A bank loan of 40,000 dollars paired with an equal contribution from his family served as the foundation for the retail venture that Roy Larson Raymond established in 1977. While his name became synonymous with the lingerie industry, his professional life involved a series of ambitious commercial projects and significant financial transitions across the United States.
Early Education and Career
Born in Connecticut on April 15, 1947, Raymond demonstrated early business aptitude by producing wedding invitations at age 13 in Fairfield. He attended Tufts University, graduating in 1969, and continued his education at the Stanford Graduate School of Business, where he earned a master’s degree in 1971. Before striking out on his own, he held marketing roles at several firms, including the Vicks company, Richardson-Merrell, and Guild Wineries.
The Founding of Victoria's Secret
Raymond co-founded Victoria's Secret with his wife, Gaye, on June 12, 1977. The first store opened at the Stanford Shopping Center in Palo Alto, California. The concept emerged from his personal discomfort when purchasing lingerie at department stores. The name was selected to suggest the refinement of Victorian-era boudoirs. In its inaugural year, the business generated 500,000 dollars. Raymond eventually expanded the operation to include three stores in San Francisco and a mail-order catalogue.
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In the early 1980s, Leslie Wexner visited the stores and expressed interest in acquiring the business. By 1982, facing bankruptcy, Raymond agreed to sell Victoria's Secret to Wexner for 1 million dollars. At the time of the sale, the company operated five stores and a 42-page catalogue, grossing 6 million dollars annually. Raymond remained as president for approximately one year while planning his next venture, a children’s store called My Child's Destiny.
Post-Retail Ventures
Raymond invested 850,000 dollars of his own capital into My Child's Destiny in 1984. The shop targeted affluent professional couples, selling imported toys and computer games. However, a narrow marketing strategy and a poor location led to a filing for Chapter 11 bankruptcy in 1986. Because the firm was not incorporated, Raymond faced personal liability, resulting in the loss of his vehicles and his homes in San Francisco and Lake Tahoe. He subsequently pursued various projects, including a children's bookstore named Quinby's, which he eventually exited following financial disputes.
Final Years
Following a 1990 divorce from his wife, Gaye, with whom he had two children, Raymond spent his final years in California. On August 26, 1993, he died by suicide after jumping from the Golden Gate Bridge. His body was recovered by the Coast Guard near the Marin County shoreline. Gaye Raymond noted that he had struggled with depression related to his recurring business difficulties.
Fast facts
- Born: April 15, 1947, Connecticut
- Died: August 26, 1993, Marin County
- Education: Tufts University, 1969
- MBA: Stanford Graduate School of Business, 1971
- Victoria's Secret Founded: June 12, 1977
- Sale Price of Victoria's Secret: 1 million dollars
- Children: Two
- Citizenship: United States
Questions readers ask
What inspired the creation of Victoria's Secret?
Raymond felt embarrassed while shopping for lingerie for his wife in traditional department stores.
Why did My Child's Destiny fail?
The business suffered from limited walk-in traffic due to its location and a restrictive marketing strategy that alienated many potential customers.
Achievements
- Educated at Stanford University and Tufts University
