Victoria's Secret & Co. (VSCO): Modelo de negócios Canvas [Jan-2025 Atualizado]

Victoria's Secret & A Co. (VSCO) transformou seu modelo de negócios de um varejista de lingerie tradicional em uma marca dinâmica centrada no cliente que abraça a diversidade, a inovação digital e o empoderamento. Ao reimaginar estrategicamente sua abordagem de moda, marketing e engajamento do consumidor, a VSCO navegou em mudanças complexas de mercado, visando mulheres adultas jovens e consumidores conscientes da moda através de uma estratégia omnichannel integrada que combina plataformas digitais de ponta com experiências de varejo imersivas.

Victoria's Secret & Co. (VSCO) - Modelo de Negócios: Principais Parcerias

Li & Fung Limited: cadeia de suprimentos global e parceria de fabricação

Victoria's Secret & Co. colabora com LI & Fung Limited para gerenciamento abrangente da cadeia de suprimentos global. A partir de 2024, a parceria envolve:

Métrica de Parceria	Dados específicos
Volume anual de fabricação	Aproximadamente 125 milhões de roupas
Locais globais de fabricação	12 países de toda a Ásia
Duração da parceria	Em andamento desde 2018

Parceiros globais de varejo

A Victoria's Secret mantém parcerias estratégicas de varejo com vários canais:

• Sephora: 350 lojas de marca de marca a partir do quarto trimestre 2023
• Rede de lojas de departamento: mais de 800 locais de varejo
• Parceiros internacionais de varejo em 70 países

Provedores de logística de terceiros

Parceiro de logística	Escopo de serviço	Volume anual de distribuição
XPO Logistics	Distribuição norte -americana	45 milhões de pacotes anualmente
DHL Global	Envio internacional	22 milhões de pacotes internacionais

Parceiros de tecnologia digital

A Victoria's Secret investe em parcerias estratégicas de tecnologia digital:

• Salesforce: Integração da plataforma de comércio de CRM e comércio eletrônico
• Adobe Commerce: Tecnologia da experiência de compra digital
• Google Cloud: Analytics de dados e infraestrutura em nuvem

Investimento anual de parceria anual: US $ 287 milhões

Victoria's Secret & Co. (VSCO) - Modelo de negócios: Atividades -chave

Projetando e desenvolvendo lingerie e vestuário feminino

Victoria's Secret & A Co. opera com 976 lojas a partir do terceiro trimestre de 2023, com foco no design e desenvolvimento de produtos. A empresa mantém uma equipe de design de aproximadamente 85 a 100 designers profissionais.

Categoria de produto	Volume anual de produção	Tempo médio de desenvolvimento
Lingerie	35-40 milhões de unidades	4-6 meses por coleção
Vestuário	22-28 milhões de unidades	3-5 meses por coleção

Gerenciamento de lojas de varejo e operações

A Victoria's Secret gerencia 976 lojas na América do Norte, com uma força de trabalho operacional de aproximadamente 33.000 funcionários.

• Tamanho médio da loja: 4.500-5.500 pés quadrados
• Locais das lojas: Estados Unidos, Canadá, Grande China
• Orçamento anual de manutenção da loja: US $ 78-85 milhões

Marketing digital e posicionamento da marca

Orçamento de marketing digital para 2023: US $ 112 milhões, representando 15-18% da receita total.

Canal digital	Métricas de engajamento	Investimento anual
Instagram	6,2 milhões de seguidores	US $ 22-25 milhões
Facebook	4,8 milhões de seguidores	US $ 18-20 milhões

Implementação de estratégia de varejo omnichannel

As vendas de comércio eletrônico representam 35-40% da receita total da empresa, com US $ 1,6 bilhão gerado em canais digitais em 2023.

• Downloads de aplicativos móveis: 2,3 milhões
• Taxa de conversão online: 4,2%
• Investimento em tecnologia da plataforma digital: US $ 45-50 milhões anualmente

Diversificação da linha de produtos e previsão de tendências

Orçamento anual de expansão da linha de produtos: US $ 65-70 milhões.

Linha de produtos	Novos estilos anuais	Quota de mercado
Lingerie	350-400 estilos	42%
Loungewear	180-220 estilos	22%
Roupas ativas	120-150 estilos	18%

Victoria's Secret & Co. (VSCO) - Modelo de negócios: Recursos -chave

Forte reconhecimento de marca em roupas íntimas femininas

Valor da marca secreta da Victoria estimada em US $ 4,1 bilhões a partir de 2023. Reconhecimento total da marca em 73 países em todo o mundo.

Métrica da marca	Valor
Valor global da marca	US $ 4,1 bilhões
Presença do mercado internacional	73 países

Extensa rede de lojas de varejo

Locais totais de varejo a partir do quarto trimestre 2023: 862 lojas nos Estados Unidos.

Tipo de loja	Número de locais
Victoria's Secret Stores	670
Lojas rosa	192

Recursos de infraestrutura digital e comércio eletrônico

Receita de comércio eletrônico para o ano fiscal de 2022: US $ 2,1 bilhões, representando 38% da receita total da empresa.

