Victoria's Secret Israel runs through Delta Israel Brands, about 80% owned by Delta Galil. See all eight stores, launch history, ownership, and prices.
Victoria's Secret has eight full-format stores in Israel, run not by the American brand owner but by Delta Israel Brands, an Israeli retailer that is roughly 80% owned by manufacturing giant Delta Galil Industries. The franchise launched online in December 2022, opened its first stores in April 2024, and now competes for the same Israeli shopper as SKIMS, which entered through a completely different structure.
Who operates Victoria's Secret Israel? Delta Israel Brands (TASE: DLTI), controlled by Delta Galil Industries.
How much of the venture does Delta hold? 60% of the original Israel/Bath & Body Works joint venture; Delta Galil separately owns about 80% of Delta Israel Brands itself.
When did Victoria's Secret Israel launch? Online on December 12, 2022; first physical stores on April 11, 2024.
How many stores does it have? Eight, with a ninth flagship announced for Rishon LeZion's Golden Mall.
How does it compare with SKIMS in Israel? Overlapping in bras and underwear, but Victoria's Secret is a broader lingerie-and-beauty chain while SKIMS is a shapewear-first brand sold through a different Israeli partner entirely.
Who Owns and Operates Victoria's Secret Israel?
Victoria's Secret & Co. does not run its own stores in Israel. The franchise belongs to Delta Israel Brands, an Israeli retailer that also operates Bath & Body Works, the Delta, Fix and Panta Rei labels, and five brand websites. Delta Galil Industries, the Caesarea-based apparel manufacturer covered separately at Delta Galil: The $2.1 Billion Israeli Apparel Giant, is Delta Israel Brands' controlling shareholder.
Two separate ownership figures are both accurate and easy to conflate. When the agreement was announced in December 2020, Delta Galil said it would hold a 60% stake in the joint venture, alongside an unnamed European franchise partner that already operated the brands elsewhere. Separately, Delta Israel Brands floated 20% of its own equity on the Tel Aviv Stock Exchange in March 2021 under the ticker TLV: DLTI; Delta Galil's investor site confirms that "Delta Galil retains 80% of the outstanding equity." The 60% figure describes Delta's share of the original brand-level venture; the 80% figure describes Delta Galil's share of the public company that now runs it. That same page confirms the underlying arrangement directly: "Delta Israel will also operate the Victoria's Secret and Bath & Body Works franchises in Israel."
Delta Galil's relationship to Victoria's Secret runs deeper than the Israeli storefront, and predates it by years. A 2012 Ynetnews report on an earlier, unsuccessful attempt by Delta to win the Israeli franchise noted that the company "has been manufacturing for Victoria's Secret for over a decade" already at that point, through its intimates manufacturing business. Delta Galil's 2019 acquisition of Hong Kong-based intimates maker The Bogart Group extended that global supplier relationship further, entirely apart from the Israeli retail franchise Delta Israel Brands eventually won in 2020. That dual role, Israeli retailer and long-standing international vendor, is covered at the group level in Isaac Dabah: CEO Behind Delta Galil's $2.1B Growth.
How Did Victoria's Secret Enter the Israeli Market?
The rollout took nearly four years from announcement to full stores. Delta Galil and L Brands (Victoria's Secret's former parent) signed the franchise agreement in December 2020, with stores originally expected in the second half of 2021. Delays in securing mall space pushed the physical launch back repeatedly; Delta instead launched an e-commerce site on December 12, 2022, while continuing to search for locations, with street-level stores by then postponed to September 2023.
The war that followed the October 7, 2023 attacks delayed the physical launch again. Delta Israel Brands finally opened its first two stores on April 11, 2024: a roughly 500-square-meter location at Kanyon HaGadol (Ofer Malls) in Petah Tikva, built at an investment of about NIS 5.5 million, and a roughly 400-square-meter store at Grand Canyon Haifa, at about NIS 4.5 million. Delta Israel Brands CEO Anat Bogner has said the company chose to launch online first once suitable retail space proved harder to secure than expected.
