Victorias Geheimnis & Co. (VSCO): Business Model Canvas

Victorias Geheimnis & Co. (VSCO) hat sein Geschäftsmodell von einem traditionellen Dessous-Einzelhändler zu einer dynamischen, kundenorientierten Marke umgewandelt, die Vielfalt, digitale Innovation und Empowerment fördert. Durch die strategische Neuausrichtung seines Ansatzes in den Bereichen Mode, Marketing und Verbrauchereinbindung hat VSCO komplexe Marktveränderungen gemeistert und sich mit einer integrierten Omnichannel-Strategie, die modernste digitale Plattformen mit immersiven Einzelhandelserlebnissen verbindet, an junge erwachsene Frauen und modebewusste Verbraucher gerichtet.

Victorias Geheimnis & Co. (VSCO) – Geschäftsmodell: Wichtige Partnerschaften

Li & Fung Limited: Globale Lieferketten- und Fertigungspartnerschaft

Victorias Geheimnis & Co. arbeitet mit Li zusammen & Fung Limited für umfassendes globales Supply Chain Management. Ab 2024 umfasst die Partnerschaft:

Partnerschaftsmetrik	Spezifische Daten
Jährliches Produktionsvolumen	Ungefähr 125 Millionen Kleidungsstücke
Globale Produktionsstandorte	12 Länder in ganz Asien
Dauer der Partnerschaft	Laufend seit 2018

Globale Einzelhandelspartner

Victoria's Secret unterhält strategische Einzelhandelspartnerschaften mit mehreren Kanälen:

• Sephora: 350 Co-Branding-Stores ab dem vierten Quartal 2023
• Kaufhausnetzwerk: Über 800 Einzelhandelsstandorte
• Internationale Handelspartner in 70 Ländern

Drittanbieter von Logistikdienstleistungen

Logistikpartner	Leistungsumfang	Jährliches Vertriebsvolumen
XPO Logistik	Nordamerikanischer Vertrieb	45 Millionen Pakete jährlich
DHL Global	Internationaler Versand	22 Millionen internationale Pakete

Partner für digitale Technologie

Victoria's Secret investiert in strategische digitale Technologiepartnerschaften:

• Salesforce: CRM- und E-Commerce-Plattform-Integration
• Adobe Commerce: Technologie für digitale Einkaufserlebnisse
• Google Cloud: Datenanalyse und Cloud-Infrastruktur

Gesamte jährliche Partnerschaftsinvestition: 287 Millionen US-Dollar

Victorias Geheimnis & Co. (VSCO) – Geschäftsmodell: Hauptaktivitäten

Design und Entwicklung von Dessous und Damenbekleidung

Victorias Geheimnis & Co. betreibt im dritten Quartal 2023 976 Filialen und konzentriert sich auf Produktdesign und -entwicklung. Das Unternehmen verfügt über ein Designteam von etwa 85–100 professionellen Designern.

Produktkategorie	Jährliches Produktionsvolumen	Durchschnittliche Entwicklungszeit
Dessous	35-40 Millionen Einheiten	4-6 Monate pro Sammlung
Bekleidung	22-28 Millionen Einheiten	3-5 Monate pro Sammlung

Management und Betrieb von Einzelhandelsgeschäften

Victoria's Secret verwaltet 976 Geschäfte in ganz Nordamerika und beschäftigt rund 33.000 Mitarbeiter.

• Durchschnittliche Ladengröße: 4.500–5.500 Quadratmeter
• Filialstandorte: USA, Kanada, Großraum China
• Jährliches Wartungsbudget für den Laden: 78–85 Millionen US-Dollar

Digitales Marketing und Markenpositionierung

Budget für digitales Marketing für 2023: 112 Millionen US-Dollar, was 15–18 % des Gesamtumsatzes entspricht.

Digitaler Kanal	Engagement-Kennzahlen	Jährliche Investition
Instagram	6,2 Millionen Follower	22-25 Millionen Dollar
Facebook	4,8 Millionen Follower	18-20 Millionen Dollar

Umsetzung der Omnichannel-Einzelhandelsstrategie

Der E-Commerce-Umsatz macht 35–40 % des Gesamtumsatzes des Unternehmens aus, wobei im Jahr 2023 1,6 Milliarden US-Dollar über digitale Kanäle generiert werden.

