Bendel. Few brands, even Madonna and Aerosmith, provide a better blue- print for brand evolution than Limited Brands. Front man and leader of the Limited Brands band is Leslie Wexner, who opened the first Limited store in 1963 with a $5,000 loan from his aunt. His strategy was based on segmentation-pick a segment of customers, understand those customers, and give them what they want. Dont try to be everything to everyone; be vital and relevant to a select few. As Limiteds target market matured, so did its offerings, leaving the need for a second concept to appeal to emerging younger markets. That brand was Express. By 1993, the company had 13 businesses including Abercrombie & Fitch, Lane Bryant, Structure, Galyans, and Limited Too, all of which were grown and spun off. With an uncanny ability to buy minuscule chains consisting of only a few stores (like Victorias Secret and Abercrombie & Fitch) and build them into billion-dollar businesses, Wexner reinvents himself and Limited Brands every decade or so based on changes in his cus- tomers wants and lifestyles. New additions to Limited Brands port- folio include Victorias Secret Direct and Victorias Secret Beauty, a sister division of Victorias Secret stores, which develops and markets fragrances, color cosmetics, skin-care products, and personal acces- sories. Its a concept that exploded from a corner of Victorias Secret stores into separate stores dedicated to beauty products. Two of its fragrances are among the ten best-selling fragrances in the United States, earning four prestigious FiFi awards for new fragrances. Observing Wexner as he leads the $8-billion business is kind of 194 | Br a nd s Th at Roc k     like watching Neil Diamond perform. The direction is clear, the exe- cution precise, the performance consistent, the business strategies sound and proven, and the values noncontroversial. But a Madonna- like sense of control and evolution lingers throughout the corpora- tion, keeping Limited Brands fresh and sexy in its quest for increased profits and market share. Examining Victorias Secret, arguably its most recognized brand, reveals insights into:    The use of controversy in capitalizing on a brand    The use of sexuality and sexiness in selling positioning, and pro- moting brands    The role of brand authenticity in connecting with fans    The role of logistics and operations in executing a brand promise   Wexner changed the nature of retail branding by creating stores that are brands, instead of stores of brands that are controlled by manufacturers. Victorias Secret is the store; Victorias Secret is the brand; Victorias Secret is the experience.       This Aint Your Grandmas Underwear