Victoria’s Secret, one of the most well-known retailers of women’s lingerie in the world, had global net sales amounting to approximately 6.23 billion U.S. dollars in 2024. Until 2021, Victoria’s Secret was one of the flagship brands of American retailer, L Brands. In 2021, Victoria's Secret & Co. separated from its parent company L Brands. The development of an iconic fashion brand Victoria’s Secret was established in 1977 by American businessman Roy Raymond, who felt that traditional American department stores were not friendly enough towards men shopping for women’s lingerie. This led to the creation of Victoria’s Secret, which has grown into one of the most valuable apparel brands worldwide. The scale of operations of Victoria’s Secret is also impressive. As of February 1, 2025, the specialty retailer had 806 stores in operation throughout North America alone. The United States is the largest underwear market worldwide. The brand has a high awareness in the North American country, at 89 percent of online fashion consumers in 2024. The annual Victoria’s Secret Fashion Show also adds to the iconic nature of the brand, with a host of supermodels showcasing the brands’ latest ranges of merchandise.

This statistic reflects the operating income of Victoria's Secret worldwide from 2010 to 2024. In 2024, Victoria's Secret recorded an operating profit of about 310 million U.S. dollars.

Victoria's Secret & Co, which used to be part of Limited Brands, is one of the most famous underwear retailers in the world. In 2024 the company made a gross profit of roughly **** billion U.S. dollars.

This timeline depicts the net sales of Victoria's Secret worldwide from 2011 to 2024, by segment. In 2024, the global net sales of Victoria's Secret direct amounted to about two billion U.S. dollars.

The online revenue of victoriassecret.com amounted to US$1,832.4m in 2024. Discover eCommerce insights, including sales development, shopping cart size, and many more.

This statistic highlights the sales per average selling square foot of Victoria's Secret in the United States from 2010 to 2024. In 2024, Victoria's Secret stores had sales of 589 U.S. dollars per average selling square foot.

Victoria's Secret ebitda margin from 2021 to 2025. Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.

The eCommerce activity of Victoria's Secret & Co. amounted to US$2,176m in 2024. Learn more about their online business including detailed eCommerce revenue analytics.

The eCommerce activity of Victoria's Secret Stores Brand Management, LLC amounted to US$15m in 2024. Learn more about their online business including detailed eCommerce revenue analytics.

As of the end of financial year 2024, Victoria's Secret sold products at *** stores outside of North America. Most of these stores, apart from some in China, were operating as part of franchise, license, and wholesale arrangements. Their North American stores are company-operated, and significantly outnumber their international stores.

In 2023, Victoria's Secret invested approximately *** million U.S. dollars in global advertising activities, up ** percent from *** million dollars a year earlier. In 2022, the company ranked among the largest clothing and accessories companies worldwide by revenue.

The Lingerie Stores industry comprises retailers that predominantly sell lingerie, with large-format stores also selling related clothing such as shapewear, nightwear and swimwear. As the economy recovers from the pandemic, consumers have more disposable income to spend on high-end lingerie, enhancing lingerie product sales. Many industry operators have tried to tap into new markets in recent years, expanding the consumer pool. A surge in demand for personalized services, such as precise bra fittings and custom adjustments, has enhanced the shopping experience, attracting a wider clientele and creating competitive advantages over larger chain stores. This shift towards personalization and diversity in product offerings reflects the industry's adaptability to the modern consumer's expectations. Over the years to 2024, revenue is estimated to have dropped at a CAGR of 2.8% to $6.2 billion by the end of 2024, including a growth of 2.3% in 2024. Wage expenses have increased as businesses focus on recruiting and retaining knowledgeable staff improving consumer interaction in specialty stores. Meanwhile, sourcing practices and global manufacturing dynamics have forced retailers to navigate a challenging landscape, impacting purchasing costs. The rise in wages and fluctuating manufacturing expenses have prompted lingerie businesses to innovate in design and materials to keep higher profitability. Investment in e-commerce has emerged as a vital strategy, providing an alternative revenue stream and helping companies to keep pace with shifting consumer shopping habits. Looking ahead, the anticipated growth for the lingerie market seems promising with the entry of new niche players. These newcomers will emphasize diversity and inclusivity, tapping into expanding segments such as plus-size and younger demographics. Celebrity brands and collaborations will likely gain prominence, leveraging public figures' influence to boost sales and visibility. Companies aim to foster loyalty across various age and size categories by embracing diverse representation and innovative offerings. However, external competitive pressures from discount retailers and fast-fashion brands will remain challenging. Businesses must focus on differentiation, using unique product lines and sustainable practices to capture consumers' attention, seeking quality and responsible production. Industry revenue is estimated to grow at a CAGR of 1.3% to $6.6 billion by 2029.

