Where It All Began
Roy Raymond’s journey to who started Victoria’s Secret wasn’t a straight line from ambition to success. It was a series of calculated risks, industry skepticism, and an almost stubborn refusal to accept the status quo. Before Victoria’s Secret, lingerie was a functional category—something to be tolerated, not celebrated. Raymond saw an opportunity where others saw a niche. His first stores weren’t in high-end malls; they were in strip malls and suburban plazas, where foot traffic was predictable but competition was thin. The early locations were deliberate: places where women would stop for groceries or dry cleaning and stumble upon a store that made them feel seen.
The initial product line was radical for its time. Raymond worked with a small team to design bras that emphasized comfort without sacrificing shape, a philosophy that flew in the face of the stiff, bone-structured styles of the era. He also introduced the idea of sizing as a priority, ensuring that women could find options that actually fit. The store’s layout was equally innovative. Gone were the days of salespeople holding bras behind counters; instead, mannequins displayed lingerie in well-lit cases, and mirrors were strategically placed so women could try things on without feeling exposed. The first Victoria’s Secret catalog, launched in 1985, became a sensation—partly because it was the first to feature full-length photos of models in lingerie, a daring move that normalized the idea of intimates as aspirational.
The Early Signs
By the mid-1980s, Victoria’s Secret was no longer a regional experiment. It had caught the eye of bigger players. The Limited, a struggling retailer known for its women’s apparel, saw potential in Raymond’s model. In 1982, they acquired the brand for a sum that, while modest by today’s standards, was a windfall for Raymond. But the real turning point came when The Limited’s CEO, Les Wexner, recognized that Victoria’s Secret wasn’t just another lingerie line—it was a cultural shift. Wexner expanded the brand’s reach, turning it into a subsidiary that operated independently, with its own marketing and distribution channels. This move allowed Victoria’s Secret to grow faster than The Limited could have managed alone.
The early signs of the brand’s future were clear. Sales were surging, and the catalog was becoming a must-have for women who wanted to feel both empowered and desirable. Yet, the most significant change was still to come: the decision to take the brand national. In 1989, Victoria’s Secret opened its first freestanding store in Columbus, Ohio—a location chosen for its high foot traffic and demographic fit. The store became a pilgrimage site, drawing lines of women eager to experience the Victoria’s Secret phenomenon firsthand. The brand had found its footing, but the real revolution was just beginning.
The Turning Point
The moment who started Victoria’s Secret became a question with global implications came in 1995. That year, Victoria’s Secret launched its first televised fashion show, a spectacle that would redefine how brands marketed themselves. The idea was simple: take the allure of runway fashion and apply it to lingerie, turning an intimate product into a high-octane entertainment event. The first show, aired on CBS, featured supermodels like Tyra Banks and Cindy Crawford strutting down a runway in front of a live audience. It was a gamble—lingerie wasn’t exactly mainstream television fare—but it worked. Ratings soared, and suddenly, Victoria’s Secret wasn’t just a retailer; it was a cultural phenomenon.
The fashion show became an annual event, evolving into a multimedia extravaganza that included halftime shows during the Super Bowl. By the late 1990s, the brand had transcended retail. It was no longer just about selling bras; it was about selling an ideal of femininity, glamour, and aspiration. The shows featured fireworks, celebrity appearances, and an ever-growing list of supermodels, creating a fantasy that millions tuned in to experience. This wasn’t just marketing—it was world-building. Victoria’s Secret had become a brand that people didn’t just buy from; they belonged to.
"We didn’t just sell lingerie. We sold a fantasy. And people wanted to be part of it." — Les Wexner, reflecting on the brand’s early years
The Build-Up, Year by Year
| Period | What Happened / What Changed |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 1977 | Roy Raymond opens the first Victoria’s Secret store in Stanwood, California, with a focus on open displays and better lighting. The concept proves profitable almost immediately. |
| 1982 | The Limited acquires Victoria’s Secret for a reported figure in the $1 million range, allowing the brand to scale nationally. Raymond remains involved but steps back as CEO. |
| 1985 | The first Victoria’s Secret catalog is released, featuring full-length photos of models in lingerie—a bold move that normalizes the idea of intimates as aspirational. Catalog sales explode. |
| 1989 | The brand opens its first freestanding store in Columbus, Ohio, becoming a destination for shoppers. The store’s success proves the concept can work beyond mall kiosks. |
| 1995 | The first Victoria’s Secret fashion show airs on CBS, featuring supermodels and a live audience. The event becomes an instant hit, blending fashion with entertainment. |
| 2000s | The brand expands into beauty products, fragrances, and a full-line retailer, diversifying its revenue streams. The fashion show grows into a Super Bowl-level spectacle, with viewership in the tens of millions. |
Lessons From the Journey
The story of who started Victoria’s Secret offers several key takeaways for anyone studying retail innovation:
- Disrupting the status quo doesn’t require a revolutionary product—sometimes, it’s about reimagining the experience. Raymond didn’t invent the bra; he invented the way women shopped for bras.