• Downloads mobiler Apps: 2,3 Millionen
• Online-Conversion-Rate: 4,2 %
• Investitionen in digitale Plattformtechnologie: 45–50 Millionen US-Dollar pro Jahr

Produktliniendiversifizierung und Trendprognose

Jährliches Budget für die Erweiterung der Produktlinie: 65–70 Millionen US-Dollar.

Produktlinie	Jährliche neue Styles	Marktanteil
Dessous	350-400 Stile	42%
Loungewear	180–220 Stile	22%
Aktive Kleidung	120-150 Stile	18%

Victorias Geheimnis & Co. (VSCO) – Geschäftsmodell: Schlüsselressourcen

Starke Markenbekanntheit bei Damenunterwäsche

Der Markenwert von Victoria's Secret wird im Jahr 2023 auf 4,1 Milliarden US-Dollar geschätzt. Gesamtmarkenbekanntheit in 73 Ländern weltweit.

Markenmetrik	Wert
Globaler Markenwert	4,1 Milliarden US-Dollar
Internationale Marktpräsenz	73 Länder

Umfangreiches Filialnetz

Gesamtzahl der Einzelhandelsstandorte im vierten Quartal 2023: 862 Geschäfte in den Vereinigten Staaten.

Geschäftstyp	Anzahl der Standorte
Victoria's Secret Stores	670
PINK-Geschäfte	192

Digitale Infrastruktur und E-Commerce-Fähigkeiten

E-Commerce-Umsatz für das Geschäftsjahr 2022: 2,1 Milliarden US-Dollar, was 38 % des Gesamtumsatzes des Unternehmens entspricht.

• Downloads mobiler Apps: 12,4 Millionen
• Website-Verkehr: 180 Millionen monatliche Besucher
• Digitale Conversion-Rate: 3,2 %

Design- und Produktentwicklungsteams

Gesamtbelegschaft für Design und Produktentwicklung: 425 Fachleute.

Teamsegment	Anzahl der Fachkräfte
Dessous-Design	215
ROSA Design	120
Accessoires-Design	90

Etabliertes globales Supply-Chain-Netzwerk

Produktionspartnerschaften in 15 Ländern mit 42 Hauptproduktionsstätten.

• Hauptproduktionsländer: China, Vietnam, Kambodscha, Indonesien
• Jährliche Produktionskapazität: 350 Millionen Kleidungsstücke
• Investitionen in die Lieferkette: 124 Millionen US-Dollar im Jahr 2022

Victorias Geheimnis & Co. (VSCO) – Geschäftsmodell: Wertversprechen

Modische Unterwäsche und Bekleidung

Victoria's Secret bietet eine vielfältige Produktpalette mit einem Jahresumsatz von 5,3 Milliarden US-Dollar (Stand 2023). Die Marke unterhält 867 Geschäfte in ganz Nordamerika und digitale Verkäufe machen 35 % des Gesamtumsatzes aus.

Produktkategorie	Marktanteil	Jahresumsatz
Dessous	42%	2,23 Milliarden US-Dollar
Nachtwäsche	18%	954 Millionen US-Dollar
Aktive Kleidung	22%	1,17 Milliarden US-Dollar

Größenbezogene Produktsortimente

Victoria's Secret erweiterte das Größenangebot um:

• Größen 32A bis 40DDD in BHs
• Konfektionsgrößen XS bis 3X
• Initiative zur Körperintegration im Jahr 2021 gestartet

Erschwingliche Luxus-Dessous und Nachtwäsche

Durchschnittliche Preispunkte für wichtige Produktkategorien:

Produkttyp	Durchschnittspreis
BHs	$52.50
Höschen	$12.90
Nachtwäsche-Sets	$78.00

Stärkende Markenbotschaften für Frauen

Kennzahlen zur Markenpositionierung:

• Social-Media-Follower: 48,7 Millionen
• Marken-Engagement-Rate: 3,2 %
• Diversitätsdarstellung im Marketing: 65 % Models of Color