• The global industry was valued at US$ 40.4 B n in 2022
• It is estimated to grow at a CAGR of 6.5% from 2023 to 2031 and reach US$ 71.1 B n by the end of 2031

Market Introduction

Regional Outlook of Global Lingerie Industry

Global Lingerie Market Snapshot

Bath & Body Works generated revenues amounting to *** billion U.S. dollars in 2024, up from *** billion U.S. dollars in 2020. As its name suggests, Bath & Body Works is a U.S.-based retailer specializing in body care products and home fragrances. The fiscal year end of the company is February 1st, 2025. Bath & Body Works company information Bath & Body Works was a subsidiary of Limited Brands, which also owned the lingerie retailer Victoria’s Secret. In 2020, the Ohio-based retailer announced the sale of its Victoria's Secret division, and then proceeded to change its name to Bath & Body Works, Inc. in 2021. There were ***** Bath & Body Works stores in the United States, and *** locations in Canada as of February 2025. It appears that the consumer demand for scented bath products and candles is on the rise. In 2024, the average Bath & Body Works per store generated nearly ***** million U.S. dollars in sales, up from about *** million U.S. dollars in 2010. Bath & Body Works consumers According to the results of a survey carried out in 2020, it was estimated that around ***** million Americans used a moisturizer from Bath & Body Works. As of March 2022, Bath & Body Works was also one of the most-followed beauty brands on Instagram worldwide, with around **** million followers.

The market dynamics for the Lingerie, Swimwear and Bridal Stores industry have been largely shaped by a pivot in consumer preferences and purchasing behavior, primarily driven by evolving fashion trends and extensive lifestyle changes. Despite lingering recession fears that gripped 2022 and 2023, causing a spike in living costs and affecting disposable income levels, the industry revenue has hiked at a CAGR of 9.2% over the past five years and is expected to total $38.1 billion in 2025, when revenue will hike by an estimated 5.8%. The industry has proved resilient, demonstrating considerable adaptability to changes in consumer behavior. A pivotal evolution has been the embrace of e-commerce, with traditional retailers leveraging online platforms to extend their reach and improve customer experience. Luxury and specialty lingerie have gained traction, catering to a niche yet expanding market segment seeking exclusivity and personalized experiences. Demand for swimwear, especially women’s, has seen an uptick, driven by evolving fashion trends, body positivity movements and inclusive marketing strategies. On the downside, bridal stores have witnessed a slowdown, faced with rising competition from online retailers, bridal collections by high-street brands and changes in wedding trends with couples opting for more casual and less expensive alternatives. The continued expansion of e-commerce and advanced technologies like virtual fitting and AI-enhanced shopping experiences will further reshape the retail landscape. A disposable income boost would likely buoy demand for luxury and specialty lingerie. However, the swimwear segment might witness subdued growth because of the cycle of fashion trends and potential market saturation. For bridal stores, reimagining business strategies to align with changing wedding norms and expanding online presence to cater to millennials and Gen Z shoppers is critical for sustained growth. Over the next five years, revenue is expected to inch up at a CAGR of 2.8% to reach an estimated $43.8 billion in 2030.

