Roy Raymond facts for kids

Roy Larson Raymond (born April 15, 1947 – died August 26, 1993) was an American businessman. He is best known for starting the famous lingerie store Victoria's Secret in California in 1977.

Early Life and Education

Roy Raymond was born on April 15, 1947, in Connecticut. When he was just 13 years old, he began his first business. He created wedding invitations in Fairfield.

He went to Tufts University and finished his studies in 1969. Later, he earned a master's degree in Business Administration. He got this degree from the Stanford Graduate School of Business in 1971.

Career Journey

Starting Out in Business

Early in his career, Roy Raymond worked in marketing. He worked for several companies, including Guild Wineries and the Vicks company. However, his main goal was always to start his own business.

Creating Victoria's Secret

On June 12, 1977, Roy Raymond and his wife, Gaye, started Victoria's Secret. They opened the very first store at the Stanford Shopping Center in Palo Alto, California. Roy got the idea because he felt uncomfortable buying lingerie for his wife in regular department stores.

To open the store, he borrowed $40,000 from a bank. He also borrowed another $40,000 from his family. Roy and Gaye worked together to design the first store. They gave it a style inspired by the Victorian era. The name "Victoria's Secret" was chosen to sound fancy and a bit mysterious. It was meant to remind people of the elegant Victorian era.

In its first year, the company made $500,000. Roy Raymond then started a mail order catalog. He also opened three more stores in San Francisco.

Selling the Company

In the early 1980s, a businessman named Leslie Wexner noticed Raymond's store. Wexner thought it was very unique. He was interested in buying Victoria's Secret.

At first, Raymond was hesitant to sell. But about six months later, his business was facing financial difficulties. So, Raymond contacted Wexner to talk about selling. In 1982, after five years, Raymond sold Victoria's Secret to Wexner for $1 million. At that time, the company had five stores and a catalog. It was making about $6 million each year.

New Ventures

For about a year after the sale, Roy Raymond stayed on as president of Victoria's Secret. During this time, he was planning his next business. This new company was called My Child's Destiny. It was an upscale store for children.

In 1984, Raymond invested $850,000 of his own money into this new project. The business sold computer games, imported dolls, and expensive toys. It had one store in San Francisco and also sold items through mail order catalogues. The store faced challenges because its location didn't get many visitors. Also, its marketing focused only on very wealthy people, which made it seem exclusive.

In 1986, the company had to close down due to financial problems. Because Raymond had not set up the company as a separate legal entity, he was personally responsible for its debts. He and his wife lost their homes and cars.

Even after this, Roy Raymond kept coming up with new business ideas. He worked on plans for a children's book store called Quinby's. He also thought about a mail-order business for home-repair tools. Another idea was a company that made wigs for people who lost their hair from cancer treatments.

He got funding for Quinby's from Diane Disney Miller and Ron W. Miller. However, he was bought out of that business within two years due to disagreements over money.

Personal Life

Roy Raymond and his wife, Gaye, had two children, a son and a daughter. They divorced in 1990.

Later Life and Passing

Roy Raymond passed away on August 26, 1993, in San Francisco, California. His former wife, Gaye Raymond, said she believed he had faced difficulties after his business ventures did not succeed.

See also

In Spanish: Roy Raymond para niños