Lingerie retailer Victoria’s Secret has announced its intention to invest seven million dollars into women-owned businesses through a partnership with venture capital firm, Amplifyher Ventures.
The goal of the investment is to provide female entrepreneurs with access to capital and growth opportunities, as well as potentially closing the gender investment funding gap to ensure “women are represented in companies from the ground up”.
The news comes as part of the brand’s ongoing reformation, as it directs its vision towards becoming a “leading advocate for women”.
In a release, the retailer’s CEO, Martin Waters, said: “As a company whose associate base is nearly 90 percent women, ensuring that women are represented and supported in their careers is extremely important to us.”
Waters added: “With Amplifyher, we are championing women entrepreneurs who are already leading the way and also supporting them in paving the way for the next generation of women founders.”
Victoria’s Secret has continued to exhibit this women-led mission through the building of strategic partnerships via its own platform. Women-founded intimates and lifestyle brands, such as Love and Lemons and Mindd, are among those available through the retailer, with it ultimately hoping to develop a “curated women powered ecosystem” that supports entrepreneurs.