Victoria’s Secret Brand Audit: Apparel Group’s Indian Route

Victoria’s Secret belongs to Victoria’s Secret & Co., a Delaware corporation headquartered in Columbus, Ohio and trading on the New York Stock Exchange as VSCO. The Indian clothing mark, application 625622 in class 25, stands in the name of a subsidiary, Victoria’s Secret Stores Brand Management, LLC of Reynoldsburg, Ohio, “Registered” to 19 April 2031.

In India the goods reach buyers through Apparel Group companies; the owner’s own subsidiary list, filed as at 31 January 2026, names fifteen companies and none in India. On 26 September 2026 the company printed as Packer/Importer on the brand’s own Indian website, and as seller of record on 16 of 20 marketplace records read, was Apparel Group Global Fashion Brands Private Limited, on the register since 28 February 2026.

Snapshot

What it is

A lingerie, sleepwear and beauty brand of Victoria’s Secret & Co., incorporated in Delaware, NYSE ticker VSCO, world headquarters Columbus, Ohio; net sales $6.553 billion in fiscal 2025

Indian trade marks

Application 625622, class 25, goods “Clothing, Footwear And Headgear”, status “Registered”, filed 19 April 1994, valid until 19 April 2031, proprietor “Victoria’s Secret Stores Brand Management, LLC” of Reynoldsburg, Ohio; beauty entry 880124 in class 3, also “Registered” (register mirror)

Indian seller and importer

Apparel Group Global Fashion Brands Private Limited, status “Active”, incorporated 28 February 2026, registered office Kandivali West, Mumbai 400067. CIN printed as U14101MH2026PTC468980 on one mirror and U47710MH2026PTC468980 on another. Declared manufacturer on most marketplace records: Apparel Group India Private Limited, CIN U18101MH2001PTC131895, status “Active”, incorporated 8 May 2001, ROC Mumbai

Declared origin

Vietnam on the three bras and the United States on the fragrance on the brand’s own Indian site; Vietnam 11, United States of America 5, Indonesia 1, “Mexico,India” 1 on 20 marketplace records

Returns and warranty in India

Returns 15 days from receipt, with briefs, panties, beauty items and clearance items excluded; no warranty, guarantee period or defect-liability statement on any Indian page read

Price band in India

MRP ₹6,499 to ₹7,789 for three bras on the brand’s own Indian site, each selling at half on a “Clearance-50% Off” label; the 50 ml Bombshell Eau de Parfum ₹6,999, read 26 September 2026

The shelf

6,547 listings in the brand facet of a large Indian fashion marketplace; across the first 40 in listing order, median MRP ₹7,024 and median selling price ₹3,700, 52.7% of MRP, all 40 reduced; read 26 September 2026

Indian stores

15, in a report of 2 September 2025, of which the operator counted 10 as Beauty Assortment stores; a further store opened in Pune on 25 June 2026 with no count stated

Who owns Victoria’s Secret

This owner is five years old as a separate listed business. A Form 8-K reporting 22 March 2013 records that “Limited Brands, Inc. (the “Company”) changed its name to L Brands, Inc.” Eight years on the group cut the lingerie business loose, and one release carries the decision:

its Board of Directors has approved the previously announced separation of the Victoria’s Secret business into an independent, publicly traded company.

L Brands, Inc. press release, 9 July 2021, which also gives the one-for-three ratio, the parent’s rename to Bath & Body Works, Inc. and the “VSCO” listing; read 26 September 2026.

The owner publishes group figures, not Indian ones. Its results release of 5 March 2026 gives fiscal 2025 net sales of $6.553 billion, operating income of $270.642 million and net income attributable to Victoria’s Secret & Co. of $160.858 million. At 31 January 2026 it counted “1,420 retail stores in approximately 70 countries”: 766 company-operated in the United States, 24 company-operated in Canada, 65 in the China joint venture, 562 partner-operated and 3 Adore Me.