According to Cognitive Market Research, The Global Sexy Lingerie market estimation is USD 14.2 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2023 to 2030.

The demand for Sexy Lingerie is rising due to body positivity; lingerie companies now provide a wider variety of goods in more sizes.
Demand for briefs remains higher in the Sexy Lingerie market.
The offline category held the highest Sexy Lingerie market revenue share in 2023.
North America will continue to lead, whereas the Europe Sexy Lingerie market will experience the most robust growth until 2030.

Market Dynamics of the Sexy Lingerie

Increasing Desire for Premium Brands to Drive Market Output

The global sexy lingerie market is driven by women's increasing desire for premium brands. Women are more likely to have a wide variety of lingerie in their wardrobe due to increased spending power and a propensity to buy lingerie as contemporary clothing.During the anticipated time, the variables above are expected to generate exceptional demand for erotic lingerie services. The middle class's aspirational rise and rising disposable money will help the sensual lingerie business grow even faster. Additionally, the growing number of significant multi-brand online retailers will fuel market value growth over the anticipated period. Further, the rise in women's desire for luxury brands contributes to the expansion of the market as a whole.

Rising Trend for Body Positivity to Propel Market Growth

Individuals are encouraged by body positivity to accept their bodies and express themselves freely. This newly discovered self-acceptance has resulted in a need for lingerie that displays originality and elegance. Customers are looking for lingerie that suits their tastes, whether for vivid patterns, bright colors, or uncommon styles. To satisfy consumers' growing desire for self-expression, brands have expanded their range of products. Due to this shift in mindset, consumers are more interested in goods that celebrate and emphasize natural body traits than those that adhere to false standards. In response, lingerie companies create goods that enhance natural curves and flatter various body types.

In March 2022: Along with expanding the selection of underwear styles in various sizes, including fringe sizes like 2XS and 2XL, and introducing possibilities in a 3XL, Victoria's Secret underwent a fairly noticeable image shift.

(Source: stylesage.co/blog/the-new-era-of-victorias-secret/)

Influence of Endorsement and Online Marketing Fuels the Market Growth

Key restraints of Sexy Lingerie Market

Socio-Cultural Taboo to Hinder Market Growth

among some cultures, wearing or even talking about lingerie openly might cause discomfort among women because it is still regarded as a taboo or private subject. As a result, the market may not expand as quickly as it might otherwise. For instance, underwear is sometimes viewed as a sign of promiscuity and sexuality in some traditional nations. Even if they are interested in wearing it, this may make women feel humiliated or ashamed. Furthermore, some societies have rigid dress regulations that forbid women from donning provocative attire, like lingerie.

Key Trends to Sexy Lingerie Market

Transition to Inclusive Sizing and Body Positivity By providing underwear in a greater variety of sizes, skin tones, and styles that accommodate various body shapes and gender orientations, brands are embracing diversity. Customers' confidence, brand loyalty, and market reach are all being boosted by this inclusivity, especially among Gen Z and millennial consumers. Growth of E-Commerce and Direct-to-Consumer Models In order to avoid traditional retail, digital-first lingerie manufacturers are using influencer marketing, social media, and customized online shopping experiences. Strong D2C growth momentum is being generated by AI-driven size recommendations, virtual fittings, and subscription boxes. Demand for Ethical and Sustainable Underwear Eco-friendly underwear composed of recycled lace, organic cotton, and plant-based colors is becoming more and more popular among consumers.

Impact of COVID-19 on the Sexy Lingerie Market

The latest coronavirus pandemic severely impacted the sensual lingerie sector. There was a decline in revenue and sales of sensuous lingerie due t...

According to Cognitive Market Research, The Global Luxury Underwear market size will be USD 15.2 billion in 2023 and would expand at a CAGR of 6.2% from 2023 to 2030.

