‘Lingerie Giant’ Loses $300 Billion Overnight… What Happened to Victoria's Secret?

Victoria’s Secret & Co. (NYSE: VSCO) closed on the 10th at $45.36—a 5.59% decline—bringing its market capitalization down to $3.65 billion (approximately KRW 5.4 trillion). In a single day, the company lost about $193 million in market value, or roughly KRW 280 billion.

The shares have been under pressure amid a proxy fight with Australian investor Brett Blundy and his firm BBRC, which together hold about 13% of the company. Blundy is demanding board seats, but Victoria’s Secret has twice rebuffed his nominations—citing reputational and governance concerns—and has adopted a poison pill that expires on May 18. Governance tensions like these are cited as drivers of short-term price volatility and investor unease.

Spun off from L Brands in 2021 and separately listed on the New York Stock Exchange, Victoria’s Secret & Co. is a specialty retailer of lingerie and underwear, featuring its VS, PINK and Adore Me brands, along with sleepwear and beauty products. Since taking over as CEO in 2024, Hillary Super has shifted the company away from a singular emphasis on “comfort,” unveiling a “New Era of Sexy” strategy that modernizes the brand’s signature sensual aesthetic, accelerates a financial recovery and refines its market positioning.