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

                        SUBSIDIARIES OF THE REGISTRANT

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

Express, LLC (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 , LLC (p)          Delaware
Bath & Body Works, Inc. (q)                    Delaware
Gryphon Development, Inc. (r)                  Delaware
Intimate Brands Service Corporation (s)        Delaware
Intimate Brands, Inc. (t)                      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 January 30, 1999.

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

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

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

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

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

(g)    Structure, Inc. is a wholly-owned subsidiary of the registrant.

(h)    Limited Too, Inc. is a wholly-owned subsidiary of the registrant.

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

(o)    Victoria's Secret Stores, Inc. 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, LLC is a wholly-owned subsidiary of
       Victoria's Secret Catalogue Holding LLC, a Delaware limited liability
       company, 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 Intimate Brands,
       Inc., a Delaware corporation and a majority owned subsidiary of the
       registrant.

(r)    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.

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

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