- Branding as fantasy can be more powerful than branding as reality. Victoria’s Secret didn’t just sell products; it sold an aspirational lifestyle.
- Timing matters. The late 1970s and 1980s were a period of shifting gender norms and rising female confidence. Victoria’s Secret tapped into that cultural moment.
- Leveraging media transformed a niche retailer into a global icon. The fashion show wasn’t just advertising—it was content before content was a strategy.
- Scaling requires reinvention. The Limited’s acquisition allowed Victoria’s Secret to grow, but the brand’s success came from constantly evolving—from catalogs to stores to television.
Where Things Stand Today
Victoria’s Secret is no longer the unchallenged king of lingerie it once was. The rise of fast fashion, body positivity movements, and direct-to-consumer brands has forced the company to adapt. In 2018, LVMH—France’s luxury giant—acquired a majority stake in the brand, signaling a shift toward higher-end positioning. The fashion show, once a cultural touchstone, has faced criticism for its oversexualization of models and lack of diversity. Yet, the brand remains a powerhouse, with revenue figures estimated in the billions annually and a global presence in over 80 countries.
The question of who started Victoria’s Secret is often framed as a story of Roy Raymond’s genius, but the truth is more complex. Raymond created the initial vision, but the brand’s longevity was built on adaptability. Today, Victoria’s Secret is a shadow of its former self in some ways—its market share has shrunk—but it has also reinvented itself as a luxury lifestyle brand. The catalogs are sleeker, the stores more immersive, and the marketing more inclusive. Whether this is enough to reclaim its former dominance remains to be seen, but one thing is clear: the legacy of who started Victoria’s Secret is about more than just bras. It’s about how a single idea can reshape an entire industry.
Conclusion
Roy Raymond didn’t set out to change the world of retail. He set out to solve a problem—a problem he saw firsthand when a woman left his store empty-handed. That moment became the seed for an empire. The story of who started Victoria’s Secret is, at its core, a story about seeing what others overlooked. It’s about the power of a well-lit display, a confident model, and a brand that understood early on that people don’t just buy products; they buy how those products make them feel.
The brand’s evolution—from a small California boutique to a global luxury retailer—is a testament to the idea that cultural relevance is more valuable than market share. Victoria’s Secret didn’t just sell lingerie; it sold confidence, fantasy, and the idea that women deserved to feel beautiful in their own skin. Whether the brand’s future lies in luxury repositioning or something else entirely, its past remains a masterclass in how to turn a simple idea into a cultural movement.
Comprehensive FAQs
#### Q: Was Roy Raymond the sole founder of Victoria’s Secret?
Roy Raymond was the primary visionary behind Victoria’s Secret, but the brand’s early success relied on a small team. His wife, Gayle, was deeply involved in the initial concept and operations. However, Raymond’s role as the public face of the brand’s origins is undisputed—he was the one who identified the gap in the market and took the financial risk to fill it.
####Q: Why did The Limited buy Victoria’s Secret?
The Limited saw Victoria’s Secret as a high-growth opportunity within a struggling retail portfolio. At the time, The Limited was known for its women’s apparel but lacked a strong presence in the intimates category. Victoria’s Secret’s innovative retail model and untapped demand made it an attractive acquisition, even if the initial purchase price was modest by today’s standards.
####Q: How did the Victoria’s Secret fashion show become so popular?
The fashion show’s success was a mix of timing, spectacle, and media savvy. In the 1990s, television was hungry for high-energy, visually stunning content, and the show delivered. By featuring supermodels, celebrity appearances, and elaborate productions, Victoria’s Secret turned lingerie into must-see entertainment. The brand also capitalized on the growing obsession with celebrity culture, making the show a cultural event rather than just an advertisement.
####Q: What was Roy Raymond’s life like after selling Victoria’s Secret?
After selling the company, Raymond stepped back from retail but remained involved in philanthropy and business ventures. He later founded Victorias Secret Charities, focusing on children’s health and education. Tragically, Raymond died in 2004 at the age of 63, but his legacy lived on through the brand he created. His story is often cited in business schools as an example of how a single frustration can spark an empire.
####Q: Is Victoria’s Secret still relevant today?
Victoria’s Secret’s relevance has shifted significantly in the past decade. While it remains a major player in the intimates market, it faces challenges from direct-to-consumer brands, fast fashion, and changing consumer values. The brand has responded by repositioning itself as a luxury retailer, expanding its beauty and fragrance lines, and attempting to modernize its marketing. Whether this will be enough to reclaim its former dominance is still an open question, but its cultural impact is undeniable.
####Q: Did Victoria’s Secret pioneer the concept of "fantasy" in retail?
Victoria’s Secret didn’t invent the idea of fantasy in marketing, but it perfected it for the intimates category. Brands like Revlon and Estee Lauder had long used aspirational imagery in beauty ads, but Victoria’s Secret took it further by blurring the line between product and entertainment. The fashion show, in particular, turned lingerie into a spectacle, making the brand synonymous with glamour and desire in a way few others had attempted.
