Victoria's Secret was founded in 1977 by Roy Raymond to provide women with stylish and sophisticated lingerie options. It started as a small store focusing on lingerie but expanded to include catalogs, television ads, and online shopping. Key innovations included their catalogs, Pink line for younger customers, and million-dollar Fantasy Bras worn by supermodels. However, Victoria's Secret now faces challenges like a narrow product line and targeting only middle-aged women. It aims to expand into other products, endorse common people, address cultural variations, and sponsor general events.