A separate, older channel predates all of this. Victoria's Secret first reached Israeli shoppers through Ben Gurion Airport duty-free, not through Delta. James Richardson, the airport's longtime duty-free operator, was in talks to bring the brand into its stores as early as January 2012, in negotiations that at the time also involved Factory 54 and the Irani Group. The dedicated Victoria's Secret Beauty & Accessories concept stores currently at the airport are a more recent addition: James Richardson opened two of them in January 2024, in partnership with Factory 54, months before Delta's own stores opened. That airport channel runs independently of Delta Israel Brands and sells only beauty, fragrance and accessories, not the full lingerie range. Irani Group's broader role importing global brands into Israel, including its own SKIMS and Lululemon franchises, is covered in Global Fashion Brands in Israel: Irani, Fox, Delta and Arion Retail Group: Irani's European Franchise Arm.
Where Are Victoria's Secret Stores in Israel?
Eight full-format stores are open as of September 2026, per the brand's own official store locator, with a ninth announced. The rollout badly underperformed Delta's own early targets: the company told the Israeli press in 2022 that it expected roughly ten stores by 2025, a pace the war-related delays made impossible to hit.
| Store | City | Opened | Size | Notes |
|---|---|---|---|---|
| Kanyon HaGadol (Ofer Malls) | Petah Tikva | April 11, 2024 | ~500 sqm | First store; ~NIS 5.5M investment |
| Grand Canyon Haifa | Haifa | April 11, 2024 | ~400 sqm | Opened same day; ~NIS 4.5M investment |
| Ir Yamim Mall | Netanya | Later 2024 | Not disclosed | |
| Ice Mall | Eilat | Later 2024 | Not disclosed | |
| BIG Fashion Glilot | Ramat Hasharon | Early 2025 | Not disclosed | |
| BIG Fashion Ashdod | Ashdod | Early 2025 | Not disclosed | |
| TLV Mall | Tel Aviv | May 4, 2025 | 313 sqm | 7th store; first in Tel Aviv proper |
| Grand Canyon Be'er Sheva | Be'er Sheva | October 30, 2025 | ~400 sqm | 8th store |
| Golden Mall (Kanyon HaZahav) | Rishon LeZion | Announced, expected summer 2026 | ~450 sqm | Flagship, 9th store; not yet in official locator as of Sept 2026 |
Sources: The Jerusalem Post, May 20, 2025; br7 News, October 30, 2025; Walla Finance, June 15, 2026. The Golden Mall flagship, reported by Walla to anchor a new NIS 100-million "platinum floor" at the mall, was still absent from the brand's own store locator when Olam checked in September 2026, which is why it is listed here as announced rather than open.
Two of the nine locations sit inside Melisron properties, Grand Canyon Haifa and Grand Canyon Be'er Sheva, covered in Olam's Melisron mall guide; two more, BIG Fashion Glilot and BIG Fashion Ashdod, sit inside BIG Shopping Centers properties, covered in BIG: The Open-Air Empire. Victoria's Secret is one of several global lingerie and shapewear brands, alongside SKIMS at Glilot, now anchoring the same premium mall footprint.
How Fast Is Delta Israel Brands Growing the Chain?
Victoria's Secret and Bath & Body Works are now Delta Israel Brands' stated growth engines, but the group discloses combined results across all five of its brands, not a Victoria's Secret-only figure. Group revenue reached NIS 1.19 billion in 2024, up 26%, on a base of 224 stores; by the end of 2025, revenue had crossed NIS 1.3 billion, up 9.3%, across 239 stores, even as net profit slipped 4.4% to about NIS 151.6 million on a richer mix of lower-margin franchise brands. The company's own 2026 guidance calls for roughly 22 more stores that year, only three of them Victoria's Secret. Delta Galil's own separately reported figure of 244 Delta Israel Brands stores as of June 30, 2026 spans the whole portfolio, not Victoria's Secret alone.
