Victoria's Secret is an American designer, manufacturer, and marketer of women's lingerie, womenswear, and beauty products. The company is widely known for their high visibility marketing including a catalog and annual televised fashion show featuring "angels" that ran through 2018. The company was originally founded in 1977 by Roy and Gaye Raymond as a response to packaged underwear, which Roy Raymond considered to be "ugly, floral-print nylon nightgowns". Les Wexner purchased Victoria's Secret in 1982 and drastically expanded their holdings into shopping malls across the United States and abroad. As of early 2019, Victoria's Secret was the largest lingerie retailer in the United States. In February 2020, L Brands sold Victoria's Secret to private equity firm Sycamore Partners while retaining a minority stake in the business.