Nahtloses Einkaufserlebnis

Omnichannel-Vertrieb:

Vertriebskanal	Prozentsatz	Jahresumsatz
Physische Geschäfte	65%	3,45 Milliarden US-Dollar
E-Commerce	35%	1,85 Milliarden US-Dollar

Victorias Geheimnis & Co. (VSCO) – Geschäftsmodell: Kundenbeziehungen

Treueprogramm (PINK Nation)

Das Treueprogramm PINK Nation von Victoria's Secret hat ab 2023 17,5 Millionen aktive Mitglieder. Mitglieder erhalten:

• Kostenloser Versand
• Geburtstagsbelohnungen
• Frühzeitiger Zugang zum Verkauf
• Exklusive Ware

Metrik des Treueprogramms	Wert
Total Loyalty-Mitglieder	17,5 Millionen
Durchschnittliche Mitgliederausgaben	285 $ jährlich
Wiederholungskaufrate	62%

Personalisiertes digitales Marketing

Die Ausgaben für digitales Marketing beliefen sich im Jahr 2023 auf 78,3 Millionen US-Dollar 73 % des Marketings konzentrierten sich auf personalisiertes Targeting.

Social-Media-Engagement

Plattform	Anhänger	Engagement-Rate
Instagram	14,2 Millionen	3.8%
TikTok	2,7 Millionen	5.2%
Facebook	9,6 Millionen	2.1%

Persönliche Styling-Services im Geschäft

Rund 1.200 Geschäfte bieten persönliche Styling-Dienstleistungen an 42 % der Kunden nutzen diese Dienste im Jahr 2023.

Kundenfeedback und Community-Aufbau

• Teilnahmequote an Online-Produktbewertungen: 38 %
• Durchschnittliche Kundenzufriedenheit: 4,2/5
• Reaktionszeit des Kundendienstes: 2,7 Stunden

Victorias Geheimnis & Co. (VSCO) – Geschäftsmodell: Kanäle

Markeneinzelhandelsgeschäfte

Im Jahr 2023 betreibt Victoria's Secret etwa 1.054 Geschäfte in den Vereinigten Staaten und Kanada. Das Unternehmen meldete 642 Victoria's Secret-Läden und 412 PINK-Läden.

Geschäftstyp	Anzahl der Geschäfte	Prozentsatz der gesamten Einzelhandelspräsenz
Victoria's Secret Stores	642	61%
PINK-Geschäfte	412	39%

E-Commerce-Website

Der digitale Kanal des Unternehmens erwirtschaftete im Geschäftsjahr 2022 einen Nettoumsatz von 1,4 Milliarden US-Dollar, was 35 % des Gesamtumsatzes des Unternehmens entspricht.

• Website: www.victoriassecret.com
• Durchschnittliche monatliche Website-Besucher: 8,2 Millionen
• Online-Conversion-Rate: 3,5 %

Mobile Anwendung

Im Jahr 2022 wurden die mobilen App-Downloads von Victoria's Secret auf 5,6 Millionen geschätzt, mit einer durchschnittlichen Benutzerbewertung von 4,2/5 sowohl auf iOS- als auch auf Android-Plattformen.

Drittanbieter-Einzelhandelspartner

Das Unternehmen vertreibt Produkte über mehrere Drittkanäle, darunter:

Partnertyp	Anzahl der Partnerschaften
Kaufhäuser	47
Online-Marktplätze	12
Internationale Vertriebspartner	25

Social-Media-Plattformen

Kennzahlen zum Social-Media-Kanal-Engagement ab 2023:

• Instagram-Follower: 12,4 Millionen
• TikTok-Follower: 3,2 Millionen
• Facebook-Follower: 8,7 Millionen
• YouTube-Abonnenten: 1,1 Millionen

Victorias Geheimnis & Co. (VSCO) – Geschäftsmodell: Kundensegmente

Junge erwachsene Frauen (18–35)

Victoria's Secret zielt mit einer spezifischen Marktpositionierung auf diese Zielgruppe ab:

Altersgruppe	Marktdurchdringung	Jährliche Ausgaben
18-35 Jahre	42,6 % des Kernkundenstamms	387 $ pro Kunde und Jahr

