Victoria's Secret stock soars nearly 300% as GLP-1 weight-loss drugs help reshape lingerie buying habits

Victoria's Secret shares have surged nearly 300% over the past year. The company's stock, now trading under VSXY after a June 2026 ticker change , has climbed to levels investors haven't seen in years.

There are several factors behind the turnaround, including stronger sales , a revamped brand strategy and a new management team . But Wall Street analysts are also pointing to an unlikely potential beneficiary of the Ozempic era: lingerie.

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The theory is part of the broader " Ozempic economy ," in which the rapid growth in use of GLP-1 weight-loss medications such as Ozempic, Wegovy and Zepbound could reshape consumer spending .

As millions of people lose weight while taking these medications, they may need to replace clothing that no longer fits — and the " Ozempic effect " is potentially creating a spending boom. Victoria's Secret appears to be reaping some of the benefits of that shift.

The "Ozempic effect" could mean a new wardrobe, including lingerie

Changes in body size and shape can require people to replace underwear, bras and other intimate apparel, which is an obvious benefit for lingerie retailers like Victoria's Secret. Coupled with the fact that losing weight is associated with feeling more sexually attractive, according to Duke University Medical Center researchers , it makes even more sense why Victoria's Secret is seeing sales skyrocket.

Victoria's Secret CEO Hillary Super has said the company is watching the impact of GLP-1 medications on its customers. Fortune reported that the retailer was seeing roughly a 3% shift downward in the bra-band and underwear sizes being purchased — something Super linked to people losing weight.

Reuters also recently reported that GLP-1 users are returning to physical stores because changes to their bodies make it more difficult to know what will fit without trying clothes on. A ReturnPro survey additionally found that more than half (58%) of GLP-1 users are spending on premium or higher-priced apparel when they visit physical retail stores.

So someone who loses a significant amount of weight may not just buy one new bra. They could potentially replace an entire drawer of underwear and lingerie — and spend more while doing it.