6858005143500 Essays - Victorias Secret, Clothing, Business, Economy

6858005143500 Sierra Haverfield 03831294 Roy Raymond, a man who was embarrassed to buy lingerie for his wife, founded Victoria's Secret in 1977. Soon to follow was a mail-order catalog and three more stores in the San Francisco area. The first year was very successful, grossing $500,000, however after five years the company was headed for bankruptcy and Roy sold VS to the Limited Brand in 1982. By the 90's, the company was the largest and most successful lingerie company in the U.S. making over one billion dollars annually. Furthermore, the extravagant runways shows have many people working to put them together, however one the most important minds is Todd Thomas, the creative director for the VS Annual Fashion show. He has been working on the design team for 11 years now with the company. (Xu) Today, the headquarters for this massive fashion empire are located in Columbus, Ohio, however the first store was opened in our very own San Francisco back in 1977. (Victoria's Secret) The first store's designs mimicked those of a burlesque costume shop because they were catering to men's fantasies. This was done because Roy Raymond wanted men to feel comfortable buying lingerie for their wives. After the Limited purchased the company in 1982 however, the designs were changed. Now the main store is designed just like the rest of them, pink stripes, classy Victorian design, and friendly sale's associates. The lingerie is displayed on ways and tabletops, with some mannequins even wearing the infamous angel wings. Company Milestones 1963: Leslie H. Wexler founded The Limited Brands in 1963. 1977: Roy Raymond founded the first Victoria's Secret store in San Francisco, CA because he was embarrassed to buy lingerie for his wife. 1977-78: Victoria's Secret grossed $500,000 in its first year of business. 1980: Roy started the mail-order catalog and added four additional stores in the San Francisco area 1982: The Limited Brand bought Victoria's Secret for four million dollars. 1982: Victoria's Secret store and catalogue are purchased for $1 million 1993: Roy Raymond commits suicide by jumping off of the Gold Gate Bridge on August 20th. 1998: Victoria's Secret launched their website, Victoriassecret.com. The website has been profitable since the day that it was created. 1998: "Intimate Beauty Corporation is created to develop and build a portfolio of distinct beauty businesses. Victoria's Secret Beauty is the first brand in its portfolio." (The Limited Brands) 2007: Grace Nichols retired from her position as CEO at Victoria's Secret 2007: Lauri Greeley became CEO of Victoria's Secret. Mark Weikel became president, alongside his title of COO. This same year, the Limited Brands sold The Limited companies, focusing more on Victoria's Secret and PINK because the majority of their profit was coming from there. 2008: Victoria's Secret Pink launched their collegiate collection. 2009: Victoria's Secret created their Facebook page 2009: Victoria's Secret launched their trial for their "Travel and Tourism Stores." These stores were put into airports and different tourist destinations around the world. (The Limited) 2010: Victoria's Secret PINK reaches one billion dollars in sales. 2012: Opened first Victoria's Secret full-assortment stores in London - New Bond Street and Westfield Stratford City. (The Limited) When the idea of Victoria's Secret was born, it came from Roy Raymond, a man too nervous to buy any lingerie for his wife. After five short years, Roy Raymond's business had become so successful that he sold it to Leslie H. Wexler in 1982, the CEO of The Limited Brands. What Raymond did not realize was that this store was only going to getter bigger and become more appealing to just those men who were too scared to go into a lingerie store. Victoria's Secret's target market is now to middle class women, but it attracting high school girls up to older woman as well. Grace Nichols joined the Victoria's Secret team in 1986, and from there the store became one of the top ten most recognized companies. ("History and Background of Victoria's Secret") After Nichols retired in 2007, Lori Greeley took over and is keeping the company moving forward. Greeley has been working for the company since 1989, starting as an Associate Merchandiser of Sleepwear. Greeley quickly moved her way up to vice president of merchandising, and eventually to EVP/GMM of Intimates in 2002. ("Limited Brands, Inc. Announces Executive Appointments") Along side