Victoria’s Secret hasn’t had a single controlling owner since August 2021, when it spun off from L Brands (now Bath & Body Works) to become its own independent public company, Victoria’s Secret & Co. It trades on the NYSE, and no individual or entity holds a controlling stake.
Hillary Super became CEO in September 2024, succeeding Martin Waters, and has pushed to move the brand away from what she’s described as “woke-washing” and constant discount cycles. The stock has had a rough run since the spin-off, falling from around $57 a share to closer to $20 in recent trading, and the company faced a proxy contest in 2026 from investors pushing for board changes.
Quick Facts
| Company | Victoria’s Secret & Co. |
|---|---|
| Status | Independent public company (NYSE) |
| CEO | Hillary Super (since September 2024) |
| Spun Off From | L Brands (now Bath & Body Works), August 2021 |
| Controlling Owner | None — widely held public company |
Ownership History
| Year | Development |
|---|---|
| 1977 | Victoria’s Secret founded by Roy Raymond in San Francisco |
| 1982 | The Limited (later L Brands) acquires Victoria’s Secret |
| 2021 | L Brands spins off Victoria’s Secret into an independent public company, Victoria’s Secret & Co., while L Brands itself renames to Bath & Body Works |
| 2024 | Hillary Super named CEO, succeeding Martin Waters |
| 2026 | Company faces an activist investor proxy contest over board composition, while continuing to operate as an independent public company with no controlling shareholder |
Key Ownership Highlights
- Victoria’s Secret and Bath & Body Works were once the same company under L Brands, but have operated as entirely separate public companies since the 2021 split.
- The stock’s steep decline since separation — from the high $50s to roughly $20 — has made the company a target for activist investors seeking strategic changes.
- Hillary Super’s leadership has focused on repositioning the brand’s marketing approach, moving away from both the “Angels” era imagery and the more recent inclusivity-focused rebrand that some investors felt underperformed.
FAQ
Who owns Victoria’s Secret?
No single owner. Victoria’s Secret & Co. has been an independent, publicly traded company since spinning off from L Brands in August 2021.
Is Victoria’s Secret still connected to Bath & Body Works?
No. Both companies originated from L Brands, but they’ve been completely separate public companies since the 2021 spin-off.