What Victoria's Secret & Co. told the SEC could break it.

Victoria's Secret sources materials and manufactures products in many countries (notably China and Southeast Asia), so 2025 tariffs cut operating income by approximately $85 million (net of mitigation) and caused supply-chain disruption; the landscape is volatile — the Supreme Court struck down IEEPA tariffs on Feb 20, 2026 and a new 10% Section 122 global tariff followed — leaving its cost base uncertain.

“Throughout 2025, the U.S. presidential administration imposed varying levels of tariffs on several countries where we source materials and manufacture products. We estimate tariffs, net of mitigation efforts, negatively impacted our operating income during fiscal 2025 by approximately $85 million and resulted in increased expenses, supply chain disruption, and uncertainty.”

A significant portion of Victoria's Secret's intimates and apparel is produced in Southeast Asia, concentrating its manufacturing in a region exposed to tariffs, trade restrictions, freight disruption and regional/local production-cluster risk, since it also relies on production and distribution facilities located in the same vicinity.

“A significant portion of our intimates and apparel products are produced in Southeast Asia.”

Victoria's Secret buys merchandise from ~335 vendors worldwide, with the largest representing about 13% of purchases by spend; while it believes numerous alternative suppliers exist and no single vendor loss would be material, that 13% concentration is a notable single-supplier dependency in its sourcing base.

“During 2025, we purchased merchandise from approximately 335 vendors located throughout the world, the largest of which accounted for approximately 13% of our purchases by spend. We believe there are numerous alternative suppliers for our merchandise and that the loss of any one vendor would not have a material adverse effect on our business.”