EXHIBIT 21
                                                                      ----------


                        SUBSIDIARIES OF THE REGISTRANT



                                                  Jurisdiction
       Subsidiaries (a)                           of Incorporation
       ----------------                           ----------------

Express, Inc. (b)                                 Delaware
Lerner New York, Inc. (c)                         Delaware
Lane Bryant, Inc. (d)                             Delaware
The Limited Stores, Inc. (e)                      Delaware
Henri Bendel, Inc. (f)                            Delaware
Structure, Inc. (g)                               Delaware
Limited Too, Inc. (h)                             Delaware
Galyan's Trading Company, Inc. (i)                Indiana
Mast Industries, Inc. (j)                         Delaware
Mast Industries (Far East) Limited (k)            Hong Kong
Limited Distribution Services, Inc. (l)           Delaware
Limited Service Corporation (m)                   Delaware
Womanco Service Corporation (n)                   Delaware
Victoria's Secret Stores, Inc. (o)                Delaware
Victoria's Secret Catalogue , Inc. (p)            Delaware
Bath & Body Works, Inc. (q)                       Delaware
Cacique, Inc. (r)                                 Delaware
Gryphon Development, Inc. (s)                     Delaware
Intimate Brands, Inc. Service Corporation (t)     Delaware
Intimate Brands, Inc. (u)                         Delaware
Abercrombie & Fitch Stores, Inc. (u)              Delaware
Abercrombie & Fitch Co. Service Corporation (w)   Delaware
Abercrombie & Fitch Co. (x)                       Delaware
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(a)    The names of certain subsidiaries are omitted since such unnamed
       subsidiaries, considered in the aggregate as a single subsidiary, would
       not constitute a significant subsidiary as of February 1, 1997.

(b)    Express, Inc. is a wholly-owned subsidiary of Express (Delaware)
       Corporation, a Delaware corporation and a wholly-owned subsidiary of the
       registrant.

(c)    Lerner New York, Inc. is a wholly-owned subsidiary of Lerner Corporation,
       a Delaware corporation and a wholly-owned subsidiary of the registrant.

(d)    Lane Bryant, Inc. is a wholly-owned subsidiary of Lane Bryant (Delaware)
       Corporation, a Delaware corporation and a wholly-owned subsidiary of the
       registrant.

(e)    The Limited Stores, Inc. is a wholly-owned subsidiary of LIM Corporation,
       a Delaware corporation and a wholly-owned subsidiary of the registrant.

(f)    Henri Bendel, Inc. is a wholly-owned subsidiary of Henri Bendel Holding
       Corporation, a Delaware corporation and a wholly-owned subsidiary of the
       registrant.

(g)    Structure, Inc. is a wholly-owned subsidiary of Structure Holding
       Corporation, a Delaware corporation and a wholly-owned subsidiary of the
       registrant.

(h)    Limited Too, Inc. is a wholly-owned subsidiary of Limited Too Holding
       Corporation, a Delaware corporation and a wholly-owned subsidiary of the
       registrant.

 
(i)    Galyan's Trading Company, Inc. is a wholly-owned subsidiary of Galyan's
       Holding Corporation, a Delaware corporation and a wholly-owned subsidiary
       of the registrant.

(j)    Mast Industries, Inc. is a wholly-owned subsidiary of Mast Industries
       (Delaware), Inc., a Delaware corporation and a wholly-owned subsidiary of
       the registrant.

(k)    Mast Industries (Far East) Limited is a wholly-owned subsidiary of Mast
       Industries (Overseas), Inc., which is a wholly-owned subsidiary of Mast
       Industries, Inc.

(l)    Limited Distribution Services, Inc. is a wholly-owned subsidiary of
       LTDSP, Inc., a Delaware corporation and a wholly-owned subsidiary of the
       registrant.

(m)    Limited Service Corporation is a majority owned subsidiary of Mast
       Industries (Overseas), Inc.

(n)    Womanco Service Corporation is a wholly-owned subsidiary of Womanco,
       Inc., a Delaware corporation which is a wholly-owned subsidiary of the
       registrant.

(o)    Victoria's Secret Stores, Inc. is a wholly-owned subsidiary of Victoria's
       Secret Stores Holding Corporation, a Delaware corporation, which is a
       wholly-owned subsidiary of Intimate Brands, Inc., a Delaware corporation
       and a majority owned subsidiary of the registrant.

(p)    Victoria's Secret Catalogue, Inc. is a wholly-owned subsidiary of
       Victoria's Secret Catalogue Holding Corporation, a Delaware corporation,
       which is a wholly-owned subsidiary of Intimate Brands, Inc., a Delaware
       corporation and a majority owned subsidiary of the registrant.

(q)    Bath & Body Works, Inc. is a wholly-owned subsidiary of Bath & Body Works
       Holding Corporation, a Delaware corporation, which is a wholly-owned
       subsidiary of Intimate Brands, Inc., a Delaware corporation and a
       majority owned subsidiary of the registrant.

(r)    Cacique, Inc. is a wholly-owned subsidiary of Cacique Holding
       Corporation, a Delaware corporation, which is a wholly-owned subsidiary
       of Intimate Brands, Inc., a Delaware corporation and a majority owned
       subsidiary of the registrant.

(s)    Gryphon Development, Inc. is a wholly-owned subsidiary of Gryphon Holding
       Corporation., a Delaware corporation, which is a wholly-owned subsidiary
       of Intimate Brands, Inc., a Delaware corporation and a majority owned
       subsidiary of the registrant.

(t)    Intimate Brands Service Corporation is a wholly-owned subsidiary of the
       Intimate Brands, Inc., a Delaware corporation and a majority owned
       subsidiary of the registrant.

(u)    Intimate Brands, Inc. is a majority owned subsidiary of the registrant.

(v)    Abercrombie & Fitch Stores, Inc. is a wholly-owned subsidiary of
       Abercrombie & Fitch Holding Corporation, a Delaware corporation, which is
       a wholly-owned subsidiary of Abercrombie & Fitch Co., a Delaware
       corporation and a majority owned subsidiary of the registrant.

(w)    Abercrombie & Fitch Co. Service Corporation is a wholly-owned subsidiary
       of Abercrombie & Fitch Holding Corporation, a Delaware corporation, which
       is a wholly-owned subsidiary of Abercrombie & Fitch Co., a Delaware
       corporation and a majority owned subsidiary of the registrant.

(x)  Abercrombie & Fitch Co. is a majority owned subsidiary of the registrant.