Roy Raymond
Founder of Victoria's Secret lingerie retailer.
Wikipedia / Wikimedia Commons
Roy Larson Raymond (April 15, 1947 – August 26, 1993) was an American businessman who launched the Victoria's Secret lingerie chain in California in 1977.
Born in Connecticut, Raymond started his first venture at age 13, a wedding invitation business in Fairfield. He graduated from Tufts University in 1969 and earned an MBA from Stanford Graduate School of Business in 1971. After working in marketing for Guild Wineries, Richardson-Merrell, and Vicks, he aimed to run his own company.
Raymond founded Victoria's Secret with his wife, Gaye, on June 12, 1977, in Delaware. The first store opened at the Stanford Shopping Center in Palo Alto. He was motivated by the awkwardness he felt buying lingerie for his wife at a department store. He borrowed $40,000 from a bank and another $40,000 from family. The Raymonds designed the store with a Victorian-inspired look. The name referenced Queen Victoria, aiming to suggest Victorian-era propriety while hinting at the "secret" beneath clothing. Raymond said they considered "a couple hundred names," but only that one captured the character they wanted. The company earned $500,000 in its first year, and Raymond launched a mail-order catalog and opened three stores in San Francisco.
In the early 1980s, Leslie Wexner saw the store, called it unique, and said he had never encountered anything like it. Raymond was initially wary of Wexner, who later recalled, "When I met him, it was as if he met the devil." Six months later, the business neared bankruptcy, and Raymond contacted Wexner. In 1982, after five years, he sold Victoria's Secret—five stores and a 42-page catalog grossing $6 million annually—for $1 million. He stayed on as president for about a year while starting his next venture, an upscale children's store called My Child's Destiny. In 1984, he invested $850,000 of his own money in it. The store, in San Francisco, sold computer games, imported dolls, and expensive toys via catalog, targeting professional couples. It struggled due to a poor location with little foot traffic and a marketing strategy focused on the wealthy, which seemed elitist. In 1986, the company filed for Chapter 11 bankruptcy. Because Raymond had not incorporated the business, he was personally liable. He and his wife lost their homes in San Francisco and Lake Tahoe, along with their vehicles. He continued developing ideas, including a children's
- born
- April 15, 1947, Connecticut
- died
- August 26, 1993, Golden Gate Bridge, California
- field
- Business, retail
- nationality
- American
- known_for
- Founding Victoria's Secret
Lore & Background
Roy Raymond was born in Connecticut and started an early business at age 13 producing wedding invitations. He graduated from Tufts University in 1969 and earned an MBA from Stanford Graduate School of Business in 1971. After working in marketing for several companies, he founded Victoria's Secret with his wife Gaye Raymond on June 12, 1977, in Delaware. The first store opened at the Stanford Shopping Center in Palo Alto, California, financed by $80,000 in loans. The company earned $500,000 in its first year and expanded to three stores and a mail-order catalog.
In 1982, after five years of operation, Raymond sold Victoria's Secret to Leslie Wexner for $1 million. He stayed on as president for about a year while starting a children's store called My Child's Destiny, which he personally invested $850,000 in. That business filed for chapter 11 bankruptcy in 1986, and Raymond lost his homes and vehicles. He later attempted other ventures including a children's book store, a mail-order hardware business, and a wig company for cancer patients.
Raymond and Gaye had two children and divorced in 1990. After his divorce, he was reportedly in a relationship with Peggy Knight. On August 26, 1993, Raymond died by suicide by jumping off the Golden Gate Bridge. His former wife stated she believed he suffered from depression following business failures.
Reader's Guide
Roy Raymond's significance lies in creating a retail concept that transformed the lingerie market by making the shopping experience comfortable for men and appealing to women through Victorian-inspired branding. His initial success with Victoria's Secret demonstrated the power of niche retailing and catalog sales, but his later ventures failed due to poor location, limited marketing, and financial liability from not incorporating. Raymond's story illustrates the volatility of entrepreneurship: he built a iconic brand from a personal embarrassment, sold it at a modest price, and then lost his fortune in subsequent attempts. His legacy is the brand itself, which grew enormously under Wexner's ownership, but his personal trajectory ended tragically. The article notes that Raymond's business failures and depression contributed to his death, highlighting the pressures faced by entrepreneurs.
Did You Know?
- Raymond started his first business at age 13 producing wedding invitations.
- He borrowed $40,000 from a bank and $40,000 from his family to open the first Victoria's Secret store.
- The company earned $500,000 in its first year and was sold for $1 million after five years.
- After selling Victoria's Secret, Raymond lost his homes and vehicles due to bankruptcy from his next venture.
Frequently Asked Questions
Who is Roy Raymond?
Roy Larson Raymond (1947–1993) was an American entrepreneur born in Connecticut, best known as the original founder of the Victoria's Secret lingerie brand. He launched the company in 1977 in Delaware together with his wife, Gaye.
What is Roy Raymond's main contribution to business?
Raymond is credited with conceiving and opening the first Victoria's Secret store, turning a small California venture into the seed of a major retail chain. He started the business in 1977 after years of marketing work at Guild Wineries, Richardson-Merrell, and Vicks.
What was Roy Raymond's background before founding Victoria's Secret?
He showed entrepreneurial instincts early, running a wedding invitation business in Fairfield, Connecticut, at just 13 years old. He later earned a degree from Tufts University in 1969 and an MBA from Stanford Graduate School of Business in 1971.
How did Roy Raymond's life end?
Raymond died on August 26, 1993, at the Golden Gate Bridge in California, at the age of 46. His death came roughly 16 years after he had co-founded the Victoria's Secret brand.
Why is Roy Raymond still talked about in pop culture and business circles?
As the person who originally created Victoria's Secret, Raymond is the namesake behind a brand that became a global fashion and retail icon. His story is often cited as an example of a single founder's vision outlasting his lifetime, with the company growing far beyond the modest 1977 Delaware store he opened.
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