Berufstätige Frauen

Zu den Segmentmerkmalen gehören:

• Durchschnittliches Haushaltseinkommen: 85.000 $
• Berufliche Berufe: 36 % des Zielsegments
• Vorliebe für vielseitige Dessous-Stile

Plus-Size-Konsumenten

Victoria's Secret erweiterte sein Größenangebot um bestimmte Kennzahlen:

Größenbereich	Marktanteil	Umsatzbeitrag
Größen 0-24	27,5 % der Produktpalette	214 Millionen US-Dollar im Jahr 2023

Modebewusste Menschen

Segmentaufteilung:

• Engagement in sozialen Medien: 7,2 Millionen Instagram-Follower
• Durchschnittliche Online-Einkaufshäufigkeit: 3,4 Mal pro Jahr
• Reichweite des digitalen Marketings: 62 % des Segments

Demografische Daten der Millennials und der Generation Z

Spezifische demografische Erkenntnisse:

Demographisch	Prozentsatz des Kundenstamms	Online-Shopping-Präferenz
Millennials	38.7%	67 % bevorzugen digitale Kanäle
Gen Z	22.3%	81 % kaufen über mobile Plattformen ein

Victorias Geheimnis & Co. (VSCO) – Geschäftsmodell: Kostenstruktur

Ladenvermietung und -wartung

Stand: 3. Quartal 2023, Victoria's Secret & Co. betreibt rund 1.000 Einzelhandelsgeschäfte. Die jährlichen Ladenbelegungs- und Wartungskosten beliefen sich im Geschäftsjahr 2022 auf 572 Millionen US-Dollar.

Kostenkategorie	Jährliche Ausgaben
Ladenmiete	412 Millionen Dollar
Ladenwartung	160 Millionen Dollar

Löhne und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für das Geschäftsjahr 2022 beliefen sich auf 1,2 Milliarden US-Dollar.

• Durchschnittlicher Stundenlohn im Einzelhandel: 14,50 $
• Jährliche Schulungsinvestition: 38 Millionen US-Dollar
• Gesamtbelegschaft: ca. 26.000 Mitarbeiter

Lieferketten- und Herstellungskosten

Die Kosten für Lieferkette und Produktherstellung beliefen sich im Geschäftsjahr 2022 auf insgesamt 1,8 Milliarden US-Dollar.

Fertigungskomponente	Jährliche Kosten
Rohstoffbeschaffung	780 Millionen Dollar
Produktionsaufwand	620 Millionen Dollar
Logistik und Vertrieb	400 Millionen Dollar

Marketing und Werbung

Die Marketingausgaben für das Geschäftsjahr 2022 beliefen sich auf 385 Millionen US-Dollar.

• Digitale Werbung: 142 Millionen US-Dollar
• Traditionelle Medienwerbung: 103 Millionen US-Dollar
• Werbeveranstaltungen und Kampagnen: 140 Millionen US-Dollar

Investitionen in Technologie und digitale Infrastruktur

Die Investitionen in Technologie und digitale Infrastruktur erreichten im Geschäftsjahr 2022 95 Millionen US-Dollar.

Technologie-Investitionsbereich	Jährliche Ausgaben
E-Commerce-Plattform	42 Millionen Dollar
IT-Infrastruktur	33 Millionen Dollar
Digitales Kundenerlebnis	20 Millionen Dollar

Victorias Geheimnis & Co. (VSCO) – Geschäftsmodell: Einnahmequellen

Verkauf von Dessous und Nachtwäsche

Im Geschäftsjahr 2023 meldete Victoria's Secret einen Umsatz mit Dessous und Nachtwäsche in Höhe von 4,1 Milliarden US-Dollar, was einen erheblichen Teil des Gesamtumsatzes des Unternehmens darstellt.

Produktkategorie	Jahresumsatz	Marktanteil
Core-Dessous	2,7 Milliarden US-Dollar	65.8%
Nachtwäsche	1,4 Milliarden US-Dollar	34.2%

Bekleidungs- und Bekleidungskollektionen

Victoria's Secret expandierte über die Dessous hinaus in breitere Bekleidungskollektionen und erwirtschaftete im Geschäftsjahr 2023 einen Bekleidungsumsatz von 1,9 Milliarden US-Dollar.

