brands), for around 1million USD , according to sources. Wexner, a business-oriented entrepreneur, saw the potential in Victoria’s Secret and immediately began to shape the brand to appeal more to the female audience.
Wexner reinforced the European-style store design, emphasizing an atmosphere of exclusivity and luxury. He transformed Victoria’s Secret into a true global brand, expanding its market capitalization and store presence worldwide. By the late 1990s, Victoria’s Secret had become a fashion influencer, known for its extravagant fashion shows and the iconic “Angels” who modeled its lingerie. These shows, which began in 1998, became a cultural phenomenon, further cementing Victoria’s Secret’s status as a luxury lingerie brand.
The Tragic End of Roy Raymond
Unfortunately, the story of Victoria’s Secret has a tragic ending for its founder. By the early 1990s, the brand had grown into a multi-billion-dollar Empire, but Raymond, who had sold the brand for a fraction of its eventual value, faced financial ruin. In 1986, he attempted to establish a new brand, “My Child’s Destiny,” but the business went bankrupt in 1986. Raymond also went through a divorce and, in 1993, took his own life by jumping from the Golden Gate Bridge in San Francisco.
The Legacy and Current Status
Victoria’s Secret continues to thrive as a global leader in the lingerie industry. Leslie Wexner, now 87 years old, is a billionaire with a net worth of $7.9 billion as of 2024. The brand has expanded into various categories, including beauty, swimwear, and skincare, maintaining its reputation for luxury and sophistication.
Victoria’s Secret is now a standalone company, having previously been part of Bath & Body Works, Inc. (formerly L Brands). The brand continues to evolve, adapting to changing consumer preferences and market dynamics. Despite facing challenges in recent years, including the cancellation of its fashion shows, Victoria’s Secret remains a global icon in the world of fashion and retail, a testament to the enduring legacy of its founders and the brand’s continuous innovation.
The story of Victoria’s Secret is a compelling narrative of entrepreneurial vision, brand innovation, and the power of a well-chosen name. From its humble beginnings in San Francisco to its current status as a global luxury brand, Victoria’s Secret has left an indelible mark on the lingerie industry. The tragic end of Roy Raymond serves as a sobering reminder of the risks and challenges of entrepreneurship, while the brand’s ongoing success highlights the enduring impact of a well-conceived and executed business strategy. Victoria’s Secret continues to thrive, embodying the essence of luxury, sophistication, and a touch of Victorian elegance.