Victoria’s Secret Brand Check-up: From Angels to VSXY
For more than two decades Victoria’s Secret sold one idea of glamour through its Angels and a televised runway show. The show was cancelled in 2019, and in 2021 the brand replaced its Angels with a group of accomplished women and separated from L Brands. On June 30, 2026 it trades as VSXY, sales are growing again, and its shares closed at $83.48.
Key takeaways
- Viewership of the runway show fell from more than 10 million in 2010 to just over 3 million in 2018, and the company cancelled it in 2019.
- The 2021 reset, The VS Collective and the spin-off from L Brands, did not hold off a decline: net sales fell from $6.785 billion in fiscal 2021 to $6.182 billion in fiscal 2023.
- Under CEO Hillary Super, who joined in September 2024, net sales rose 5% in fiscal 2025 and 15% in the first quarter of 2026, and the company raised its full-year outlook.
- In our view the move back to a sexier image, signalled by the new VSXY ticker, will hold only if it keeps the new customers the brand has been adding.
Download the full Victoria’s Secret Brand Check-up (PDF): vital signs, timeline, diagnosis, treatment and sources.
The Angels era and why it ended
Victoria’s Secret’s showcase was a televised runway show that began in 1995 and, by 1998, put models in angel wings. Viewership later fell from more than 10 million in 2010 to just over 3 million in 2018, the lowest in the show’s history. In November 2019 the company cancelled the show; its chief financial officer, Stuart Burgdoerfer, said it would “evolve the messaging” of the company.
Its parent company added weight. TODAY has reported that Les Wexner, the former chief executive of L Brands, faced years of controversy over his alleged past ties to Jeffrey Epstein, and that a 2020 New York Times investigation described an alleged “culture of misogyny, bullying and harassment” at the company. Wexner said in 2019 that he had been taken advantage of, and L Brands said it had “made significant strides” on governance and compliance. In our view, a brand positioning built on one narrow idea of desirability had become a liability.
The 2021 reset
In June 2021 the brand said farewell to its Angels and introduced The VS Collective, a group that included Priyanka Chopra Jonas, Megan Rapinoe and Valentina Sampaio. In August the separation from L Brands was complete and Victoria’s Secret & Co. began regular-way trading on the New York Stock Exchange as VSCO on August 3, 2021.
In our reading, the reset told customers what the brand no longer stood for more clearly than what it offered. Net sales fell from $6.785 billion in fiscal 2021 to $6.182 billion in fiscal 2023. On April 3, 2025 the shares closed at $14.87, about 74% below their first regular-way close of $58.23.
A new chief executive and a sharper message
In August 2024 the board appointed Hillary Super, previously chief executive of Savage X Fenty, as CEO from September 9, 2024. The runway show returned that October. At the October 2025 show, Fortune reported, the brand put “Very Sexy” on everything from waiters’ aprons to macarons.
On May 21, 2026 the company said its ticker would change from VSCO to VSXY on June 2. Super said: “VSXY is a marker of who we are today.” She added: “Every woman gets to define it for herself.” Reuters described the strategy as reining in discounting and returning to the brand’s former sexy image. In our reading, the company is reclaiming glamour and spectacle, the distinctive brand assets it once owned, while keeping a wider view of who it is for.
What the numbers show
Fiscal 2025 net sales rose 5% to $6.553 billion, with comparable sales up 5% and international sales up 27.3%. The first quarter of 2026 was stronger: net sales rose 15% to $1.560 billion, comparable sales rose 13% and international sales rose 44.9%. The company raised its fiscal 2026 sales outlook to $7.03 to $7.13 billion. Reuters called it the fourth straight quarter of growth.
The shares rose 47% on June 2, from $54.30 to $80.06. On June 30, 2026 they closed at $83.48, up 351% from $18.52 a year earlier.
What to watch
Brett Blundy’s BBRC had bought 13% and sought a board seat, Fortune reported, then campaigned against two directors. One of them later chose not to stand, and in June shareholders re-elected all nine company nominees. Reuters reported that the company expects about $15 million of tariff costs in the current quarter. In our view the largest test is the message: a sexier image has to keep the new customers the company is adding; it reported double-digit growth in new customer acquisition in the first quarter. That is a target market decision as much as a creative one.
What growing companies can learn
Removing what people dislike is only half a repositioning. Sales fell for two years after the 2021 reset and grew again in fiscal 2025, as the company sharpened its message, reined in discounting and grew abroad. If your signature marketing is losing its audience, act before the numbers force you; our guide on when to rebrand covers the signals. When you rebuild, keep the assets customers loved and change the rules that pushed them away.
This check-up uses public information available on June 30, 2026. It is brand and marketing analysis, not investment advice.
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