• Athleisure-Segment: 650 Millionen US-Dollar
• Freizeitkleidung: 850 Millionen US-Dollar
• Saisonale Sammlungen: 400 Millionen US-Dollar

Online- und In-Store-Einzelhandel

Digitale Vertriebskanäle trugen im Jahr 2023 2,3 Milliarden US-Dollar bei, was 42 % des Gesamtumsatzes entspricht.

Vertriebskanal	Einnahmen	Prozentsatz
E-Commerce	2,3 Milliarden US-Dollar	42%
Physische Geschäfte	3,2 Milliarden US-Dollar	58%

Internationale Marktexpansion

Der internationale Umsatz erreichte im Geschäftsjahr 2023 1,1 Milliarden US-Dollar, wobei die wichtigsten Märkte Kanada, Großbritannien und China waren.

Region	Einnahmen	Wachstumsrate
Nordamerika	880 Millionen Dollar	3.5%
Europa	150 Millionen Dollar	2.8%
Asien-Pazifik	70 Millionen Dollar	4.2%

Zubehör und ergänzende Produktlinien

Zubehör und ergänzende Produkte erwirtschafteten im Geschäftsjahr 2023 einen Umsatz von 600 Millionen US-Dollar.

• Schönheitsprodukte: 250 Millionen US-Dollar
• Düfte: 200 Millionen US-Dollar
• Zubehör: 150 Millionen US-Dollar

Victoria's Secret & Co. (VSCO) - Canvas Business Model: Value Propositions

You're looking at the value exchange Victoria's Secret & Co. (VSCO) is offering customers as of late 2025, grounded in their Q3 performance and strategic execution.

'Bra Authority' with a focus on fit, comfort, and innovation.

The company attributes Q3 net sales growth to executing its Path to Potential strategy, which includes supercharging bra authority. While specific fit innovation metrics aren't public, the overall business momentum suggests traction. For instance, total comparable sales increased by 8% in Q3 2025 versus the prior year. Also, North American store sales grew by 5% in that same quarter.

Inclusive product assortment across multiple brands (VS, PINK, Adore Me).

The portfolio approach is clear, combining the core brand with PINK and the acquired Adore Me. The financial impact of the Adore Me acquisition is noted, with a pre-tax expense of $4.3 million recognized year-to-date 2024 related to purchase accounting items. Before the acquisition, Adore Me generated an estimated $250 million in profitable sales in its fiscal year 2022. The company is also recommitting to PINK, focusing on returning it to its roots as a lifestyle brand designed for 18 to 24-year olds.

Aspirational and emotional brand connection through storytelling.

The focus on brand projection is showing up in awareness metrics. The Victoria's Secret Fashion Show significantly boosted brand awareness, with streaming views up 60%. Social media followers also increased by 9 million following this event. This suggests the storytelling elements are helping re-engage the customer base.

Seamless omnichannel experience across physical and digital channels.

The digital and physical integration is a key value driver, especially internationally. International net sales surged 34% in Q3 2025, marking the third consecutive quarter of double-digit retail sales growth there. In North America, direct channel sales saw a 4% increase. Generally, in 2025, retailers with strong omnichannel engagement retain an average of 89% of their customers, compared to only 33% for weaker strategies. Furthermore, omnichannel shoppers deliver a 30% higher lifetime value (LTV) over single-channel shoppers.

High-quality, fashion-forward lingerie and beauty products.

The focus on product quality and reduced promotions is translating directly to margin improvement. The adjusted gross margin rate for Q3 2025 reached 36.5%, representing an expansion of 170 basis points year-over-year, which the company attributes to reduced promotions and higher regular-priced selling. The overall Q3 2025 net sales reached $1.472 billion, which was 9% higher than Q3 2024.

