Victoria's real secrets: A brand that needs a walk-in closet for its skeletons

By Mike Schuster, Minyanville.com

Purveyor of sultry bedroom wear, finicky snap clasps and freakish angel-model hybrids, Victoria's Secret, has become a favorite among fashion-conscious women and preteen boys alike. So popular, in fact, that the 33-year-old company represents the chiefest segment of its parent company Limited Brands, which recently posted a net income of $356.1 million in its fourth quarter -- adjusted to $332.8 million, or $1.01 per share, after tax and restructuring issues. Despite a sluggish 2009, Limited Brands and its racy subsidiary is predicting a hefty boost in 2010.

Part of that optimism is heaped upon the new stand-alone Pink store, which opened March 13 in New York's trendy SoHo neighborhood. Targeting a younger, college-age demographic, the shop marked the first outpost of the Victoria's Secret Pink line. The grand opening featured the likes of models Chanel Iman and Behati Prinsloo, as well as free lollipops and a cupcake truck -- an odd choice for a brand that depends on a hassle-free fitting room experience.