The demand for Luxury Underwear is rising due to increasing digital transformation.
Demand for Supermarkets/Hypermarkets Application Luxury Underwear remains higher in the Luxury Underwear market.
The Men’s Underwear Types held the highest Portable Beach umbrella market revenue share in 2023.
North America Luxury Underwear will continue to lead, whereas the Asia Pacific Luxury Underwear market will experience the most substantial growth until 2030.

Changing Consumer Preferences to Provide Viable Market Output

Changing consumer preferences are growing the growth of the Luxury Underwear Market as individuals increasingly prioritize comfort, style, and quality in intimate wear. The shift towards more casual and comfortable attire has elevated the importance of luxurious and well-crafted Underwear. Consumers seek brands that align with their evolving values, emphasizing self-expression and individuality. The demand for unique designs, premium materials, and innovative styles reflects the changing landscape of consumer expectations, driving luxury underwear brands to adapt and cater to a discerning market that values both functional and fashionable aspects in intimate apparel.

In February 2023, MAS Holdings collaborated with ByondXR, a renowned digital retail store software, to develop virtual showrooms that enhance the retail experience. This partnership enables MAS to present its latest collections to global brands in innovative virtual showrooms.

(Source:apparelresources.com/technology-news/manufacturing-tech/mas-holdings-joins-hands-byondxr-create-virtual-product-showrooms/)

Rising Disposable Income to Propel Market Growth

The rise in disposable income is a vital driver of the Luxury Underwear Market. As consumers experience an increase in income levels, they are more inclined to invest in premium and high-quality products, including luxury underwear. Elevated disposable income allows individuals to prioritize comfort, style, and quality in intimate wear, seeking brands that offer a superior and exclusive experience. Luxury underwear, being a symbol of status and prestige, becomes an attractive choice for consumers with higher spending capacity, driving the overall growth of the luxury segment in the underwear market.

In September 2023, the United States-based lingerie and lifestyle brand Victoria's Secret introduced its women's lingerie and sleepwear collections on its India e-commerce store. This move aims to provide Indian shoppers with access to the brand's complete product range.

(Source:in.fashionnetwork.com/news/Victoria-s-secret-launches-lingerie-range-on-india-website-for-first-time,1554822.html)

Market Dynamics of Luxury Underwear

Growing Counterfeiting and Fraud to Restrict Market Growth

The growing challenge of counterfeiting and fraud poses a significant threat to the Luxury Underwear Market. Counterfeit products, often mimicking the designs of reputable luxury brands, can undermine brand authenticity, erode consumer trust, and dilute the exclusivity associated with genuine luxury underwear. The proliferation of fraudulent items through various channels, including online platforms, creates a risk of consumers unknowingly purchasing counterfeit products. This not only impacts the revenue and reputation of authentic luxury brands but also hampers the overall integrity of the luxury underwear market, necessitating increased efforts in brand protection and anti-counterfeiting measures.

Impact of COVID–19 on the Luxury Underwear Market

The COVID-19 pandemic impacted the Luxury Underwear Market as lockdowns and economic uncertainties led to a temporary decline in consumer spending on non-essential items, including luxury apparel. Disruptions in supply chains and retail closures also affected sales. However, as restrictions eased, there was a gradual recovery driven by pent-up demand, increased online shopping, and a shift towards comfort-focused attire. Luxury underwear brands adapted by emphasizing online channels, virtual fittings, and promoting loungewear collections, aligning with changing consumer preferences during the pandemic and contributing to the market's eventual recovery. Introduction of Luxury Underwear

Luxurious under...

In 2024, Macerich's largest shopping mall tenant based on share in total rents in the United States was Victoria’s Secret & Co, which accounted for around *** percent of the company's rental revenue. Foot Locker, Inc. and Dick's Sporting Goods, Inc. followed closely behind.

En 2023, la facturación de la conocida marca de ropa interior Victoria's Secret se situó en torno a los ***** millones de dólares estadounidenses a nivel mundial. Este dato supuso un decrecimiento de más de *** millones con respecto a la cifra de negocio registrada durante el año anterior.