Has Victoria's Secret Lost Its Wings? By Kayla Doria Ward

By Kayla Doria Ward

Victoria's Secret has sold women everywhere a fantasy. From glamorous fashion shows and holiday collections to the brand name it's built since its debut in the late 70s. Models and celebrities such as Adriana Lima and Tyra Banks have branched out and found stardom from the brand.

But this year's Victoria's Secret Fashion Show left consumers and audience members feeling let down. Was this a one-off bad show, or are we finally starting to see past the shiny VS logo?

The Start of the Decline

In 2024, the company reportedly went from $6.7 billion to $6.18 billion in net sales. This was one of the biggest drops since the $897 million sales loss in 2020. This plummet could be creeping up again after the 2026 Victoria's Secret Fashion Show. A wave of online backlash followed the fashion show. Many criticized the return of the Fantasy Bra, the lack of inclusivity, and the quality of the products showcased online and in-store.

The main issue you’ve probably seen on your feed is the $50 million Fantasy Bra, featuring over 4,000 diamonds and a centerpiece valued at around $22 million. It was worn by Kylie Jenner, who is already making headlines for recent out-of-touch vlogs. To make matters more heated, the bra was the most expensive Fantasy Bra in the show's history.

Overall, it seems obvious that an already out-of-touch team made this decision. Showing the most expensive Fantasy Bra on someone who would consider the price pennies on the dollar? Really. So many are struggling to afford the cost of living, groceries, and finding a decent-paying job. It seems obvious that the company has fully separated from the consumers.

The whole VS Angels argument has only gained fuel as well. Getting your “wings” used to be a huge milestone and honor for models; now it seems anyone with enough social influence or status can walk up and get a pair. This seems to have carried over into the brands' online and in-store fashion show pieces. The Fantasy Bra is now available for $398. But it seems insulting to call this anything more than a bedazzled padded bra.

Attempting Inclusivity

Historically, VS Angels have been women with fantasy bodies. Doll waists and zero fat. But this fantasy soon became exhausting. Brands such as Savage X Fenty and ThirdLove pushed a body-inclusive front, focusing on how the lingerie felt rather than how it looked. Victoria’s Secret couldn't keep pushing a non-inclusive front for its angels, so in 2021 they were replaced with The VS Collective.

The founding members included

• Adut Akech: refugee, mental health champion, and model
• Amanda de Cadenet: journalist, photographer, and equality campaigner
• Eileen Gu: freestyle skier, Olympian, model, and women’s sports advocate
• Megan Rapinoe: soccer player and ardent gender impartiality supporter
• Paloma Elsessner: biracial model and inclusivity patron
• Priyanka Chopra Jonas: actor, producer, Miss World 2000, and tech investor
• Valentina Sampaio: actor, model, and LGBTQIA+ activist

This seemed to let the company avoid hot water for a while. While there have been small wins over the years—such as Elina Gunawardena, the first Sri Lankan model to walk the VS runway this year, and Ravleen Varghese, the first Malayali model to debut on the runway—shouldn’t this be the standard?

When consumers see themselves represented, they are more likely to purchase that item. So why does Victoria’s Secret remain mainstream inclusive? It is amazing to see more and more girls of color and culture walk each year, but everyone looks the same once they are actually on the runway. From something as simple as hair, Victoria’s Secret still gives everyone the same blowout or updo. It feels like they want applause for the bare minimum, only for another shift in culture to drown them out again.

What Now?

As a consumer myself, I grew up getting my first bra at VS Pink and my 5-for-$35 panties. But as I’ve grown as a person and a woman, I’m tired of the price-to-quality ratio. Why am I still paying nearly three figures for a pokey, itchy basic bra? The sizing is also extremely limiting and inconsistent.

Perhaps times have changed for the youth, but I still have core memories of buying my 2018 Pink sweatshirts and perfumes. But looking back, I never bought them for the quality. I almost always bought them for the brand and logo. Over the past few years, I've gotten fed up and started reconsidering other options.

So the question remains. How much longer can Victoria's Secret go on, and how many more pivots can it pull off before it loses its wings for good?