How Does Victoria's Secret Compare With SKIMS in Israel?
The two brands overlap mainly in bras and underwear, but neither is a full substitute for the other, and they don't even share an Israeli operator. Victoria's Secret runs through Delta Israel Brands; SKIMS Israel runs through Factory 54, an entirely separate retail chain with its own parallel-import history through Fox Group's Terminal X.
| Category | Victoria's Secret Israel | SKIMS Israel |
|---|---|---|
| Israeli operator | Delta Israel Brands (Delta Galil) | Irani Group / Factory 54 |
| Core position | Lingerie and beauty retailer | Shapewear and bodywear brand |
| Main categories | Bras, underwear, lingerie, sleepwear, swimwear, activewear, fragrance, accessories | Shapewear, bras, underwear, bodysuits, loungewear, clothing |
| Israeli retail footprint | 8 full-format stores plus e-commerce | 6 locations: 2 standalone stores, 4 Factory 54 shop-in-shops |
| Sample bra price (Israel) | Around NIS 255 for a Very Sexy push-up bra | NIS 159 for a lace bra; NIS 219 for a Fits Everybody strapless bra |
| Sample underwear price (Israel) | Roughly NIS 49–89 per pair, before multi-buy bundles | Around NIS 99 for a Fits Everybody lace boy short |
| Beauty assortment | Fragrance, body mist, bath products, accessories | No comparable core beauty business in Israel |
Category, not just price, is the real differentiator. Victoria's Secret sells lace lingerie, push-up bras, sleepwear, apparel and a full fragrance line; SKIMS emphasizes smoothing, compression and foundation garments meant to sit under clothing, with no dedicated fragrance business in Israel. A shopper choosing between NIS 255 for a push-up bra at Victoria's Secret and NIS 219 for a shaping bra at SKIMS is comparing two different design philosophies as much as two prices.
Who Makes Money From Victoria's Secret in Israel?
Delta Israel Brands takes the Israeli retail margin: leases, staff and merchandising across its eight stores and online business, on top of the same margin it earns from Bath & Body Works, Delta, Fix and Panta Rei. Delta Galil Industries earns twice over: it controls roughly 80% of Delta Israel Brands' retail margin in Israel, and, through its Bogart Group subsidiary and its own decades-long manufacturing relationship with the brand, it separately supplies Victoria's Secret's business outside Israel entirely. Those are two unrelated revenue streams that happen to touch the same global brand, one retail, one manufacturing, and Delta Galil is on both sides of it. Victoria's Secret & Co. itself keeps whichever wholesale and licensing terms it has set with Delta, terms that have not been publicly disclosed.
That combination, an Israeli manufacturer that both retails and supplies the same global brand, does not have a clean parallel among the other global fashion franchises. Irani Group represents brands like SKIMS and Lululemon at retail without manufacturing for them; Fox Group franchises and parallel-imports without manufacturing either. Delta Galil is the one company in that structure with a foot in both businesses at once.
The Takeaway
Victoria's Secret's Israeli presence is smaller, slower to build out and structurally simpler than SKIMS' three-way retailer/importer/manufacturer split, but it hides a different kind of complexity: the same company, Delta Galil, sits on both sides of the deal, as Israeli landlord-and-cashier through Delta Israel Brands and as an unrelated overseas supplier with a manufacturing relationship that predates the Israeli franchise by nearly a decade. The airport duty-free channel, run by James Richardson and Factory 54 rather than Delta, adds a third, smaller distribution point that most coverage of the brand's Israeli entry overlooks entirely. Eight stores in, with a ninth flagship announced for Rishon LeZion, Victoria's Secret competes with SKIMS for the same shopper without ever sharing an Israeli operator, a supply chain, or even a physical mall in common by design.