Victoria's Secret & Co. (VSXY) Global Consumer and Retail Conference 2026 — Key Takeaways

Equity Research 15 September 2026 | 10:31PM MDT

Victoria’s Secret & Co. (VSXY): Global Consumer and Retail Conference 2026 — Key Takeaways

Brooke Roach, CFA | Goldman Sachs & Co. LLC

Mentesnot Adamu | Goldman Sachs & Co. LLC Presenters: We hosted investor meetings with Hillary Super (CEO), Scott Sekella (CFO Carly Chasen and COO), Kevin Wynk (SVP, Global Controller), and Josephine Bartrams (Chief | Communications Officer) at GS’s 33rd Annual Global Consumer and Retail Goldman Sachs & Co. LLC Conference.

Bottom Line: Management reiterated confidence that the VSXY turnaround remains in the early innings, with momentum continuing to be driven by brand relevance, bra innovation, customer acquisition, and reduced promotional intensity. Discussion focused on the durability of recent gains, as stronger regular-price selling and AUR expansion are increasingly being accompanied by improving unit trends. Management also remained constructive on growth opportunities across PINK, Beauty, and International, reinforcing its view that significant runway remains across the core business.

n Turnaround remains in early innings: Management reiterated its focus on building Victoria’s Secret and PINK into distinct long-term growth brands and emphasized that meaningful opportunity remains across the core business. Commentary reflected continued confidence in customer acquisition, retention, and market share opportunities. n Bra-led momentum drives broader strength: Consistent with earnings commentary, management highlighted bras as the foundation of the growth strategy, with innovation and newness continuing to support category momentum. Strong bra performance continues to create a halo effect across panties and sleep, reinforcing the importance of winning in the core category. n Full-price selling remains a key earnings lever: The company highlighted that it is growing, taking share, and raising AURs simultaneously, supported by reduced promotions and stronger regular-price selling. Management described the next phase of the strategy as more surgically managing the timing, duration, and

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Goldman Sachs Victoria’s Secret & Co. (VSXY)

depth of promotional events while continuing to drive innovation and customer engagement. Regular-price units significantly outperformed markdown units in 2Q, with confidence that unit growth can continue to strengthen into 2H. n PINK continues to evolve into broader lifestyle brand: Management highlighted ongoing strength across key PINK icons and apparel franchises, while reiterating that apparel remains an important customer acquisition and engagement vehicle. Commentary reinforced confidence that the brand’s increasingly distinct identity is supporting growth across bras, panties, and apparel. n Beauty remains emerging growth driver: Discussion reinforced management’s strategy of integrating beauty into major brand moments and broader storytelling efforts. Fragrance innovation, archive fragrance launches, increased marketing support, and enhanced in-store presentation were highlighted as key drivers of future growth. n Confidence in international despite tougher 2H comparisons: Management reiterated confidence in the long-term international opportunity, highlighting continued strength in China and the European digital business. They also cited improving retail productivity, localized assortments, and opportunities to further expand within existing markets as key drivers supporting sustained growth. n Fashion Show and marketing as customer acquisition levers: Management highlighted the success of last year’s Fashion Show and outlined plans to further expand its reach through the Angels Among Us…