LOWBuilt-inGeographic
15%
net sales outside the United States
“10-K Item 1A: 'In fiscal 2025, approximately 15% of our total net sales were derived from markets outside the U.S.'”
VSXY · Concentration risk · 10-K extracted
Victorias Secret & (VSXY) concentration risks
Updated
The most significant concentration Victorias Secret & discloses is net sales outside the United States at 15%, classified LOW by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Victorias Secret &’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH0
MEDIUM0
LOW2
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
LOWOutside partySupplier
13%
largest merchandise vendor
“10-K Item 1: 'the largest of which accounted for approximately 13% of our purchases by spend'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Victoria's Secret's disclosed concentration exposures are both modest in scale. Approximately 15% of total net sales in fiscal 2025 were derived from markets outside the U.S., a low-share, structural geographic exposure consistent with a predominantly domestic retail business that has some international diversification rather than dependence on it. On the supply side, the largest merchandise vendor accounted for approximately 13% of purchases by spend, a low-share dependency exposure. Neither figure suggests a business that is unusually reliant on a single foreign market or a single supplier; rather, both point to a company whose revenue and sourcing are broadly diversified, with only a modest tail of exposure sitting outside the U.S. or with the largest vendor. Because both disclosed concentrations sit at the low end of the range, they are unlikely on their own to move the investment verdict — the structural international exposure is a minor contributor to results, and the vendor dependency, while worth monitoring given typical apparel supply-chain risk, does not rise to a level suggesting a single point of failure. Overall, the concentration profile here is a supporting data point rather than a central risk factor for the company.
For the engine’s reasoning on VSXY’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Apparel Retail
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BKE | Buckle, Inc. (The) | 0 | 2 | 1 | 3 |
| ANF | Abercrombie & Fitch Company | 0 | 2 | 0 | 2 |
| AEO | American Eagle Outfitters, Inc. | 0 | 1 | 0 | 1 |
| BOOT | Boot Barn Holdings, Inc. | 0 | 1 | 0 | 1 |
| VSXY● | Victorias Secret & Co. | 0 | 0 | 2 | 2 |
| BURL | Burlington Stores, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.