NEW YORK, Feb. 28, 2022 (GLOBE NEWSWIRE) -- Victoria’s Secret today announced it intends to make a $7 million investment in women-led businesses identified by Venture Capital firm Amplifyher Ventures to provide women entrepreneurs with greater access to capital and growth opportunities. The initiative builds on the brand’s continued vision as an independent company to be the world's leading advocate for women, which includes empowering women in their careers and as leaders.
Victoria’s Secret and women-owned Amplifyher Ventures will partner to help close the gender investment funding gap by championing existing and up-and-coming women entrepreneurs; creating opportunities for women investors, business founders, and leadership teams to thrive; and ensuring women are represented in companies from the ground up.
The announcement comes as there is still a gender investment funding gap despite decades-long calls from the business and financial community to increase women’s access to business capital. Even while, data shows that women-led companies are more likely to be successful; they deliver higher revenue at more than twice the rate of their male counterparts per dollar invested, and they feed the “representation funnel”—filling their staffs with 2.5 times more women. In addition, companies with a woman founder and a woman executive hire six times more women than male-led companies.
“As a company whose associate base is nearly 90 percent women, ensuring that women are represented and supported in their careers is extremely important to us,” said Martin Waters, CEO, Victoria’s Secret & Co. “We’re proud to make this investment in women with Amplifyher Ventures and help address the critical gender funding gap. With Amplifyher we are championing women entrepreneurs who are already leading the way and also supporting them in paving the way for the next generation of women founders.”
"We look forward to partnering with Victoria's Secret in supporting women innovators," says Tricia Black, Partner and Founder at Amplifyher Ventures. "Amplifyher arms outstanding women with the resources and capital needed to build their own C-Suites, and Victoria's Secret is authentically aligned with this vision."
“We admire how Victoria’s Secret is fostering community to become a leading advocate for women,” says Meghan Cross, Partner at Amplifyher Ventures. “At Amplifyher, we work closely with our portfolio of under-represented founders who have a unique ability to deliver outsized returns through network-driven flywheel effects of growth. We sincerely look forward to Victoria’s Secret playing a role in our community.”
Victoria's Secret is also addressing the gap by continuing to build strategic business partnerships on its own platform with women founded intimates and lifestyle brands. Currently, partners include, For Love and Lemons, BlueBella, Frankies Bikinis, MINDD, BFYNE and others. Victoria’s Secret will continue to expand its partnerships with consumer relevant brands, creating a curated women powered ecosystem that supports entrepreneurs and their stories.
About Victoria's Secret:
Victoria’s Secret (NYSE: VSCO) is the world’s largest intimates specialty retailer offering a wide assortment of modern, fashion-inspired collections including signature bras, panties, lingerie, casual sleepwear and athleisure, as well as award-winning prestige fragrances and body care. With nearly 1,400 retail stores worldwide and a predominately female workforce of more than 25,000, Victoria’s Secret boasts the largest team of specialty trained bra fit experts worldwide. Victoria’s Secret is committed to inspiring women around the world with products and experiences that uplift and champion them and their journey while creating lifelong relationships and advocating for positive change.
About Amplifyher:
Amplifyher is a Venture Capital firm that invests in diverse leadership teams with a unique ability to create flywheel effects of growth in new markets. The firm’s operating and investment experience is of greatest value to founders in these three areas: commerce (identifiable brands with data-driven market opportunities and competitive logistics), care (tech-enabled innovations that yield greater efficiencies in consumer health, hospital infrastructure, and everyday living), and connectivity (groundbreaking platforms and tools that enhance the expression, distribution and monetization of information). For more information, visit amplifyherventures.com.
For further information, please contact:
Brooke Wilson
Victoria’s Secret & Co. Communications
communications@victoria.com