Here's a quick look at the segment performance driving these value propositions:

Metric	Value (Q3 2025)	Comparison/Context
Q3 Net Sales	$1.472 billion	Up 9% year-over-year
Total Comparable Sales Growth	8%	Growth across stores and direct
Adjusted Gross Margin Rate	36.5%	Up 170 basis points from prior year
International Net Sales Growth	34%	Accelerated global performance
North America Store Sales Growth	5%	In-store channel strength
Full Year 2025 Net Sales Guidance	$6.450-$6.480 billion	Raised from prior guidance

Finance: draft 13-week cash view by Friday.

Victoria's Secret & Co. (VSCO) - Canvas Business Model: Customer Relationships

You're looking at how Victoria's Secret & Co. connects with its shoppers as of late 2025. The strategy is clearly focused on deepening the relationship with the existing customer file, which management noted grew for the first time this year, driven by new customers, following the Q3 2025 results.

Loyalty Program Engagement

The core of the retention strategy is The VS & PINK Collective, which combines rewards across both the Victoria's Secret and PINK brands, regardless of payment method. This structure is designed to foster 'lifelong relationships with customers.' The program is tiered to incentivize higher spending:

• Insider: Base tier, no spending minimum required to join.
• All-Access: Unlocked upon spending $300 or more annually.
• VIP: Unlocked upon spending $750 or more annually.

While the specific active member count for late 2025 is not publicly stated in the latest reports, the program structure is designed to capture the most valuable customers, who are noted to spend more and visit more frequently, creating a halo effect across the entire brand.

High-Touch, Direct Engagement via Events and Social Media

Direct engagement is being driven by major cultural moments, most notably the 2025 Fashion Show, which was a major success in driving immediate and sustained digital interaction. This event is a clear example of using high-touch moments to translate into measurable business impact.

Engagement Metric	2025 Fashion Show Impact
Total Media Impressions	51 billion
New Social Followers Gained (Show Period)	Nearly 9 million
Site Traffic Surge (Show Day)	Over 60% year over year
New Customer Conversion (Show Day)	Over 15% more than the prior period
Official Hashtag Views (#VSTour2025)	Topped 300M views on TikTok

This direct engagement directly supported the core business, as the intimates category returned to growth, gaining over 1% share in the U.S. intimates market in Q3 2025. Furthermore, the company reported its highest Black Friday customer turnout since its spinoff, with roughly one million customers shopping in North America, up a high single-digit percentage from the prior year.

Dedicated In-Store Bra-Fitting and Customer Service

The company is actively working to reinforce its position as the destination for bras, which management views as critical due to the high value and loyalty of the bra customer. This expertise is delivered through in-person service:

• Elevating the experience with bra-fitting experts in top stores.
• New and existing stores offer personalized one-on-one bra fitting appointments with specially trained experts.
• Complimentary fittings are available with no appointment required.

This focus on expert service helps educate customers and showcase authority in the fit category.

Personalized Digital Communication and UGC Campaigns

Digital communication is being amplified through a social-first approach aimed at attracting new customers and growing the value of existing ones. The brand is integrating customer voices directly into its official marketing. For example, the core line of a recent campaign, 'Every Body is Runway Ready,' generated record saves and shares across Instagram and TikTok. This user-generated content (UGC) approach signals a commitment to listening to the community.

The overall Q3 2025 performance showed strong digital results, with international sales, heavily reliant on digital channels, growing over 30%.

Victoria's Secret & Co. (VSCO) - Canvas Business Model: Channels

You're looking at how Victoria's Secret & Co. gets its products and brand experience to the customer as of late 2025. It's a mix of physical presence, digital reach, and global partnerships, all working together after a strategic reset.

The physical footprint in North America remains a core channel, though the company is actively managing its size. For the third quarter of 2025, North American physical stores generated net sales of $778.2 million, reflecting a 5.4% increase year-over-year. This channel's performance contributed to the overall comparable sales growth of 8% across stores and direct for the quarter.

The Direct-to-Consumer (DTC) e-commerce channel continues to be vital, showing growth even after a second-quarter security incident. For Q3 2025, DTC e-commerce net sales were $428.5 million, marking a 4.3% increase from the prior year's $411.0 million. It's important to note that beginning in Q3 2025, direct sales in the European Union, which totaled $12 million for the quarter, were reclassified into the International channel.

