Victoria's Secret (VSXY)
Women's intimate-apparel retailer running Victoria's Secret, PINK, and Adore Me across North America.
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Victoria's Secret & Co. operates Victoria's Secret, PINK, and Adore Me — three intimate apparel and accessories brands serving adult and collegiate women through stores concentrated in North America and a direct-to-consumer digital channel. The company spent several years in brand-identity turnaround and is executing a "reclaim sexy" repositioning under CEO Hillary Super since 2024.
Victoria's Secret & Co. is a US-based specialty retailer of women's intimate apparel, sleepwear, beauty, and accessories, operating under three banners: Victoria's Secret, PINK, and Adore Me. Victoria's Secret carries lingerie, fragrance, and beauty products for adult women; PINK serves a younger collegiate demographic with casual apparel and intimates; Adore Me, acquired in early 2023, is a direct-to-consumer digital brand offering an extended size range. The business operates roughly 1,400 stores, concentrated in North American mall and off-mall locations, with a smaller international presence through company-owned and partner-operated outlets.
Revenue is generated primarily in North America, through store traffic and a growing digital channel. The brand repositioned toward inclusivity after cultural and reputational disruptions, then reversed course under CEO Hillary Super, who joined in 2024 and initiated a "reclaim sexy" strategy formalized by the Fashion Show revival that year. The business depends on brand relevance in an intimates market where specialty brands, mass retailers, and direct-to-consumer entrants compete directly.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 8, 2026 | BMO Capital | Initiate | Rating: —Target: $33 | Target: $80 |
| Sep 4, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $99 | Target: $101 |
| Sep 4, 2026 | Stephens | Target | Target: — | Target: $110 |
| Jul 6, 2026 | Morgan Stanley | Target | Target: $23 | Target: $99 |
| Jun 3, 2026 | Wells Fargo | Reiterate | Rating: —Target: $57 | Target: $90 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Aug 1, 2026Cash & short-term investments $522.0M · Total debt $2.90B · Total assets $5.16B · Shareholders' equity $990.0M
- Revenue
- $1.61B
- Operating income
- $259.8M
- Net income
- $183.0M
No dividends on record.
| Institutions | ≈ 107.73% | 85.93M shares | |
|---|---|---|---|
| 453 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 1.39% | 1.11M shares | |
| 16 holders · as of Sep 16, 2026 | |||
| Strategic holders | 10.67% | 8.51M shares | |
| 1 holder · as of Jun 30, 2026 | |||
| Adds to | 119.79% | ||
79.76M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
These groups come from separate filings that can overlap, so they add to 119.79%; nothing is left for Other.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 14.93% | 11.91M | as of Jun 30, 2026 |
FMR LLCInstitution | 11.83% | 9.44M | as of Jun 30, 2026 |
Bbfit Investments Pte LtdInstitution | 11.16% | 8.90M | as of Jun 30, 2026 |
BBRC International Pte Ltd1,2,3Strategic10 percent owner | 10.67% | 8.23M | filed Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 6.18% | 4.93M | as of Jun 30, 2026 |
- BBRC International Pte Ltd's transaction reports restate only vehicles that traded; the 2022 ownership statement (8.23M) plus the 280.6K net shares acquired since is used instead.
- BBRC International Pte Ltd reports a block also reported by Bbfit Investments Pte Ltd; it is counted once, under Bbfit Investments Pte Ltd.
- BBRC International Pte Ltd reports a block also reported by another filer; it is counted once, under that filer.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 26, 2026 | BBRC International Pte Ltd | 10 percent owner | −276,171 | $88.50 |
| Jun 4, 2026 | BBRC International Pte Ltd | 10 percent owner | −27,758 | $80.03 |
| Jun 2, 2026 | BBRC International Pte Ltd | 10 percent owner | −1,107,672 | $80.11 |
| Apr 2, 2026 | Donna James | director | +2,175 | $46.23 |
| Apr 2, 2026 | Anne Sheehan | director | +5,475 | $45.86 |
- American Eagle Outfitters
Taking US intimate apparel share from VS and PINK via body-positive Aerie brand
- Lululemon Athletica
Sports bra and leggings dominance that pulled millennial wallet share from PINK
- Bath & Body Works
Former L Brands sibling; head-to-head rival in body fragrance and female retail
- PVH
Calvin Klein dominates global premium intimates, rivaling VS internationally
- Gap
Gap Body and Athleta activewear-intimates crowd PINK's everyday and active wear
- Urban Outfitters
Free People and Anthropologie intimates rival VS in fashion-forward lingerie
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Victoria's Secret | $85.16 | +4.32% | $6.49B | 18.5 | 17.1 | 0.9 | +10.4% |
| American Eagle Outfitters | $16.06 | +3.85% | $2.59B | 7.9 | 9.0 | 0.5 | +7.5% |
| Lululemon Athletica | $103.16 | +1.84% | $11.50B | 8.3 | 12.6 | 1.0 | −4.3% |
| Bath & Body Works | $17.33 | +2.48% | $3.41B | 4.5 | 6.7 | 0.5 | −2.3% |
| PVH | $76.80 | +4.63% | $3.38B | — | 6.9 | 0.4 | −3.2% |
| Gap | $21.70 | +2.09% | $7.65B | 6.3 | 8.6 | 0.5 | −2.0% |
| Urban Outfitters | $76.31 | +2.83% | $6.35B | 11.6 | 11.7 | 1.0 | +10.4% |
| Median | 7.9 | 8.8 | 0.5 | −2.1% |