With the 2026 Victoria’s Secret Fashion show looming large this weekend, we anticipate another high-octane spectacle that taps into the voyeuristic desire to see perfect women prance around in their underwear. But today, many of these ensembles can hardly be classified as underwear, at least not by average human standards. The lingerie has ascended to a realm that more closely resembles art—diamond-encrusted fantasy bras worth millions with elaborate winged structures at the back. Some of these models have launched highly impressive careers off the back of earning the coveted “angel” title. And the whole production, celebrity musical guests, larger-than-life sets, and all, is televised like the Superbowl, streamed to millions globally. Surely it wasn’t always like this?
The Victoria’s Secret Fashion Show is not that old of an institution relative to the scope of fashion runways; the brand held its first show in August of 1995 at The Plaza Hotel in New York City. It was an industry event, albeit a flashy one. But the purpose remained one of practicality: to show the new lingerie collection to buyers, press, and executives. There were no musical guests or performers. The event was hosted by supermodel Stephanie Seymour, who also walked alongside models including Veronica Webb, Beverly Peele, Frederique van der Wal, Gail Elliot, and more. It was a product of the time: There were no streaming platforms to broadcast the show to millions. No smart phones to post Instagram reels by the minute. (Although it was taped, and I’d recommend a watch on Youtube.)
The first model out wore a thick-strapped T-shirt bra and ‘90s high-rise briefs. (For comparison, last year’s show began with a pregnant Jasmine Tookes in a flesh-toned set with an open-weave, pearl-drop embellished sheath, wearing a Botticelli-esque clamshell cage in place of the traditional wings.) The 1990s look was followed by similar ones with everyday bras worn with full-cut briefs or rolled-over shorts. Then came another “lingerie” look that practically qualifies as streetwear today: a long T-shirt with elbow length sleeves belted at the hip over boy shorts.
It’s funny what came next: a series of bras and bralettes worn with knee-length, lace-trimmed slip skirts, often styled with pumps and ladybags. I’ve spent the past few weeks documenting how the Spring 2027 collections deemed bras the new tops—and often styled them with knee length skirts. (This was Prada’s go-to look of the season.) Another archetypical ensemble came in the form of bras and silk pajama pants, cardigans slung over shoulders and worn undone.
A few looks consisted of a lacy bralette and tap pants—not unlike Maria Grazia’s most recent Fendi collection, no? Even Phoebe Philo showed creamy silk tap pants with a duster coat and kitten heels last season. Then came a series of bustiers that appeared quite simple by today’s standards—the kind we saw at Valentino paired with more mid-length skirts. Bodysuits styled with robes felt reminiscent of Haider Ackermann’s Tom Ford.
The final procession included slinky little slips, cardigans also often tossed over shoulders, and a more robust collection of silky eveningwear alongside a few Chinese-inspired silk adornments. (The cultural appropriation conversation has come a long way in the past 30 years.) But still, the whole thing felt like a swirl of clothing and lingerie that clients could really wear.
Zooming back out, something must have clicked pretty quickly; the theatrics laddered up exponentially in just a few years. By 1998, the first semblance of what we know today was beginning taking shape. The brand was now using the term “angel” to refer to its top-tier models and adorning them as such in fanciful wings. Stars like Jon Bon Jovi were beginning to sit front row. Victoria’s Secret first televised the show in 2001, around the time it began working with the women we now view as OG icons of VS fashion show lore: Gisele Bündchen, Tyra Banks, and Heidi Klum. And in the nearly three decades since, the fashion show has taken a roller coaster ride of ups and downs to become the mega-watt production we know today.
The Victoria’s Secret show has obviously tapped into a collective fascination with fashion’s tendency towards exposure—and capitalized on it. That’s not a new phenomenon in the larger spheres of fashion, but it’s particularly resonant right now. Moving out of the perfectly coiffed era of quiet luxury, a slant towards exhibitionism has made the runways of many major houses look, at least, partially like a lingerie show—perhaps an OG ‘90s VS one.
