Victoria's Secret & Co (NYSE: VSCO) is a specialty retail company that designs, sources, and sells women's intimate apparel, sleepwear, beauty products, and related accessories under the Victoria's Secret and PINK brands. Revenue is generated through three channels: U.S. company-operated stores, a direct digital channel, and an international channel that includes franchise, license, wholesale, and joint venture arrangements. As of January 31, 2026, VSCO operated 790 company-operated stores in the U.S. and Canada, 65 stores through a China joint venture, and 562 partner-operated stores, with an additional 627 international stores across approximately 70 countries. Digital sales totaled $2.042 billion, representing 31% of net sales in FY2025. International net sales accounted for $967 million, or 15% of net sales in FY2025. The company is headquartered in Columbus, Ohio. CEO Hillary Super serves as Principal Executive Officer, with Scott Sekella as Chief Financial and Operating Officer.

Revenue model

VSCO earns revenue through three channels: transactional sales at U.S. company-operated stores, direct digital sales via websites, mobile applications, and third-party digital marketplaces (31% of net sales, $2.042 billion in FY2025), and an international channel (15% of net sales, $967 million in FY2025) that combines company-owned digital fulfillment, royalty income, and wholesale sales tied to franchise, license, and joint venture partner operations.

Products and services

Victoria's Secret and PINK branded women's intimate apparel, sleepwear, loungewear, beauty and fragrance products, and accessories. The Adore Me and DailyLook brands operate fulfillment operations, though both underwent restructuring in FY2025. International partners are granted rights to sell products in their regions under franchise, license, and wholesale arrangements with initial terms of approximately ten years.

Customers and end markets

End consumers are primarily women purchasing intimate apparel, sleepwear, and beauty products through retail stores and digital channels. International franchise and license partners serve as wholesale customers, operating stores and digital sites in approximately 70 countries. U.S. company-operated stores generated $624 in sales per average selling square foot and $4,305 thousand in sales per average store in FY2025.

Value-chain role

Vertically integrated brand owner and specialty retailer. VSCO controls product design, sourcing, and marketing while distributing through owned stores, owned digital platforms, and a partner network. Primary distribution centers are located in the Columbus, Ohio area, supplemented by third-party operated centers in North America and Europe. Sourcing is concentrated in the U.S. and Southeast Asia.

Geographic exposure

United States and Canada (company-operated stores), China (joint venture, 65 stores as of January 31, 2026), and approximately 70 countries via franchise, license, wholesale, and joint venture partner stores (627 international partner stores as of end of FY2025). European Union digital sales, fulfilled by a company-owned site, were reclassified into the international channel beginning Q3 FY2025.

Source: SEC 10-K, filed 2026-03-20

Industry: Retail-Women's Clothing Stores Peers: American Eagle Outfitters Inc Boot Barn Holdings Inc Buckle Inc Burlington Stores Inc FOOT LOCKER, INC. Gap Inc Ross Stores Inc Urban Outfitters Inc TJX Companies Inc