Revenue distribution by industry:

• Women's underwear: approx. 60%
• Sleepwear and loungewear: approx. 25%
• Beauty products: approx. 15%

TOP 3 markets:

1. USA: approx. 70%
2. Canada: approx. 10%
3. United Kingdom: approx. 5%

Victoria's Secret & Co. generates the majority of its revenue from women's underwear, followed by sleepwear and loungewear, as well as beauty products. The U.S. market is the dominant market for the company, attributed to its strong brand presence and extensive retail network. Canada and the United Kingdom follow as important markets, with a significantly lower share compared to the USA.

Production Sites: Mainly in Asia, especially in countries like China, Sri Lanka, and Vietnam.

Victoria's Secret & Co. produces the majority of its products in Asia to benefit from the cost-effective production opportunities in these countries. The strategic choice of these locations enables the company to reduce production costs while ensuring high product quality.

In addition to the Asian countries, the company also has production facilities in Central America to diversify supply chains and be more flexible in responding to market demands.

Revenue Growth: Estimated at 5-7% annually (2025-2027)

Profit Margin: Stable at around 10-12% (2025)

Victoria's Secret & Co. pursues a multi-pronged growth strategy based on strengthening brand presence, expanding product portfolios, and digital transformation.

A central element of the strategy is diversifying the product offering, including introducing new product lines and adapting existing collections to current fashion trends and customer preferences. This also involves a heightened focus on inclusivity and sustainability to appeal to a broader range of customers.

Furthermore, the company is investing significantly in expanding its digital platforms to enhance the online shopping experience and increase customer loyalty. This includes optimizing the e-commerce website, integrating AI-driven personalization tools, and expanding omnichannel strategies to provide seamless shopping experiences.

Victoria's Secret also plans to strengthen its international presence through strategic partnerships and expanding physical stores in high-growth markets. This is intended to increase brand awareness and tap into new revenue sources.

Main raw materials: Cotton, lace, silk, synthetic fibers
Main importing countries: China, India, Vietnam, Bangladesh

Victoria's Secret & Co. sources a variety of materials for the production of their products. Cotton is one of the most important raw materials and is often imported from countries like India and the USA. Lace and silk, used for the more luxurious product lines, often come from China and Italy.

Synthetic fibers, needed for the production of elastic and functional fabrics, are frequently sourced from China and Vietnam. These countries not only offer cost-effective production possibilities but also a well-developed infrastructure for textile manufacturing.

By diversifying their supply chains, Victoria's Secret can optimize costs while ensuring the quality of their products. Dependence on multiple countries also helps to minimize risks related to geopolitical tensions or trade restrictions.

Market share in the USA: 24% (2024) Gross margin: 40.5% (2024) Brand awareness: Very high, globally recognized

Victoria's Secret & Co. has a significant competitive advantage, primarily based on its strong brand awareness and dominant market position in the women's underwear sector. With a market share of 24% in the USA in 2024, the company remains a leading player in its industry.

The gross margin of 40.5% in 2024 indicates that the company is able to sell its products at a premium price, reflecting strong brand loyalty and an effective pricing strategy. These factors contribute to Victoria's Secret & Co. maintaining a strong market position despite intense competition from new and existing brands.

Additionally, the company continuously invests in product innovations and marketing strategies to strengthen and expand its market position. This, combined with a global presence and an extensive distribution network, further enhances the competitive advantage of Victoria's Secret & Co.

Institutional Investor Share: approximately 85% (estimated for 2025 based on historical trends)

Insider Buys/Sells: No significant insider transactions in the last quarter (estimated for 2025)

Victoria's Secret & Co. has traditionally had a high institutional investor share, indicating the trust of large investment funds and institutional investors in the brand. Historically, this share has been around 80-85%, and it is likely that this trend will continue until 2025.

Regarding insider transactions, there have been no significant buys or sells in recent quarters, indicating stable confidence from management in the company's future development. Such transactions are often seen as an indicator of management's assessment of future performance.

Market share of Victoria's Secret & Co.: 20% (estimated, 2025)

Top competitors and their market shares:

1. Victoria's Secret & Co.: 20%
2. L Brands (Bath & Body Works): 18%
3. American Eagle Outfitters (Aerie): 15%
4. Hanesbrands Inc.: 12%
5. PVH Corp. (Calvin Klein, Tommy Hilfiger): 10%
6. Ralph Lauren Corporation: 8%
7. Gap Inc. (Athleta): 7%
8. ThirdLove: 5%
9. Adore Me: 3%
10. Soma (Chico's FAS): 2%

Moat of Victoria's Secret & Co.:

Victoria's Secret & Co. has a significant moat, primarily supported by its strong brand recognition and extensive store network. The brand has been synonymous with lingerie for decades and has built a loyal customer base. Additionally, the company benefits from a strong presence in online retail and a wide range of products.

Compared to its competitors, Victoria's Secret has an advantage in brand perception and global reach. However, some competitors, such as Aerie by American Eagle Outfitters, have gained ground through their inclusive marketing strategies and innovative product lines. These companies often offer a more modern and diversified image, giving them an edge in certain target markets.

Overall, Victoria's Secret's moat remains strong, but competitors are catching up in some areas, especially in terms of sustainability and diversity.

Revenue Growth: 8% (2024) Profit Growth: 10% (2024)

Victoria's Secret & Co. recorded a revenue growth of 8% in 2024, attributed to the successful implementation of new marketing strategies and the introduction of innovative product lines. The company was also able to increase its profit by 10%, thanks to an improved cost structure and efficiency gains in production.

The brand has successfully established itself in new markets and expanded its online presence, leading to a broader customer base and higher revenues. Continuous investment in digital platforms and adaptation to changing consumer preferences strengthen Victoria's Secret's competitive position.

Analysts expect the company to continue its growth strategy, particularly through expansion into international markets and diversification of its product offering. This could potentially lead to stable long-term growth, making Victoria's Secret & Co. a potentially attractive investment.

Dividend payment: Yes, Victoria's Secret & Co. pays a dividend.
Dividend yield: 3.2% (2025)
Payout ratio: 45% of profit (2025)

Victoria's Secret & Co. distributed a dividend in 2025, indicating a stable financial position. The dividend yield of 3.2% is attractive and in line with the industry average. The 45% payout ratio of profit shows that the company follows a balanced approach by reinvesting in growth while also returning capital to shareholders.

The reliability of dividend payment is supported by the solid financial performance and strategic direction of the company. In recent years, Victoria's Secret has taken measures to reduce costs and increase efficiency, further reinforcing the stability of the dividend.