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

We hosted investor meetings with Hillary Super (CEO), Scott Sekella (CFO and COO), Kevin Wynk (SVP, Global Controller), and Josephine Bartrams (Chief Communications Officer) at GS's 33rd Annual Global Consumer and Retail Conference. Management reiterated confidence that the VSXY turnaround remains in the early innings, with momentum driven by brand relevance, bra innovation, customer acquisition, and reduced promotional intensity. Key takeaways: bra-led momentum drives broader strength and creates a halo effect across panties and sleep; full-price selling remains a key earnings lever, with regular-price units significantly outperforming markdown units in 2Q; PINK continues to evolve into a broader lifestyle brand; Beauty remains an emerging growth driver supported by fragrance innovation, archive fragrance launches, increased marketing and enhanced in-store presentation;