You’ve seen the pink bags everywhere. For decades, Victoria’s Secret was the undisputed queen of the mall, practically synonymous with a very specific, very sparkly version of "sexy." But then things got messy. Between changing cultural vibes and some pretty intense corporate drama, the brand's identity—and its ownership—became a bit of a moving target.
If you're asking about victoria secret who owns it today, the answer isn't a single person in a boardroom. It's actually you, potentially, if you have a brokerage account.
The Big Breakup: From L Brands to VSCO
For a long time, Victoria’s Secret was the crown jewel of L Brands, a massive retail conglomerate run by Les Wexner. Honestly, Wexner was the architect of the whole thing. He bought the brand for a measly $1 million back in 1982 when it was just a few stores in San Francisco and turned it into a global juggernaut.
But by 2021, the world had changed. L Brands decided to split itself in two. It was basically a corporate divorce.
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They spun off Victoria’s Secret into its own independent, publicly traded company called Victoria’s Secret & Co. (trading under the ticker VSCO on the New York Stock Exchange). The other half of the old company became Bath & Body Works, Inc. (BBWI). Since August 3, 2021, Victoria’s Secret has been standing on its own two feet.
So, Who Actually Holds the Keys?
Since it’s a public company, "ownership" is spread across thousands of investors. However, a few big players hold enough weight to actually influence what happens in the fitting rooms.
As of early 2026, the biggest owners are institutional giants. We’re talking about firms like BlackRock and The Vanguard Group. These guys own massive chunks of almost every major company in America, and Victoria's Secret is no exception. BlackRock currently holds roughly 14.5% of the shares, while Vanguard sits around 10.6%.
Then you have the individual "activist" types. One name that pops up a lot lately is Brett Blundy through BBRC International. He’s an Australian retail billionaire who has been steadily increasing his stake, now owning about 12.9% of the company. When someone like that buys in, it usually means they think the brand is undervalued and they want a seat at the table to help steer the ship.
The Power Players in the Boardroom
While the shareholders own the stock, the people running the day-to-day are the ones actually deciding the brand's future.
- Hillary Super (CEO): She took the reins in September 2024. If that name sounds familiar, it might be because she came over from Savage X Fenty—Rihanna’s brand. Talk about a plot twist. Hiring the person who helped the competition thrive was a clear signal that Victoria's Secret wanted to get serious about inclusivity and modern retail.
- Donna James: She’s the Chair of the Board. Her job is basically to make sure the CEO is doing what the shareholders want.
- The Rest of the Board: It’s a group of retail veterans from places like Anthropologie, Lulu’s, and Gap. They are trying to pivot a brand that was stuck in the 90s into something that works in 2026.
The Sycamore Partners "Almost" Deal
There’s a common misconception that a private equity firm owns the brand. This stems from a deal that almost happened right before the pandemic.
In early 2020, Sycamore Partners agreed to buy a 55% stake in Victoria’s Secret for $525 million. Then COVID-19 hit, malls closed, and Sycamore got cold feet. They actually sued to get out of the deal, arguing that the brand’s pandemic-era closures breached their contract. Eventually, they walked away, and that’s what led to the 2021 public spinoff instead.
What About the China Business?
Ownership gets a little more granular when you look overseas. In April 2022, Victoria’s Secret & Co. formed a joint venture with Regina Miracle International, a big-time supplier based in Hong Kong.
VSCO still owns the majority (51%), but Regina Miracle owns 49%. This was a strategic move to help the brand actually understand the Chinese market, which is notoriously difficult for Western fashion brands to crack.
Why Ownership Matters Right Now
The reason everyone is obsessed with victoria secret who owns the brand is because the company is in the middle of a massive "turnaround." For years, people complained the brand wasn't inclusive enough. They ditched the "Angels" and the televised fashion show, replacing them with the VS Collective—a group of women chosen for their achievements rather than just their wings.
However, the "new" Victoria's Secret struggled to find its footing at first. Sales dipped as some old fans felt alienated while new customers weren't fully convinced.
Entering 2026, the strategy has shifted again. Under Hillary Super’s "Path to Potential," the brand is trying to find a middle ground: keeping the glamour and "fantasy" but making it accessible and comfortable for everyone. They've expanded into swim, sport, and even adaptive clothing for people with disabilities.
Actionable Insights for the Curious
If you're following the brand as a consumer or an investor, here’s how to keep tabs on who’s really in control:
- Watch the 13D Filings: If a big investor like Brett Blundy buys more than 5% of the company, they have to file a form with the SEC. This is the first sign that a major change in ownership or strategy might be coming.
- Check the CEO’s Background: Hillary Super’s background in "disruptor" brands like Savage X Fenty is the best indicator of where the company is going. She isn't a traditional L Brands "legacy" hire; she’s an outsider.
- Follow the Earnings Calls: Since it's public, the company has to spill its guts every three months. You can find these transcripts on their investor relations site. They talk about everything from who is buying bras to how they are fighting off competitors like Skims and Aerie.
The era of a single "owner" like Les Wexner is over. Today, Victoria’s Secret is owned by the market, influenced by activist billionaires, and led by women who are trying to redefine what the brand means in a post-Angel world.