Victoria's Secret & Co. (VSCO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Victoria's Secret & Co. (VSCO) ha transformado su modelo de negocio de un minorista de lencería tradicional a una marca dinámica y centrada en el cliente que abarca la diversidad, la innovación digital y el empoderamiento. Al reinventar estratégicamente su enfoque de la moda, el marketing y la participación del consumidor, VSCO ha navegado por cambios complejos en el mercado, dirigido a mujeres adultas jóvenes y consumidores conscientes de la moda a través de una estrategia omnicanal integrada que combina plataformas digitales de vanguardia con experiencias minoristas inmersivas.

Victoria's Secret & Co. (VSCO) - Modelo de negocio: asociaciones clave

Li & Fung Limited: cadena de suministro global y asociación de fabricación

Victoria's Secret & Co. colabora con Li & Fung Limited para la gestión integral de la cadena de suministro global. A partir de 2024, la asociación implica:

Métrico de asociación	Datos específicos
Volumen de fabricación anual	Aproximadamente 125 millones de prendas
Ubicaciones de fabricación global	12 países de Asia
Duración de la asociación	En curso desde 2018

Socios minoristas globales

Victoria's Secret mantiene asociaciones minoristas estratégicas con múltiples canales:

• Sephora: 350 tiendas de marca compartida a partir del cuarto trimestre 2023
• Red de los grandes almacenes: más de 800 ubicaciones minoristas
• Socios minoristas internacionales en 70 países

Proveedores de logística de terceros

Socio de logística	Alcance del servicio	Volumen de distribución anual
Logística XPO	Distribución norteamericana	45 millones de paquetes anualmente
DHL Global	Envío internacional	22 millones de paquetes internacionales

Socios de tecnología digital

Victoria's Secret invierte en asociaciones estratégicas de tecnología digital:

• Salesforce: CRM e integración de plataforma de comercio electrónico
• Adobe Commerce: tecnología de experiencia en compra digital
• Google Cloud: Analytics de datos e infraestructura en la nube

Inversión total de asociación anual: $ 287 millones

Victoria's Secret & Co. (VSCO) - Modelo de negocio: actividades clave

Diseño y desarrollo de lencería y ropa para mujeres

Victoria's Secret & Co. opera con 976 tiendas a partir del tercer trimestre de 2023, centrándose en el diseño y el desarrollo del producto. La compañía mantiene un equipo de diseño de aproximadamente 85-100 diseñadores profesionales.

Categoría de productos	Volumen de producción anual	Tiempo de desarrollo promedio
Lencería	35-40 millones de unidades	4-6 meses por colección
Vestir	22-28 millones de unidades	3-5 meses por colección

Gestión de tiendas minoristas y operaciones

Victoria's Secret administra 976 tiendas en América del Norte, con una fuerza laboral operativa de aproximadamente 33,000 empleados.

• Tamaño promedio de la tienda: 4,500-5,500 pies cuadrados
• Ubicaciones de tiendas: Estados Unidos, Canadá, Greater China
• Presupuesto anual de mantenimiento de la tienda: $ 78-85 millones

Marketing digital y posicionamiento de marca

Presupuesto de marketing digital para 2023: $ 112 millones, que representa el 15-18% de los ingresos totales.

Canal digital	Métricas de compromiso	Inversión anual
Instagram	6.2 millones de seguidores	$ 22-25 millones
Facebook	4.8 millones de seguidores	$ 18-20 millones

Implementación de la estrategia minorista omnicanal

Las ventas de comercio electrónico representan el 35-40% de los ingresos totales de la compañía, con $ 1.6 mil millones generados en canales digitales en 2023.

• Descargas de aplicaciones móviles: 2.3 millones
• Tasa de conversión en línea: 4.2%
• Inversión de tecnología de plataforma digital: $ 45-50 millones anuales

Diversificación de la línea de productos y pronósticos de tendencias

Presupuesto anual de expansión de la línea de productos: $ 65-70 millones.

Línea de productos	Nuevos estilos anuales	Cuota de mercado
Lencería	350-400 estilos	42%
Ropa de salón	180-220 estilos	22%
Ropa activa	120-150 estilos	18%

Victoria's Secret & Co. (VSCO) - Modelo de negocio: recursos clave

Reconocimiento de marca fuerte en la ropa íntima de las mujeres

Victoria's Secret Brand Value estimado en $ 4.1 mil millones a partir de 2023. Reconocimiento total de la marca en 73 países a nivel mundial.

Métrico de marca	Valor
Valor de marca global	$ 4.1 mil millones
Presencia del mercado internacional	73 países

Extensa red de tiendas minoristas

Ubicaciones minoristas totales a partir del cuarto trimestre 2023: 862 tiendas en Estados Unidos.

Tipo de tienda	Número de ubicaciones
Tiendas de Victoria's Secret	670
Tiendas rosas	192

Capacidades de infraestructura digital y comercio electrónico

Ingresos de comercio electrónico para el año fiscal 2022: $ 2.1 mil millones, lo que representa el 38% de los ingresos totales de la compañía.

