Victoria's Secret & Co. is the largest intimate apparel company in the world, selling women's lingerie, sleepwear, apparel, and beauty products through two main brands: Victoria's Secret and PINK. Victoria's Secret is the core brand, focused on bras, panties, lingerie, sleepwear, and beauty products, with bras serving as the highest-loyalty category. PINK is a lifestyle brand targeting 18–24-year-old women, offering intimates, apparel, and accessories. VS&Co sells through roughly 860 company-owned stores in the U.S., Canada, and China, over 560 partner-operated stores across ~70 countries, and its own digital channels. North American stores generate roughly 54% of net sales, digital roughly 31%, and international roughly 15%. VS&Co's margins are driven by promotional cadence (management is actively pulling back on discounting in favor of full-price selling), beauty product mix (which carries higher margins), and fixed-cost leverage from its store fleet. International operations generate royalties and wholesale income from a relatively asset-light franchise and license model, with China being a standout growth market. Management's current strategy centers on reinforcing bra authority, repositioning PINK toward apparel and a younger demographic, growing beauty through cross-sell, and sharpening brand identity through digital marketing and cultural moments like the annual Victoria's Secret Fashion Show. The company also faces tariff headwinds given sourcing from Southeast Asia and China.