Exhibit 21.1 to the Form 10-K covering that year, filed 20 March 2026, is the owner naming its own children. Fifteen appear, among them Mast Industries (Far East) Limited of Hong Kong, MII Brand Import, LLC and Victoria’s Secret Stores Brand Management, LLC of Delaware. None is Indian, and the word India is absent from that Form 10-K, from the one before it and from the July 2021 information statement.

The trade-mark lines here are taken from a public mirror of the register, with proprietor names as it prints them.

Of the 25 marks the mirror lists for this name, some twenty stand in the name of the owner’s United States brand-management company and none in an Indian company’s. The mark governing garments is 625622, class 25, filed 19 April 1994, “Registered” to 19 April 2031, in that company’s name; beauty has its own entry, 880124 in class 3, also “Registered”. The mirror shows no registered user against the class 25 record.

How Victoria’s Secret reaches India

Between the Ohio owner and an Indian checkout stand two Apparel Group companies, one of them renamed. Trade reports describe the Indian arrangement across six years, in wording that changes over time.

Ten trade reports, read 26 September 2026. On the operator’s own count of 2 September 2025, ten of fifteen shops were beauty stores.

The last document to name a legal form is from September 2023, the last to mention exclusivity April 2025. On the companies register, one CIN, U18101MH2001PTC131895, carries both stories: present name APPAREL GROUP INDIA PRIVATE LIMITED, former names printed as “MAJOR BRANDS INDIA PRIVATE LIMITED” and “MAJOR BRANDS (INDIA) PRIVATE LIMITED”, incorporated 8 May 2001, “Active”, NIC 1810; one legal person renamed, with no date of change published, and two offices, at pin 400059 and pin 400072.

Victoria’s Secret on the shelf

On a large Indian fashion marketplace on 26 September 2026 the brand facet held 6,547 listings. Across the first 40 in listing order the median MRP was ₹7,024 and the median selling price ₹3,700, 52.7% of MRP, with all 40 reduced: 24 bras, 9 briefs, 4 body mists, 1 perfume and 1 baby doll. One shelf on one day, and not a trend.

Take the Manufacturer/Packer/Importer line as an address for correspondence and a name to hold responsible, because that is its whole job. Indian packaging rules want one identifiable party behind a packaged good, and the field is where that party signs. It certifies no building; a factory address there means only that the entity at it has accepted the answering.

Read 26 September 2026 in both places, with names exactly as the fields printed them.

The two Apparel Group names on the pack are the two the companies register carries, so the contract of sale and the complaint go somewhere a shopper can look up. How the same line reads on a marketplace’s own label is set out in the audit of an in-house womenswear range.

Where Victoria’s Secret is made

India appears once in the owner’s published material, on the making side: “To date, tier 3 cotton spinning for our nominated tier 2 suppliers occur in Vietnam, Indonesia and India.” Its transparency statement for the year to 31 January 2026 puts production “the majority in Vietnam, Sri Lanka, and the U.S.” and its top ten suppliers at “more than 87 percent” of that spend. The Indian product pages agree: Vietnam on the three bras, the United States on the fragrance, whose manufacturer line names a contract manufacturer in Holmdel, New Jersey. The company in the Manufacturer/Packer/Importer field is not the factory and the field does not say it is; the country of origin line is the only statement of where the bra was made, and it is a declaration.

The companies named in Victoria’s Secret India’s terms of use

The Indian site’s terms name “Apparel Group Global Fashion Brands Pvt Ltd” and “Victoriassecret.in Pte Ltd” as owning the site, under Indian law and the jurisdiction of the Mumbai courts. Apparel Group Global Fashion Brands Private Limited was incorporated on 28 February 2026 with ₹3,00,00,000 paid-up capital; the two register mirrors read print its CIN with different activity codes, U14101MH2026PTC468980 and U47710MH2026PTC468980.

The terms and privacy policy give the company’s address as the Raiaskaran Tech Park floor in Marol, Mumbai 400072, the same address printed on the product pages and one a mirror gives for Apparel Group India Private Limited; the register puts its registered office in Kandivali West.