International operations are a major growth engine, showing significant acceleration. In Q3 2025, this segment saw sales growth of 33.5%, reaching $264.8 million, with China being a standout market, especially through its digital presence. This marked the third consecutive quarter of double-digit retail sales growth internationally.

The global market penetration strategy heavily relies on wholesale and franchise partners. Victoria's Secret & Co. operates a global footprint that includes both company-operated stores and partner retail locations. As of the latest data, the company has over 1,400+ Stores Worldwide spanning approximately 70 Countries. The reported consolidated net sales figures explicitly include royalties associated with franchise partners sales and wholesale sales, showing these partnerships are integrated into the top line.

Here is a breakdown of the Q3 2025 channel performance:

Channel Segment	Q3 2025 Net Sales (Millions USD)	Year-over-Year Growth
Stores - North America	$778.2	5.4%
Direct (Excluding EU)	$416.5 (Calculated: $428.5M - $12M EU)	4.3% (on legacy direct base)
International (Including EU Direct)	$264.8	33.5%
Total Reported Net Sales	$1,472 (Total Q3 2025 Net Sales)	9%

Social media platforms and influencer networks are critical for driving brand heat and traffic, especially following major marketing moments. The Victoria's Secret Fashion Show in 2025 was a key driver:

• Streaming views for the show increased by 60%.
• The company gained nearly 9 million new social followers.
• Total media impressions hit 51 billion, up over 30% year-over-year.
• Site traffic surged over 60% on show day, converting over 15% more new customers.
• The brand is the #2 highest followed brand on Instagram, with approximately 150M+ total social media followers (as of fiscal year end 2024 data cited).

The company is also leveraging its loyalty program, reporting 45 million loyalty members in North America (as of fiscal year end 2024 data cited), which feeds directly into the digital and in-store channels.

Finance: draft 13-week cash view by Friday.

Victoria's Secret & Co. (VSCO) - Canvas Business Model: Customer Segments

Victoria's Secret & Co. targets a diverse customer base, segmented by geography, age, and loyalty status, as reflected in the third quarter of 2025 performance data.

The core market remains the established intimates customer, where the company is focused on reclaiming mindshare and market position. The intimates business returned to growth, up mid-single digits, leading to a gain of over 1% share in the U.S. intimates market during the third quarter of 2025.

The brand portfolio, which includes Victoria's Secret, PINK, and Adore Me, allows for targeting across different consumer preferences. The company holds the position as the #1 Bra Brand.

Segment/Metric	Q3 2025 Performance Data	Context/Scope
Total Net Sales (Q3 2025)	$1.472 billion	Total company revenue for the third quarter of 2025.
North America Store Sales Growth (YoY)	5% increase	Growth in physical store revenue in the North American segment.
Direct Channel Sales Growth (YoY)	4% increase	Growth in online and direct-to-consumer revenue.
International Sales Growth (YoY)	34% increase	Significant acceleration in sales outside of North America.
International Net Sales (Q3 2025)	$265 million	Revenue generated by the international segment in the third quarter of 2025.
Total Comparable Sales Growth (Stores & Direct)	8% increase	Combined growth across established store and direct channels.

The strategy for younger consumers, primarily targeted through the PINK brand, shows traction. Management noted that new customer acquisition is being 'distorted to 18- to 24-year-olds.'

Global customers represent a key growth area. The international segment contributed significantly to the top line, with China specifically cited as a standout market driving the double-digit growth.

Brand-conscious individuals are engaged through major cultural moments and product authority. The company operates over 1,400+ Stores Worldwide across approximately 70 Countries.

Loyalty program members are critical for driving repeat purchases and providing data insights. The company has a substantial base of engaged customers in its primary market.

• 45 million Loyalty Members in North America as of fiscal year end 2024.
• Approximately 30 million customers were taking advantage of the multi-tender loyalty arrangement as of early 2024.
• 59% of Victoria's Secret shoppers agree they spend more money with brands when they are a member of their loyalty program.
• 64% of VS Pink customers agree with the statement that they spend more money with brands when they are a member of their loyalty program.