• Downloads de aplicativos móveis: 12,4 milhões
• Tráfego do site: 180 milhões de visitantes mensais
• Taxa de conversão digital: 3,2%

Equipes de design e desenvolvimento de produtos

Projeto total e força de trabalho de desenvolvimento de produtos: 425 profissionais.

Segmento de equipe	Número de profissionais
Design de lingerie	215
Design rosa	120
Design de acessórios	90

Rede de cadeia de suprimentos global estabelecida

Parcerias de fabricação em 15 países com 42 instalações de fabricação primárias.

• Países de Fabricação Primária: China, Vietnã, Camboja, Indonésia
• Capacidade anual de produção: 350 milhões de roupas
• Investimento da cadeia de suprimentos: US $ 124 milhões em 2022

Victoria's Secret & Co. (VSCO) - Modelo de negócios: proposições de valor

Apparar e roupas íntimas da moda

A Victoria's Secret oferece uma gama de produtos diversificada, com receita anual de US $ 5,3 bilhões a partir de 2023. A marca mantém 867 lojas na América do Norte e vendas digitais representando 35% da receita total.

Categoria de produto	Quota de mercado	Receita anual
Lingerie	42%	US $ 2,23 bilhões
Roupa de sono	18%	US $ 954 milhões
Roupas ativas	22%	US $ 1,17 bilhão

Camas de produto inclusivas de tamanho

As ofertas de tamanho expandido da Victoria's Secret para incluir:

• Tamanhos 32A a 40ddd em sutiãs
• Tamanhos de roupas Xs a 3x
• Iniciativa de inclusão corporal lançada em 2021

Lingerie de luxo acessível e roupas de dormir

Preços médios para as principais categorias de produtos:

Tipo de produto	Preço médio
Sutiãs	$52.50
Calcinhas	$12.90
Conjuntos de roupas de dormir	$78.00

Empoderando mensagens de marca para mulheres

Métricas de posicionamento da marca:

• Seguidores de mídia social: 48,7 milhões
• Taxa de envolvimento da marca: 3,2%
• Representação de diversidade no marketing: 65% modelos de cor

Experiência de compra perfeita

Distribuição de vendas omnichannel:

Canal de vendas	Percentagem	Receita anual
Lojas físicas	65%	US $ 3,45 bilhões
Comércio eletrônico	35%	US $ 1,85 bilhão

Victoria's Secret & Co. (VSCO) - Modelo de Negócios: Relacionamentos do Cliente

Programa de fidelidade (Pink Nation)

O programa de fidelidade da Victoria Secret Pink Nation possui 17,5 milhões de membros ativos a partir de 2023. Os membros recebem:

• Frete grátis
• Recompensas de aniversário
• Acesso antecipado às vendas
• Mercadoria exclusiva

Métrica do Programa de Fidelidade	Valor
Membros totais de lealdade	17,5 milhões
Gasto médio de membros	US $ 285 anualmente
Repita a taxa de compra	62%

Marketing digital personalizado

Os gastos de marketing digital em 2023 foram de US $ 78,3 milhões, com 73% do marketing focados na segmentação personalizada.

Engajamento da mídia social

Plataforma	Seguidores	Taxa de engajamento
Instagram	14,2 milhões	3.8%
Tiktok	2,7 milhões	5.2%
Facebook	9,6 milhões	2.1%

Serviços de estilo pessoal na loja

Aproximadamente 1.200 lojas oferecem serviços de estilo pessoal, com 42% dos clientes que utilizam esses serviços em 2023.

Feedback do cliente e construção da comunidade

• Taxa de participação de revisão de produto on -line: 38%
• Pontuação média de satisfação do cliente: 4,2/5
• Tempo de resposta ao atendimento ao cliente: 2,7 horas

Victoria's Secret & Co. (VSCO) - Modelo de Negócios: Canais

Lojas de varejo de marca

Em 2023, a Victoria's Secret opera aproximadamente 1.054 lojas nos Estados Unidos e no Canadá. A empresa relatou 642 lojas da Victoria's Secret e 412 lojas Pink.

Tipo de loja	Número de lojas	Porcentagem da presença total do varejo
Victoria's Secret Stores	642	61%
Lojas rosa	412	39%

Site de comércio eletrônico

O canal digital da empresa gerou US $ 1,4 bilhão em vendas líquidas durante o ano fiscal de 2022, representando 35% da receita total da empresa.

• Site: www.victoriassecret.com
• Visitantes médios mensais do site: 8,2 milhões
• Taxa de conversão online: 3,5%

Aplicativo móvel

Os downloads de aplicativos móveis da Victoria's Secret atingiram 5,6 milhões em 2022, com uma classificação média do usuário de 4,2/5 nas plataformas iOS e Android.

