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Victoria's Secret is an American lingerie, clothing, and beauty retailer known for high visibility marketing and branding, starting with a popular catalog and followed by an annual fashion show with supermodels dubbed Angels. As the largest retailer of lingerie in the United States, the brand has struggled since 2016 due to shifting consumer preferences and ongoing controversy surrounding corporate leadership's business practices.

Founded in 1977 by Roy and Gaye Raymond,[6][7] the company's five lingerie stores were sold to Leslie Wexner in 1982.[8] Wexner rapidly expanded into American shopping malls, growing the company into 350 stores nationally with sales of $1 billion by the early 1990s when Victoria's Secret became the largest lingerie retailer in the United States.[9]

From 1995 through 2018, the Victoria's Secret Fashion Show was an essential part of the brand's image featuring an annual runway spectacle of models promoted by the company as fantasy Angels.[9] The 1990s saw the company's further expansion throughout shopping malls along with the introduction of the 'miracle bra', the new brand Body by Victoria, and the development of a line of fragrances and cosmetics. In 2002 Victoria's Secret announced the launch of PINK, a brand that was aimed to appeal to teenagers.[10][11] Starting in 2008, Victoria's Secret expanded internationally, with retail outlets within international airports, franchises in major cities overseas, and in company-owned stores throughout Canada and the UK.[12]

By 2016, Victoria's Secret's market share began to decline due to competition from other brands that embraced a wider range of sizes[13] and a growing consumer preference for athleisure.[14] The company canceled the circulation of their famous catalog in 2016. The brand struggled to maintain its market position following ongoing criticism and controversy over the unsavory behavior and business practices of corporate leadership under Wexner and Ed Razek.[15][16][17] As of May 2020, with over 1,070 stores, Victoria's Secret remained the largest lingerie retailer in the United States