• Descargas de aplicaciones móviles: 12.4 millones
• Tráfico del sitio web: 180 millones de visitantes mensuales
• Tasa de conversión digital: 3.2%

Equipos de diseño y desarrollo de productos

Diseño total y desarrollo de productos Fuerza laboral: 425 profesionales.

Segmento de equipo	Número de profesionales
Diseño de lencería	215
Diseño rosa	120
Diseño de accesorios	90

Red de cadena de suministro global establecida

Asociaciones de fabricación en 15 países con 42 instalaciones de fabricación primarias.

• Países de fabricación primaria: China, Vietnam, Camboya, Indonesia
• Capacidad de producción anual: 350 millones de prendas
• Inversión en la cadena de suministro: $ 124 millones en 2022

Victoria's Secret & Co. (VSCO) - Modelo de negocio: propuestas de valor

Ropa y ropa íntima de moda

Victoria's Secret ofrece una gama de productos diversos con ingresos anuales de $ 5.3 mil millones a partir de 2023. La marca mantiene 867 tiendas en América del Norte y las ventas digitales que representan el 35% de los ingresos totales.

Categoría de productos	Cuota de mercado	Ingresos anuales
Lencería	42%	$ 2.23 mil millones
Ropa de dormir	18%	$ 954 millones
Ropa activa	22%	$ 1.17 mil millones

Rangos de productos de tamaño de tamaño

Victoria's Secret Ofertas de tamaño ampliado para incluir:

• Tamaños 32A a 40DDD en sujetadores
• Tamaños de ropa XS a 3x
• Iniciativa de inclusión corporal lanzada en 2021

Lencería de lujo asequible y ropa de dormir

Precio promedio de precios para categorías clave de productos:

Tipo de producto	Precio medio
Sujetador	$52.50
Bragas	$12.90
Juegos de ropa de dormir	$78.00

Empoderar mensajes de marca para mujeres

Métricas de posicionamiento de marca:

• Seguidores de redes sociales: 48.7 millones
• Tasa de participación de la marca: 3.2%
• Representación de diversidad en marketing: 65% modelos de color

Experiencia de compra perfecta

Distribución de ventas omnicanal:

Canal de ventas	Porcentaje	Ingresos anuales
Tiendas físicas	65%	$ 3.45 mil millones
Comercio electrónico	35%	$ 1.85 mil millones

Victoria's Secret & Co. (VSCO) - Modelo de negocios: relaciones con los clientes

Programa de lealtad (Nación Pink)

El programa de lealtad de Victoria's Secret Pink Nation tiene 17.5 millones de miembros activos a partir de 2023. Los miembros reciben:

• Envío gratis
• Recompensas de cumpleaños
• Acceso temprano a las ventas
• Mercancía exclusiva

Métrica del programa de fidelización	Valor
Miembros de lealtad total	17.5 millones
Gasto promedio de miembros	$ 285 anualmente
Repita la tasa de compra	62%

Marketing digital personalizado

El gasto en marketing digital en 2023 fue de $ 78.3 millones, con El 73% del marketing centrado en la orientación personalizada.

Compromiso de las redes sociales

Plataforma	Seguidores	Tasa de compromiso
Instagram	14.2 millones	3.8%
Tiktok	2.7 millones	5.2%
Facebook	9.6 millones	2.1%

Servicios de estilo personal en la tienda

Aproximadamente 1,200 tiendas ofrecen servicios de estilo personal, con El 42% de los clientes que utilizan estos servicios en 2023.

Comentarios de los clientes y construcción de la comunidad

• Tasa de participación de la revisión del producto en línea: 38%
• Puntaje promedio de satisfacción del cliente: 4.2/5
• Tiempo de respuesta del servicio al cliente: 2.7 horas

Victoria's Secret & Co. (VSCO) - Modelo de negocio: canales

Tiendas minoristas de marca

A partir de 2023, Victoria's Secret opera aproximadamente 1,054 tiendas en los Estados Unidos y Canadá. La compañía reportó 642 tiendas Victoria's Secret y 412 tiendas Pink.

Tipo de tienda	Número de tiendas	Porcentaje de presencia minorista total
Tiendas de Victoria's Secret	642	61%
Tiendas rosas	412	39%

Sitio web de comercio electrónico

El canal digital de la compañía generó $ 1.4 mil millones en ventas netas durante el año fiscal 2022, lo que representa el 35% de los ingresos totales de la compañía.

• Sitio web: www.victoriassecret.com
• Visitantes mensuales promedio del sitio web: 8.2 millones
• Tasa de conversión en línea: 3.5%

Aplicación móvil

Las descargas de aplicaciones móviles de Victoria's Secret alcanzaron 5.6 millones en 2022, con una calificación promedio de usuarios de 4.2/5 en las plataformas iOS y Android.

