Victoria's Secret & Co. (NYSE: VSCO)

Victoria’s Secret & Co. is a specialty retailer that designs, markets and sells women’s intimates, apparel and beauty products under the Victoria’s Secret, PINK and Adore Me brand names. The company operates approximately 860 company‑owned stores in the United States, Canada and China, and maintains e‑commerce sites www. VictoriasSecret.com, www. PINK.com, www. AdoreMe.com and www. DailyLook.com. In addition, it has more than 560 stores in roughly 70 countries that are run by franchise, license and wholesale partners, and it provides merchandise sourcing and production services to support its own operations and those partners. As of January 31, 2026, the company‑owned footprint comprised 766 stores in the United States, 24 in Canada, 20 Beauty & Accessories stores, 45 Full Assortment stores in China through its joint venture, and three Adore Me stores.

Victoria’s Secret & Co. generates revenue primarily from the sale of its merchandise through three channels: North American stores, digital platforms and international operations. In fiscal 2025, North American store sales amounted to $3.544 billion, representing 54% of net sales; digital channel sales were $2.042 billion, or 31%; and international channel sales totaled $967 million, or 15%. The digital channel comprises sales from the company’s websites, mobile applications and third party digital marketplaces. International revenue includes royalties earned from franchise and license partners and wholesale sales to partners, with revenue recognized when title passes to the partner. The company also earns income from its merchandise sourcing and production functions that serve both its own stores and its international partners. The firm follows a fiscal year ending on the Saturday nearest to January 31, with 2025 representing the fifty two week period ended January 31, 2026.

Victoria’s Secret & Co. holds the position of the world’s largest intimate apparel company, benefiting from a leading market share in the intimates category and a diversified portfolio that spans lingerie, sleepwear, activewear, swimwear and prestige fragrances. Its competitive strengths stem from powerful brand equity, a global scale that reaches more than 70 countries, and an agile, responsive supply chain that leverages sourcing expertise in the United States and Southeast Asia, and beauty manufacturing centered in Ohio. The company’s growth plan, referred to as “Path to Potential,” focuses on supercharging bra authority, recommitting to PINK, fueling growth in beauty and evolving brand projection and go to market strategy. It faces competition from specialty retailers, department stores, mass merchandisers, online retailers, discount retailers and private label or emerging brands, but differentiates itself through brand storytelling, customer experience, product design, fit, quality and an omnichannel approach that integrates stores, digital sites and third party marketplaces. With approximately 33,000 associates as of January 31, 2026, the firm emphasizes a high performance customer centric culture that drives innovation and operational excellence.

The company’s customer base consists primarily of women across a range of ages and lifestyles, including teens and young adults served by the PINK brand, broader women served by Victoria’s Secret, and value conscious shoppers served by Adore Me. Victoria’s Secret & Co. reports tens of millions of active and loyal customers and maintains one of the most engaged brand communities on social media. Its offerings are accessible through physical stores in North America and China, e‑commerce platforms worldwide and partner stores in approximately 70 international markets. The Direct to consumer Adore Me brand and the DailyLook subscription styling service further extend reach to shoppers seeking personalized apparel experiences.