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