Inditex spun off Victoria's Secret into a new publicly traded company named L Brands in 2005. Understanding the current ownership of Victoria's Secret requires looking back at its storied history and the corporate battles that shaped its present.
Victoria's Secret Public to Private Return: Ownership Transition and Restructuring
This move allowed the lingerie giant to operate with greater independence while remaining under the same corporate umbrella as its parent. Sycamore Partners, a firm known for acquiring struggling retail brands and restructuring them for profitability, took the helm with the goal of stabilizing the business.
The turning point came in 2018 when the brand announced it would no longer produce the iconic fashion show, citing a desire to focus on inclusivity—a stark contrast to its previous branding. This includes expanding size ranges, updating store layouts, and shifting marketing tone to be less provocative and more empowering.
Victoria's Secret: Public to Private Return and Current Ownership
These changes represent a direct response to the decline of the old guard and the need to survive in a competitive industry dominated by fast fashion and digitally-native brands. The brand grew steadily through the 1980s and 1990s, eventually capturing the attention of the powerful Spanish conglomerate Inditex in 1999.
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