Victoria's Secret shares have surged nearly 300% over the past year. The company's stock, now trading under VSXY after a June 2026 ticker change, has climbed to levels investors haven't seen in years.
There are several factors behind the turnaround, including stronger sales, a revamped brand strategy and a new management team. But Wall Street analysts are also pointing to an unlikely potential beneficiary of the Ozempic era: lingerie.
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The theory is part of the broader "Ozempic economy," in which the rapid growth in use of GLP-1 weight-loss medications such as Ozempic, Wegovy and Zepbound could reshape consumer spending.
As millions of people lose weight while taking these medications, they may need to replace clothing that no longer fits — and the "Ozempic effect" is potentially creating a spending boom. Victoria's Secret appears to be reaping some of the benefits of that shift.
The "Ozempic effect" could mean a new wardrobe, including lingerie
Changes in body size and shape can require people to replace underwear, bras and other intimate apparel, which is an obvious benefit for lingerie retailers like Victoria's Secret. Coupled with the fact that losing weight is associated with feeling more sexually attractive, according to Duke University Medical Center researchers, it makes even more sense why Victoria's Secret is seeing sales skyrocket.
Victoria's Secret CEO Hillary Super has said the company is watching the impact of GLP-1 medications on its customers. Fortune reported that the retailer was seeing roughly a 3% shift downward in the bra-band and underwear sizes being purchased — something Super linked to people losing weight.
Reuters also recently reported that GLP-1 users are returning to physical stores because changes to their bodies make it more difficult to know what will fit without trying clothes on. A ReturnPro survey additionally found that more than half (58%) of GLP-1 users are spending on premium or higher-priced apparel when they visit physical retail stores.
So someone who loses a significant amount of weight may not just buy one new bra. They could potentially replace an entire drawer of underwear and lingerie — and spend more while doing it.
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Ozempic isn't the only reason Victoria's Secret stock is soaring
That all said, GLP-1s alone haven't sent Victoria's Secret shares up almost 300% over the past year. The company has been undergoing a much broader turnaround.
Under Super, Victoria's Secret has revived its brand, improving its merchandise and moving away from some of the marketing strategies that had alienated customers previously. And the company has reported substantially stronger financial results because of it.
In its fiscal first quarter, Victoria's Secret reported $1.56 billion in sales, up 15% from the prior year. Comparable store sales increased 13%, while operating income jumped to $76 million from $20 million a year earlier.
The company has also highlighted its operational and shareholder-performance improvements under its new leadership.
"Since the Board announced Ms. Super's appointment in August 2024, VS&Co has delivered total shareholder return ("TSR") of 141%, significantly outperforming the peer group used by research analysts, the S&P 500 Consumer Discretionary Distribution Retail index, and the S&P 600," the company wrote in a May 2026 letter to shareholders.
Some prominent investors have taken notice. Billionaire hedge fund manager David Einhorn's firm recently exited its entire Victoria's Secret position after holding the stock for about a year. The investment generated a reported 157% internal rate of return.
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This article originally appeared on Moneywise.com under the title: Victoria's Secret stock soars nearly 300% as GLP-1 weight-loss drugs help reshape lingerie buying habits
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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