Roy Raymond (businessman)
Encyclopedia
Roy Raymond was an American
businessman who started the Victoria's Secret
lingerie retail store.
Raymond, an alumnus of Tufts University
and The Stanford Graduate School of Business
, opened the first Victoria's Secret store at the Stanford Shopping Center
after feeling embarrassed trying to purchase lingerie for his wife in an awkward, public department store environment. To open the store, he took a $40,000 bank loan and borrowed $40,000 from relatives. The company earned $500,000 in its first year. He quickly started a mail order catalog and opened three more stores.
In 1982, after five years of operation, Raymond sold the Victoria's Secret company, with its six stores and 42-page catalogue, grossing $6 million per year, to Leslie Wexner, creator of The Limited, for $4 million. By the early 1990s, Victoria's Secret had become the largest American lingerie retailer, topping one billion dollars. In FY 2009, Victoria's Secret was worth over $5 Billion USD.
In 1984, Raymond started My Child's Destiny, a retail store for children which went bankrupt
in 1986.
On August 26, 1993, Raymond committed suicide by leaping off the Golden Gate Bridge
at the age of 46.
, Raymond is referenced by Sean Parker
as a warning to Mark Zuckerberg
of the dangers of failing to understand the potential of a successful idea.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman who started the Victoria's Secret
Victoria's Secret
Victoria's Secret is an American retailer of women's wear, lingerie and beauty products. It is the largest segment of publicly-traded Limited Brands with sales of over US$5 billion and an operating income of $1 billion in 2006...
lingerie retail store.
Raymond, an alumnus of Tufts University
Tufts University
Tufts University is a private research university located in Medford/Somerville, near Boston, Massachusetts. It is organized into ten schools, including two undergraduate programs and eight graduate divisions, on four campuses in Massachusetts and on the eastern border of France...
and The Stanford Graduate School of Business
Stanford Graduate School of Business
The Stanford Graduate School of Business is one of the professional schools of Stanford University, in Stanford, California and is broadly regarded as one of the best business schools in the world.The Stanford GSB offers a general management Master of Business Administration degree, the Sloan...
, opened the first Victoria's Secret store at the Stanford Shopping Center
Stanford Shopping Center
Stanford Shopping Center is an upscale open air shopping mall located on El Camino Real at Sand Hill Road in Palo Alto, California. It is on the campus of Stanford University although the university only owns the land and not the actual buildings or stores...
after feeling embarrassed trying to purchase lingerie for his wife in an awkward, public department store environment. To open the store, he took a $40,000 bank loan and borrowed $40,000 from relatives. The company earned $500,000 in its first year. He quickly started a mail order catalog and opened three more stores.
In 1982, after five years of operation, Raymond sold the Victoria's Secret company, with its six stores and 42-page catalogue, grossing $6 million per year, to Leslie Wexner, creator of The Limited, for $4 million. By the early 1990s, Victoria's Secret had become the largest American lingerie retailer, topping one billion dollars. In FY 2009, Victoria's Secret was worth over $5 Billion USD.
In 1984, Raymond started My Child's Destiny, a retail store for children which went bankrupt
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
in 1986.
On August 26, 1993, Raymond committed suicide by leaping off the Golden Gate Bridge
Golden Gate Bridge
The Golden Gate Bridge is a suspension bridge spanning the Golden Gate, the opening of the San Francisco Bay into the Pacific Ocean. As part of both U.S. Route 101 and California State Route 1, the structure links the city of San Francisco, on the northern tip of the San Francisco Peninsula, to...
at the age of 46.
In popular culture
In the 2010 film The Social NetworkThe Social Network
The Social Network is a 2010 American drama film directed by David Fincher and written by Aaron Sorkin. Adapted from Ben Mezrich's 2009 book The Accidental Billionaires, the film portrays the founding of social networking website Facebook and the resulting lawsuits...
, Raymond is referenced by Sean Parker
Sean Parker
Sean Parker is an American technology businessman and entrepreneur. He co-founded Napster, Plaxo, Causes, and Airtime, and was Facebook's founding president. His net worth is estimated at $2.1 billion.-Early life:...
as a warning to Mark Zuckerberg
Mark Zuckerberg
Mark Elliot Zuckerberg is an American computer programmer and Internet entrepreneur. He is best known for co-creating the social networking site Facebook, of which he is chief executive and president...
of the dangers of failing to understand the potential of a successful idea.