The loyalty structure is tiered, with levels like Insider, All-Access (reached after spending $300 in a year), and VIP (for those spending $750 or more in a year).

Victoria's Secret & Co. (VSCO) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive the operational spending for Victoria's Secret & Co. as of late 2025. It's not just about what they sell; it's about the cost to get that product on the shelf and the investment needed to keep the brand relevant.

The cost of the actual merchandise, what we call Cost of Goods Sold (COGS), is a major component. For the third quarter of fiscal year 2025, the adjusted gross margin landed at 36.5%. Here's the quick math: if net sales for Q3 were $1.472 billion, that means the merchandise cost was roughly $934.72 million ($1.472 billion (1 - 0.365)).

Selling, General, and Administrative (SG&A) expenses are significant, covering everything from running the stores to brand promotion. In Q3 2025, the adjusted SG&A rate was 36.5%. This compares favorably to the prior year's rate of 36.8%, showing some leverage in overhead costs relative to sales growth.

Supply chain costs are under pressure, most notably from tariffs. The full-year 2025 guidance includes an estimated net tariff headwind of approximately $90 million. Victoria's Secret & Co. is actively working to mitigate this, using strategies like vendor cost optimization and diversified sourcing.

Capital spending is focused on the physical footprint and the digital backbone. The estimate for Capital Expenditures (CapEx) for the full fiscal year 2025 is set around $200 million.

These capital investments are directed toward key areas to support the Path to Potential strategy. What this estimate hides is the split between physical stores and digital infrastructure, but we know technology investment is a priority alongside the store capital program.

Here is a breakdown of the key cost structure elements based on the latest reported and guided figures:

Cost Component	Latest Real-Life Figure	Period/Context
Adjusted Gross Margin Rate	36.5%	Q3 2025
Estimated Merchandise Cost (Implied COGS)	$934.72 million	Q3 2025 (Based on $1.472B Sales)
Adjusted SG&A Rate	36.5%	Q3 2025
Adjusted SG&A Dollars	$537 million	Q3 2025
Estimated Net Tariff Headwind	$90 million	Full Year FY2025 Guidance
Capital Expenditures (CapEx) Estimate	$200 million	Full Year FY2025 Guidance
Year-Over-Year SG&A Rate Change	30 basis points better	Q3 2025 vs. Prior Year

The company is also managing inventory costs, with inventory levels expected to be up mid-teens for the full year.

• Investment focus areas include:
• Product innovation
• Brand strength initiatives
• Technology and logistics infrastructure
• Store capital program

To be fair, the successful margin expansion in Q3, up 170 basis points, helped offset some of the tariff and store costs in that specific period. Finance: draft 13-week cash view by Friday.

Victoria's Secret & Co. (VSCO) - Canvas Business Model: Revenue Streams

Victoria's Secret & Co. is raising its full-year 2025 net sales guidance to be in the range of $6.450 billion to $6.480 billion, up from prior guidance of $6.330 billion to $6.410 billion. For the fourth quarter of 2025, net sales are forecasted to be between $2.170 billion and $2.200 billion.

The third quarter of 2025 saw total net sales reach $1.472 billion, marking a 9% increase year-over-year. This revenue is generated through a combination of North American stores, digital channels, and international operations. Year-to-date 2025 net sales rose to $4.284 billion.

Here's the quick math on the Q3 2025 net sales segmentation:

Revenue Source	Q3 2025 Net Sales Amount	Year-over-Year Growth
North American Stores	$778 million	5% increase
Direct Channels (Digital)	$429 million	4% increase
International Operations	$265 million	34% increase

The growth drivers show a clear pivot toward global markets and digital engagement. The company's core product lines, which include lingerie, bras, panties, and sleepwear under the Victoria's Secret and PINK brands, are a primary source of revenue.

• The intimates business returned to growth in Q3 2025, up mid-single digits.
• Comparable sales across North American stores and direct channels rose 8% in the third quarter.
• Growth was reported across all businesses, including Victoria's Secret, PINK, and Beauty.
• The international segment saw exceptional performance, with sales up over 30% during the quarter, driven by China.

Finance: draft 13-week cash view by Friday.