SCHEDULE: BlackRock Discloses 13.7% Passive Stake in Victoria's Secret & Co.

BlackRock, Inc. has filed an amended Schedule 13G, reporting a 13.7% beneficial ownership of common stock in Victoria's Secret & Co. as of June 30, 2025.

Summary

• BlackRock, Inc. has filed an Amendment No. 6 to its Schedule 13G regarding its beneficial ownership in Victoria's Secret & Co.
• As of June 30, 2025, BlackRock, Inc. beneficially owns an aggregate of 10,936,720 shares of Victoria's Secret & Co. common stock.
• This ownership represents 13.7% of the total outstanding common stock of Victoria's Secret & Co.
• BlackRock holds sole voting power over 10,782,295 shares and sole dispositive power over 10,936,720 shares.
• No shared voting or shared dispositive power is reported.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• iShares Core S&P Small-Cap ETF, a BlackRock entity, is noted as having an interest of more than five percent of the total outstanding common stock.
• BlackRock, Inc.'s principal business office is located at 50 Hudson Yards, New York, NY 10001.

Sentiment

Score: 7

Explanation: The disclosure of a significant, passive stake by a major institutional investor like BlackRock is generally viewed positively, indicating confidence and stability in the company's long-term prospects, even if it's part of an index fund.

Positives

• A significant 13.7% stake held by a major institutional investor like BlackRock, Inc. can signal long-term confidence in Victoria's Secret & Co.
• The filing explicitly states that the shares are held in the ordinary course of business and not for the purpose of changing or influencing control, indicating a passive and stable investment.

Risks

• No specific risks related to Victoria's Secret & Co.'s operations or financial health are disclosed in this filing, as it pertains solely to beneficial ownership.

Future Outlook

No forward-looking statements or guidance regarding Victoria's Secret & Co.'s future performance or strategic direction are provided in this beneficial ownership filing.

Management Comments

• "The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing indicates a significant passive investment by BlackRock, a leading global asset manager, in Victoria's Secret & Co., a prominent company in the retail apparel and lingerie sector. Such institutional holdings are common and reflect a fund's investment strategy, often related to index tracking or broad market exposure.

Comparison to Industry Standards

• BlackRock's 13.7% stake in Victoria's Secret & Co. represents a substantial institutional holding, typical for large asset managers that include companies in their various funds and ETFs, such as the iShares Core S&P Small-Cap ETF mentioned in the filing.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional holder provides transparency regarding the company's ownership structure and can influence market perception.

Key Dates

Keywords

Victoria's Secret, BlackRock, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Retail, Apparel, Lingerie