Returns, warranty and who answers

Start with warranty. The four policy pages read carry no warranty, guarantee period or defect-liability statement. The nearest thing is a guarantee to refund unworn or unwashed items returned in sellable condition, with the original receipt and packaging, within 15 days of purchase.

The exclusions matter most to a lingerie shopper. For hygiene reasons the FAQ excludes briefs, panties, shapewear panties and opened multi-piece sets that include panties, unless defective or wrongly sent, and it excludes all beauty items. The return policy page adds clearance items, and all three reduced bras priced on the brand’s own Indian site on 26 September 2026 carried a “Clearance-50% Off” label, so under the published policy they could not be returned.

Refunds are paid by victoriassecret.in, on two timelines: the FAQ “4-7 business days”, the return policy 24 to 48 hours to process plus “up to 5-7 working days to reflect”. The published contacts are an email at the partner’s own apparelgroup.in domain and 1800-833-5350, “Monday to Sunday: 9am – 10pm”. The same four policy pages are read on another single-label Indian site.

What Victoria’s Secret costs in India

One article matched cleanly across the two sites: the Bombshell Add-2-Cups Smooth Push-Up Bra, SKU 11259395 in the United States and Style ID 1125939555H9 in India. No duty or landed-cost figure is published on either page and none is worked out here; no conversion is applied.

Both pages read 26 September 2026. Two further Indian bras were priced the same day: Style ID 1121398226P3, MRP ₹6,499 and ₹3,249, and Style ID 1126264895D1, MRP ₹7,789 and ₹3,894, both “Clearance-50% Off”, both Vietnam.

Two rows stop this being one article at two prices: the published size ranges are not the same list, and the printed cup linings differ. On fragrance the mismatch is plainer — $79.95 for 3.4 fl oz there, ₹6,999 for 50 ml here — so nothing is compared between them.

No price tier is given on this page: four product pages on the brand’s own Indian site support no median and no discount rate.

Checking a Victoria’s Secret is genuine

No single tell for a genuine piece is printed here; what the pages print are product claims. “Partially made from recycled materials” appears on bra pages in both markets with the fibre percentages; the pages do not name a recycled-content standard or certifier, or give a patent number for the “patented non-slip band”. “America’s No. 1 Fragrance” appears on the fragrance page in both markets; on the United States page it is footnoted to Euromonitor International Limited data on fragrances category sales, 2025, a footnote not found on the Indian page read, and the claim is about the United States, not an Indian ranking. Retail claims carry their own paperwork, as this audit of a listed Indian retailer’s labels sets out.

The record in India

No register matter naming the brand was found beyond the marks above. Nobody has ruled on anything set out on this page: no Indian court or tribunal has decided any of it, no Indian regulator has made a finding about any company named here, and nothing written here is such a finding.

Who Victoria’s Secret is actually for

Victoria’s Secret in India suits a buyer who wants the American label at an Indian MRP of ₹6,499 to ₹7,789 a bra, will buy it from Apparel Group Global Fashion Brands Private Limited rather than from the Ohio owner, and reads the clearance label before the discount. The published Indian size list on the bra read was band 32 to 38 and cup A to D, shorter than the United States page’s.

