The runway has finally cooled following the October 15 spectacle, yet the industry remains locked in a heated debate over what exactly we witnessed. If 2024 was the brand’s tentative apology, the 2025 Victoria’s Secret Fashion Show was its brazen, high-gloss counter-offensive. Under the creative direction of Adam Selman, the lingerie giant did not just return to the catwalk; it attempted to rewrite the physics of the "Angel" era for a post-cynicism generation. Writing from the vantage point of late November, with the immediate social media frenzy settled, it is clear that this was not merely a fashion show—it was a corporate exorcism disguised as a disco. The question plaguing the boardroom and the front row alike is no longer "is Victoria's Secret back?" but rather, "can high-camp glamour survive in a market dominated by basics?"
The Selman Effect: Camp as Currency
When Adam Selman was appointed Creative Director, insiders predicted a pivot, but few anticipated a total aesthetic overhaul. Selman, the designer responsible for Rihanna’s naked crystal dress and the playful subversion of his eponymous label, understands something the previous VS regime forgot: fashion is supposed to be fun.
The October 15 show shed the somber, apologetic tone of the previous year’s "World Tour" documentary. In its place, Selman reinstated the theater of the absurd. We saw a departure from the "corporate woke" aesthetics that plagued the brand’s identity crisis between 2020 and 2023. Instead, 2025 embraced a neo-camp sensibility. The wings were larger, the crystals heavier, and the casting—while inclusive—prioritized personality over tokenism. Selman’s influence suggests a strategic wager: that the Gen Z consumer, fatigued by the "sad beige" era of minimalism, is ready to embrace hyper-femininity, provided it comes with a wink rather than a lecture.
The Gisele Phantom and the Casting Matrix
For months leading up to the show, the industry whispered one name: Gisele. The ubiquitous rumor of Bündchen’s return served as a masterclass in shadow marketing, driving engagement metrics to levels unseen since 2016. While the brand remained officially silent on her involvement until the lights went down, the mere possibility of the Uber-Model’s return highlighted the central tension of the 2025 event: the reliance on legacy IP versus the need for new blood.
The runway ultimately presented a dichotomy. On one side, the "Legends" (Candice Swanepoel, Adriana Lima) provided the requisite nostalgia dopamine hit. On the other, a new guard of talent, styled not as unattainable deities but as characters in Selman’s disco-opera, attempted to bridge the gap to a younger demographic. The absence or presence of specific icons like Gisele ultimately mattered less than the specter of their era. Victoria’s Secret has realized that it cannot simply sell underwear; it must sell the memory of when it was the most powerful brand on earth, packaged for a TikTok audience that views the early 2000s as vintage history.
Business Implications: The "Angel" Premium
Beyond the feathers and fantasy, the 2025 show was a ruthless business maneuver. Following the show, market analysts have been scrutinizing L Brands' spinoff trajectory. The core objective of the October 15 event was to justify a price point that competes with Skims and Savage X Fenty, but with a different value proposition. While competitors sell "solutions" and "comfort," Victoria’s Secret 2025 is selling "occasion."
The strategy appears to be a bifurcation of the market. If basics are a race to the bottom on price, "fantasy" allows for a premium markup. By re-investing in the high-production runway format, the brand is attempting to re-establish the "Angel" halo effect—a psychological trigger that convinces consumers that a lace balcony bra is an investment in self-image rather than a utility purchase. Early Q4 sales data suggests this gamble may be stabilizing the brand's hemorrhage, though it has yet to fully reverse the decade-long decline in market share.
Timeline of the Resurrection
- 2018: The "End of an Era"—The fashion show is canceled amid declining ratings and cultural backlash regarding inclusivity and Jeffrey Epstein connections.
- 2021: The "VS Collective" Rebrand—Angels are retired in favor of activists and athletes; the market reaction is lukewarm, labeled by critics as "performative."
- 2023: The "World Tour"—A streaming-only documentary replaces the live event. It is critically panned for lacking the energy of the original format.
- 2024: The Soft Return—A tentative return to a live runway format, testing the waters with a mix of old and new aesthetics.
- October 15, 2025: The Selman Shift—The brand fully commits to a high-glamour, camp-infused runway show, signaling the end of the "apology tour."
Forecast: The "Coquette" Collision
Looking ahead to Spring/Summer 2026, the ripple effects of the October show will likely dominate the lingerie sector. We are forecasting a sharp decline in "invisible" lingerie and a resurgence of "underwear as outerwear"—a trend heavily pushed by Selman’s styling. The "Coquette" aesthetic (bows, lace, pastels) which has been bubbling on social media, has now been given corporate validation.
However, the danger remains. The line between "retro-cool" and "dated" is razor-thin. If Victoria’s Secret leans too heavily on 2000s nostalgia without innovating on product sustainability and textile technology, the 2025 hype will be a temporary blip. The brand has won back the attention economy for a night; the challenge for 2026 is retaining the wallet share of a consumer base that has spent five years moving on.
Written by Ara Ohanian for FAZ Fashion — fashion intelligence for the modern reader.
