OPINION

Who Owns The Want?

BlackRock is largest holder of Victoria's Secret (13.8%) and major holder of Novo Nordisk (4.1%) — same capital owns fantasy of thinness and the drug that promises it.

Cult Current Desk
Cult Current Desk
27 Oct 2026
Solar farm during sunset

 

Tvisha Tuli on of her Instagram carousels says capitalism doesn't follow beauty standards, it makes them. Follow the shareholding.

Victoria's Secret & Co. has been independent since August 2, 2021 spin-off from L Brands. Proxy 2026 lists BlackRock as largest holder at 13.8%, BBRC International (Brett Blundy) 13.0%, Vanguard 5.9%, 79.4 million shares outstanding. Ticker VSCO, market cap $7.3 bn, sales $1.61 bn in Q2 2026 up 10.4% year-over-year, international up 20%.

 

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Novo Nordisk A/S, maker of Ozempic (semaglutide) and Wegovy, is headquartered Bagsværd, Denmark, valued $1.17 trillion at peak. Governance: Novo Holdings A/S owns 28.1% capital, 77.1% voting rights — controls strategy. But free float B-shares are held by index funds — BlackRock around 4.1-5.07% per filings, Vanguard 3.2%. BlackRock increased to over 5% in 2023 disclosure. Ozempic itself approved 2017 for type 2 diabetes, now $50 bn GLP-1 market.

Same asset manager sits on both sides of desire.

History explains mechanics:

Victoria's Secret: Manufacturing Fantasy 1977-2018 - Founded by Roy Raymond embarrassed to buy lingerie for wife, bought by Les Wexner 1982 who turned $1 mn chain to $7 bn revenue peak. Mechanism — $10 mn televised fashion show from 1995, Angels tall, 5'11", 34-24-34, airbrushed, filmed with wind machines. GlobalData Retail note: management designing what men want, not what women want. Internal message — perfect body. Tagline 2014 campaign "The Perfect Body" with 10 same-size models sparked #iamperfect petition by UK students, Dove counter-campaign. By 2018 lowest viewership ever, CMO Ed Razek said show is fantasy, no plus-size, no trans. Brand cancelled 2019. Reason — fantasy stopped selling; ThirdLove, Aerie with fit, comfort, 78 sizes took share.

Rebrand 2021-2026: Inclusivity As Market: Spin-off, hire Paloma Elsesser size 14, first trans model Alex Consani 2024, Ashley Graham size 14 at 2026 show. Critique remains — average American woman 16-18, only one 14 on runway, one trans. But sales up. Analysis — inclusivity is also marketing. VS needs more women to feel connected because addressable market of skinny fantasy is $1 bn, addressable market of all women feeling sexy is $10 bn.

Ozempic: Manufacturing Thinness 2021-2026: GLP-1 receptor agonists mimic gut hormone, suppress appetite, slow gastric emptying. Weight loss average 15% body weight on Wegovy, 20% with triple agonists. Novo Nordisk revenue grew from DKK 126 bn 2020 to DKK 290 bn 2025, 90% from GLP-1. Side effects — nausea 44%, gallstones, muscle loss, $1,000/month without insurance. Cultural effect — Hollywood, TikTok, Vogue — skinny returned. 2026 Victoria's Secret show models average BMI 17.5, down from 18.5 in 2023 inclusive attempt. Ozempic provides pharmacological path to re-enter fantasy that Victoria's Secret re-marketed as empowerment.

 

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BlackRock connection is not conspiracy, it's indexation. BlackRock manages $11.5 trillion passive funds — it owns 7-8% of every S&P 500 company via ETFs. It votes on both boards. Its economic incentive — grow both companies. One sells insecurity, other sells solution.

Business of telling women what to want — 1950s girdle, 1990s heroin chic, 2010s body positivity, 2020s Ozempic chic — same ledger. Capitalism doesn't care if standard is skinny or curvy, it cares that standard moves and requires purchase. When standard was unattainable via diet, you bought push-up bra. When standard became unattainable via bra, you buy injection.

Fantasy costs. $85.90 stock price for VSCO, $39.13 for NVO ADR, $1,119 for Ozempic pen. Desire is monetized twice.

 

 

 

 

*Tags:* #VictoriaSecret #Ozempic #BlackRock #BeautyStandards #Capitalism #NovoNordisk #GLP1 #VSCO #BodyImage #IndexFunds