Parceiros de varejo de terceiros

A empresa distribui produtos através de vários canais de terceiros, incluindo:

Tipo de parceiro	Número de parcerias
Lojas de departamento	47
Mercados on -line	12
Distribuidores internacionais	25

Plataformas de mídia social

Métricas de engajamento de canais de mídia social a partir de 2023:

• Seguidores do Instagram: 12,4 milhões
• Seguidores de tiktok: 3,2 milhões
• Seguidores do Facebook: 8,7 milhões
• Assinantes do YouTube: 1,1 milhão

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

Mulheres adultas jovens (18-35)

A Victoria's Secret tem como alvo esse grupo demográfico com posicionamento específico de mercado:

Faixa etária	Penetração de mercado	Gastos anuais
18-35 anos	42,6% da base de clientes central	US $ 387 por cliente anualmente

Mulheres profissionais

As características do segmento incluem:

• Renda familiar média: US $ 85.000
• Ocupações profissionais: 36% do segmento -alvo
• Preferência por estilos de lingerie versátil

Consumidores de tamanho grande

Ofertas de tamanho expandido da Victoria Secret com métricas específicas:

Faixa de tamanho	Quota de mercado	Contribuição da receita
Tamanhos 0-24	27,5% da linha de produtos	US $ 214 milhões em 2023

Indivíduos conscientes da moda

Aparelhamento do segmento:

• Engajamento de mídia social: 7,2 milhões de seguidores do Instagram
• Frequência média de compra on -line: 3,4 vezes por ano
• Alcance de marketing digital: 62% do segmento

Millennial e Gen Z Demographics

Insights demográficos específicos:

Demográfico	Porcentagem de base de clientes	Preferência de compras on -line
Millennials	38.7%	67% preferem canais digitais
Gen Z	22.3%	81% compra via plataformas móveis

Victoria's Secret & Co. (VSCO) - Modelo de negócios: estrutura de custos

Aluguel de armazenamento e manutenção

A partir do terceiro trimestre de 2023, Victoria's Secret & Co. opera aproximadamente 1.000 lojas de varejo. Os custos anuais de ocupação e manutenção da loja foram de US $ 572 milhões no ano fiscal de 2022.

Categoria de custo	Despesa anual
Aluguel da loja	US $ 412 milhões
Manutenção da loja	US $ 160 milhões

Salários e treinamento de funcionários

As despesas totais relacionadas aos funcionários para o ano fiscal de 2022 foram de US $ 1,2 bilhão.

• Salário médio de varejo por hora: US $ 14,50
• Investimento anual de treinamento: US $ 38 milhões
• Força de trabalho total: aproximadamente 26.000 funcionários

Cadeia de suprimentos e despesas de fabricação

A cadeia de suprimentos e os custos de fabricação de produtos totalizaram US $ 1,8 bilhão no ano fiscal de 2022.

Componente de fabricação	Custo anual
Aquisição de matéria -prima	US $ 780 milhões
Sobrecarga de produção	US $ 620 milhões
Logística e distribuição	US $ 400 milhões

Marketing e publicidade

As despesas de marketing para o ano fiscal de 2022 foram de US $ 385 milhões.

• Publicidade digital: US $ 142 milhões
• Publicidade da mídia tradicional: US $ 103 milhões
• Eventos e campanhas promocionais: US $ 140 milhões

Investimentos de tecnologia e infraestrutura digital

Os investimentos em tecnologia e infraestrutura digital atingiram US $ 95 milhões no ano fiscal de 2022.

Área de investimento em tecnologia	Despesas anuais
Plataforma de comércio eletrônico	US $ 42 milhões
Infraestrutura de TI	US $ 33 milhões
Experiência digital do cliente	US $ 20 milhões

Victoria's Secret & Co. (VSCO) - Modelo de negócios: fluxos de receita

Vendas de lingerie e sono

No ano fiscal de 2023, a Victoria's Secret informou a receita de lingerie e roupas de dormir de US $ 4,1 bilhões, representando uma parcela significativa das vendas totais da empresa.

Categoria de produto	Receita anual	Quota de mercado
Lingerie central	US $ 2,7 bilhões	65.8%
Roupa de sono	US $ 1,4 bilhão	34.2%

Coleções de vestuário e roupas

A Victoria's Secret se expandiu além da lingerie para coleções mais amplas de roupas, gerando US $ 1,9 bilhão em receita de vestuário para o ano fiscal de 2023.

• Segmento de athleisure: US $ 650 milhões
• Desgaste casual: US $ 850 milhões
• Coleções sazonais: US $ 400 milhões

Varejo online e na loja

Os canais de vendas digitais contribuíram com US $ 2,3 bilhões em 2023, representando 42% da receita total.

Canal de vendas	Receita	Percentagem
Comércio eletrônico	US $ 2,3 bilhões	42%
Lojas físicas	US $ 3,2 bilhões	58%

Expansão do mercado internacional

As vendas internacionais atingiram US $ 1,1 bilhão no ano fiscal de 2023, com mercados importantes, incluindo Canadá, Reino Unido e China.

Região	Receita	Taxa de crescimento
América do Norte	US $ 880 milhões	3.5%
Europa	US $ 150 milhões	2.8%
Ásia -Pacífico	US $ 70 milhões	4.2%

Acessórios e linhas de produtos complementares

Acessórios e produtos complementares geraram US $ 600 milhões em receita para o ano fiscal de 2023.

• Produtos de beleza: US $ 250 milhões
• Fragrâncias: US $ 200 milhões
• Acessórios: US $ 150 milhões

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.