Victoria’s Secret’s 2026 Return: A $50M Bra, Kylie Jenner, and a Cultural Backlash

Key points

• The show returned to Los Angeles after a seven-year hiatus, marking the first appearance of the Fantasy Bra since 2018.
• Kylie Jenner, who is not a credentialed 'Angel,' wore the $50 million diamond-encrusted bra, designed by Jacob & Co.
• The garment features 4,410 white diamonds and a 75.54-carat yellow center stone, making it the most expensive in the series' history.
• Victoria’s Secret shares surged following the event, signaling a significant commercial turnaround after post-#MeToo declines.
• The show included live performances by Megan Thee Stallion, Tate McRae, and Katseye, alongside a diverse model lineup.

Background

The Victoria’s Secret Fashion Show was suspended in 2019 following scrutiny of founder Les Wexner’s ties to Jeffrey Epstein. The brand subsequently faced a decline in stock prices and cultural relevance. The 2026 event represents a strategic attempt to revive the brand’s legacy image, coinciding with a broader cultural resurgence of Y2K-era fashion trends and conservative gender norms.

How outlets are covering it

Mother Jones criticizes the event as 'depressing nostalgia,' arguing that the selection of Kylie Jenner over a credentialed model highlights the brand’s reliance on the 'male gaze' and commerce over merit. The outlet frames the show as a regression to outdated ideas of sex appeal. In contrast, The Washington Post views the lack of subtlety as a strategic success, suggesting that the overt spectacle effectively drove the brand’s commercial recovery. While Mother Jones emphasizes the cultural backlash and perceived misstep in model selection, The Washington Post focuses on the effectiveness of the marketing strategy in reinvigorating the brand's market position.

Why it matters

The event illustrates the tension between commercial revival and cultural criticism in the fashion industry. It highlights how brands leverage nostalgia and celebrity influence to recover from reputational damage, while simultaneously facing scrutiny for reinforcing regressive gender norms and excluding credentialed models in favor of celebrity status.

What to watch

Investors will monitor Victoria’s Secret’s stock performance and sales data to determine if the cultural controversy translates into sustained commercial growth. The brand may face continued public debate over its model selection criteria and its alignment with contemporary values regarding diversity and representation.