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Victoria's Secret Is Sexy Again

A new boss has the lingerie and beauty company growing fastand lifting the fortunes of parent Limited Brands

Midway through the annual Victoria's Secret fashion show, which airs on Dec. 5 on CBS, a pink dog the size of a Trojan horse appears on stage. Soon half a dozen models dressed as cheerleaders hit the runway, carrying pink pom-poms and wearing matching varsity jackets with "Love Pink" on the back. It's all a not-so-subtle pitch for Pink, a boutique brand within the Victoria's Secret orbit.

Launched just two years ago, Pink is already a $700 million business. It is one reason why Limited Brands (LTD), Victoria's Secret's corporate parent, is in the pink again.