Socios minoristas de terceros

La compañía distribuye productos a través de múltiples canales de terceros, que incluyen:

Tipo de socio	Número de asociaciones
Grandes almacenes	47
Mercados en línea	12
Distribuidores internacionales	25

Plataformas de redes sociales

Métricas de compromiso del canal de redes sociales a partir de 2023:

• Seguidores de Instagram: 12.4 millones
• Seguidores de Tiktok: 3.2 millones
• Seguidores de Facebook: 8.7 millones
• Suscriptores de YouTube: 1.1 millones

Victoria's Secret & Co. (VSCO) - Modelo de negocio: segmentos de clientes

Mujeres adultas jóvenes (18-35)

Victoria's Secret se dirige a este grupo demográfico con posicionamiento específico del mercado:

Grupo de edad	Penetración del mercado	Gasto anual
18-35 años	42.6% de la base de clientes principales	$ 387 por cliente anualmente

Mujeres profesionales

Las características del segmento incluyen:

• Ingresos familiares promedio: $ 85,000
• Ocupaciones profesionales: 36% del segmento objetivo
• Preferencia por los estilos de lencería versátiles

Consumidores de talla grande

Victoria's Secret Ofertas de tamaño ampliado con métricas específicas:

Rango de tamaño	Cuota de mercado	Contribución de ingresos
Tamaños 0-24	27.5% de la línea de productos	$ 214 millones en 2023

Individuos conscientes de la moda

Desglose del segmento:

• Participación en las redes sociales: 7.2 millones de seguidores de Instagram
• Frecuencia promedio de compra en línea: 3.4 veces al año
• Alcance de marketing digital: 62% del segmento

Millennial y Gen Z Demogrics

Ideas demográficas específicas:

Demográfico	Porcentaje de la base de clientes	Preferencia de compras en línea
Millennials	38.7%	El 67% prefiere los canales digitales
Gen Z	22.3%	81% de compra a través de plataformas móviles

Victoria's Secret & Co. (VSCO) - Modelo de negocio: estructura de costos

Almacenar alquiler y mantenimiento

A partir del tercer trimestre de 2023, Victoria's Secret & Co. opera aproximadamente 1,000 tiendas minoristas. Los costos anuales de ocupación y mantenimiento de la tienda fueron de $ 572 millones en el año fiscal 2022.

Categoría de costos	Gasto anual
Alquiler de la tienda	$ 412 millones
Mantenimiento de la tienda	$ 160 millones

Salario de empleados y capacitación

Los gastos totales relacionados con los empleados para el año fiscal 2022 fueron de $ 1.2 mil millones.

• Salario minorista promedio por hora: $ 14.50
• Inversión de capacitación anual: $ 38 millones
• Fuerza laboral total: aproximadamente 26,000 empleados

Cadena de suministro y gastos de fabricación

La cadena de suministro y los costos de fabricación de productos totalizaron $ 1.8 mil millones en el año fiscal 2022.

Componente de fabricación	Costo anual
Adquisición de materia prima	$ 780 millones
Producción sobre la cabeza	$ 620 millones
Logística y distribución	$ 400 millones

Marketing y publicidad

El gasto de marketing para el año fiscal 2022 fue de $ 385 millones.

• Publicidad digital: $ 142 millones
• Publicidad de medios tradicional: $ 103 millones
• Eventos y campañas promocionales: $ 140 millones

Tecnología e inversiones en infraestructura digital

Las inversiones en tecnología e infraestructura digital alcanzaron $ 95 millones en el año fiscal 2022.

Área de inversión tecnológica	Gasto anual
Plataforma de comercio electrónico	$ 42 millones
Infraestructura	$ 33 millones
Experiencia digital del cliente	$ 20 millones

Victoria's Secret & Co. (VSCO) - Modelo de negocio: flujos de ingresos

Ventas de lencería y ropa de dormir

En el año fiscal 2023, Victoria's Secret reportó ingresos por lencería y ropa de dormir de $ 4.1 mil millones, lo que representa una parte significativa de las ventas totales de la compañía.

Categoría de productos	Ingresos anuales	Cuota de mercado
Lencería central	$ 2.7 mil millones	65.8%
Ropa de dormir	$ 1.4 mil millones	34.2%

Colecciones de ropa y ropa

Victoria's Secret se expandió más allá de la lencería en colecciones de ropa más amplias, generando $ 1.9 mil millones en ingresos de ropa para el año fiscal 2023.

• Segmento de athleisure: $ 650 millones
• Ropa casual: $ 850 millones
• Colecciones estacionales: $ 400 millones

Minorista en línea y en la tienda

Los canales de ventas digitales contribuyeron con $ 2.3 mil millones en 2023, lo que representa el 42% de los ingresos totales.

Canal de ventas	Ganancia	Porcentaje
Comercio electrónico	$ 2.3 mil millones	42%
Tiendas físicas	$ 3.2 mil millones	58%

Expansión del mercado internacional

Las ventas internacionales alcanzaron los $ 1.1 mil millones en el año fiscal 2023, con mercados clave que incluyen Canadá, Reino Unido y China.

Región	Ganancia	Índice de crecimiento
América del norte	$ 880 millones	3.5%
Europa	$ 150 millones	2.8%
Asia Pacífico	$ 70 millones	4.2%

Accesorios y líneas de productos complementarias

Los accesorios y los productos complementarios generaron $ 600 millones en ingresos para el año fiscal 2023.

• Productos de belleza: $ 250 millones
• Fragancias: $ 200 millones
• Accesorios: $ 150 millones

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.