Common questions

References

1. Victoria’s Secret & Co., Form 10-K covering the year to 31 January 2026, filed on 20 March 2026 — Delaware incorporation and the NYSE: VSCO cover line, “627 international stores across approximately 70 countries”, “562 stores that are operated by our partners around the world”, the ten-year franchise and five-year wholesale initial terms, approximately 335 vendors, “Third-party vendors produce the vast majority of our products”, and the absence of the word India; read 26 September 2026
2. Exhibit 21.1 to that Form 10-K, the subsidiary list as at 31 January 2026 — the fifteen companies and their jurisdictions, including Mast Industries (Far East) Limited, MII Brand Import, LLC and Victoria’s Secret Stores Brand Management, LLC, and no Indian entity; read 26 September 2026
3. L Brands, Inc. press release, 9 July 2021 — the quoted board approval, the 22 July 2021 record date, distribution after the market close on 2 August 2021, the one-for-three ratio, the rename to Bath & Body Works, Inc., the “LB” to “BBWI” ticker change and the VSCO listing; read 26 September 2026
4. Form 10 information statement, Exhibit 99.1, July 2021 and the completion release datelined Reynoldsburg, Ohio, 3 August 2021 — the distribution mechanics and the completed separation, with no founding year and no mention of India in either; both read 26 September 2026
5. Victoria’s Secret & Co. company FAQs — “On August 3, 2021, L Brands (NYSE: LB) completed the separation…”, the NYSE ticker sentence and the Columbus, Ohio headquarters sentence, giving a second date for the spin-off; read 26 September 2026
6. Fourth-quarter and full-year 2025 results release, 5 March 2026 — net sales $6.553 billion, operating income $270.642 million, net income attributable to Victoria’s Secret & Co. $160.858 million, “1,420 retail stores in approximately 70 countries” and its breakdown, and “more than 30,000 associates across a global footprint”; read 26 September 2026. With the Adore Me completion release of 3 January 2023, which discloses no price
7. Form 8-K, date of report 22 March 2013 — the change of name from Limited Brands, Inc. to L Brands, Inc.; with the L Brands Form 10-K for the year ended 2 February 2019, “our products are sold at hundreds of partner locations in more than 70 countries” and no mention of India, and the Form 10-K for the year ended 1 February 2025; all read 26 September 2026
8. Victoria’s Secret & Co., Supply Chain Mapping & Traceability and its Modern Slavery Transparency Statement covering the year to 31 January 2026 — the tier 3 cotton spinning sentence naming India, the annual visits to Indian spinning mills, “We have mapped 100% of our Tier 1 manufacturing facilities”, the IPS and Oritain credits, the Apparel Alliance taxonomy, production “the majority in Vietnam, Sri Lanka, and the U.S.” and the top-ten supplier share of “more than 87 percent”; both read 26 September 2026. With the international partners FAQ, which names no India and states that the company is “not entertaining requests for new partners, distributors or licensees”
9. A register mirror for APPAREL GROUP INDIA PRIVATE LIMITED, with a second and a third — CIN U18101MH2001PTC131895, status “Active”, incorporation 8 May 2001, authorised ₹35,00,00,000 and paid-up ₹25,86,58,470, NIC 1810, the former names “MAJOR BRANDS INDIA PRIVATE LIMITED” and “MAJOR BRANDS (INDIA) PRIVATE LIMITED” with no date of change published, and the Andheri East and Raiaskaran Tech Park registered-office readings; all read 26 September 2026
10. A register mirror for APPAREL GROUP GLOBAL FASHION BRANDS PRIVATE LIMITED and the same company on a second mirror — incorporation 28 February 2026, status “Active”, the Kandivali West registered office, paid-up ₹3,00,00,000, and the CIN printed as U14101MH2026PTC468980 on one and U47710MH2026PTC468980 on the other; both read 26 September 2026
11. The trade-mark mirror’s record for application 625622, with its search listing for the name — class 25, goods “Clothing, Footwear And Headgear”, proprietor “Victoria’s Secret Stores Brand Management, LLC, Four Limited Parkway, Reynoldsburg, Ohio 43068, U.S.A”, filed 19 April 1994, status “Registered”, valid until 19 April 2031, the subsequent proprietor entry of 03/01/2013 per Form TM 24 dated 23/03/2006, the Delhi office, no registered user shown, the 25 marks listed for the name, the 20 records in the brand-management company’s name, and class 3 application 880124 filed 6 October 1999, “Registered”; both read 26 September 2026. A mirror of the official register, not a certified extract
