Leslie Wexner acquired Victoria’s Secret from its founders in 1982.
The company had been founded by Roy and Gaye Raymond in 1977, beginning with a store in Palo Alto and a catalog operation. Within several years, the business was struggling financially, creating an opportunity for Wexner’s company, The Limited, to purchase it.
Under Wexner, Victoria’s Secret was repositioned toward women shoppers and developed a more polished, aspirational retail identity. The company expanded its stores, catalogs, lingerie lines, and beauty products, eventually becoming the dominant brand associated with American mall lingerie retail.
The acquisition date is sometimes confused with the company’s founding year or with later corporate milestones. 1977 marks the Raymonds’ launch; 1982 marks Wexner’s purchase. The later expansion belonged to Wexner’s ownership, but the original concept and name predated him.