12. victoriassecret.in Site Terms Notice, its privacy, cookies and data protection policy, its return policy, its FAQ and contact page, its home page and its store locator — the two company names in the terms, the Raiaskaran Tech Park address, Indian governing law and Mumbai jurisdiction, the “18 July 2019” effective date and the GDPR officer, the 15-day window and the hygiene, beauty and clearance exclusions, the two refund timelines, the refund-by-victoriassecret.in sentence, the shipping-charge rule, the published contact routes and the absence of any warranty; all read 26 September 2026
13. victoriassecret.in, Bombshell Add-2-Cups Smooth Push-Up Bra, Style ID 1125939555H9, Style ID 1121398226P3, Style ID 1126264895D1 and the 50 ml Bombshell Eau de Parfum, Style ID 112542112457 — the MRP and selling prices, the “Inclusive of all Taxes” and “Clearance-50% Off” labels, the published band and cup ranges, the printed fibre percentages, the Vietnam and United States origins, the Holmdel contract manufacturer on the fragrance line, the Manufacturer/Packer/Importer and Exporter fields, the “Victoria’s Secret India” seller string, and the recycled-materials, padding, non-slip band and five-ways claims; all read 26 September 2026
14. victoriassecret.com, Bombshell Add-2-Cups Smooth Push-Up Bra, SKU 11259395 and Bombshell Eau de Parfum 3.4 oz, SKU 26908462 — $54.95 with no reduced price shown, the band and cup ranges, the three printed compositions, $79.95 for 3.4 fl oz, and the “America’s No. 1 Fragrance” footnote to Euromonitor International Limited data on fragrances category sales, 2025; both read 26 September 2026
15. Indian Retailer, 1 December 2021, Apparel Resources India, 19 July 2022, Indian Retailer, 10 September 2022, FashionNetwork, 13 September 2023, Indian Retailer, 30 September 2024, Indian Retailer, 27 January 2025, afaqs, 2 April 2025, Franchise India, 10 July 2025 and In Fashion Business, 2 September 2025 — the 22 November 2021 website launch and the Major Brands partnership, the “franchise retailer” wording and the ten-store plan, the Phoenix Palladium opening with no operating company named, the “franchisee retailer, the fashion giant Apparel Group” sentence and the arrival of lingerie on the Indian website, the tenth store at LuLu Mall Kochi, the eleventh at Nexus Mall Hyderabad, the “exclusive partner for Victoria’s Secret in India” wording, the thirteenth store at Express Avenue Mall Chennai at 1,102 sq ft across seven cities, and “This marks Victoria’s Secret’s 15th store in India and its 10th Beauty Assortment (BA)” at ZORA Mall, Raipur; all read 26 September 2026
16. FashionNetwork, 25 June 2026, on a new store on the “upper ground floor of the Phoenix Avenue of Stars shopping mall in Pune’s bustling Viman Nagar neighbourhood” — the wording “The brand is part of Apparel Group’s India brand portfolio”, with no store count and none of the words franchise, licence or distributor; read 26 September 2026
17. majorbrands.co.in, About Us — the page title rendered as “Apparel Group India PVT.LTD” while the body gives the legal name as “Major Brands (India) Private Limited”, the word “Franchisee”, the brand list including Aldo, Charles & Keith, Inglot, Lasenza, Beverly Hills Polo Club, Call it Spring, Bath and Body Works, Nine West and Promod, and no mention of Victoria’s Secret; read 26 September 2026
18. A large Indian fashion marketplace — its brand facet, its listing pages, and the declaration fields carried on individual listings, every figure taken on 26 September 2026: the facet count of 6,547 listings, the first 40 in listing order giving a median MRP of ₹7,024 and a median selling price of ₹3,700 with all 40 reduced, the article mix across 39 of the 40 as 24 bras, 9 briefs, 4 body mists, 1 perfume and 1 baby doll, the Bare Vanilla Fragrance Mist at ₹2,699 against ₹1,619, and from 20 records the seller of record APPAREL GROUP GLOBAL FASHION BRANDS PRIVATE LIMITED on 16 with Supercom Net on 4, Apparel Group India Pvt Ltd as declared manufacturer at two Mumbai addresses on 15 plus a New Albany, Ohio entry on 1 across seven distinct entries, the Apparel Group companies as importer on 19, and origins Vietnam 11, United States of America 5, Indonesia 1 and “Mexico,India” 1