Can you turn back time? On Tuesday night, Victoria’s Secret put that question to the test.

For the first time in six years, the lingerie giant brought back its best-known cultural export — the Victoria’s Secret fashion show. Held inside a cavernous warehouse at Brooklyn’s Navy Yard, a parade of supermodels hit the runway donning the brand’s signature lace and mesh sets, alongside performers Lisa (of the K-pop sensation Blackpink), Tyla and Cher, who closed the show with a full dance squad and empowerment anthems like “Believe” and “Strong Enough.”

In many ways, it felt like the same Victoria’s Secret fashion show from years past: There were consistent references to the brand’s aughts height, from the moment Gigi Hadid opened the show in a large pair of pink feathered wings that grew as she walked down the runway — the first of several appearances by former Angels including Alessandra Ambrosio, Adriana Lima, Behati Prinsloo, Jasmine Tookes, Candice Swanepoel and Tyra Banks. The entire space was bathed in the same soft pink hue that has long covered its stores, and the featured looks were elaborate, with tulle capes, lacy details and of course, plenty of wings.

But look closely, and differences appear. From the moment before the lights dimmed, a voiceover from Banks declared that at this year’s show, women would “take the reins and the spotlight.” There was more diversity, with models of varying gender identities, racial backgrounds, ages and body types. And while there were plenty of skin-baring bra-and-thong sets, there were also dresses, leggings and even pyjamas. Behind the scenes, a female team led the show’s production, Sarah Sylvester, the brand’s executive vice president of marketing and Janie Schaffer, chief design and creative officer, as well as former Vogue Paris editor-in-chief Emmanuele Alt, who styled the show. All the performers and dancers were also women.

The contrast between old and new underscored the current stakes for Victoria’s Secret, which has found itself in the midst of an identity crisis that has resulted in falling sales since its post-pandemic turnaround and spinoff from former parent-company L Brands. In August, it also made a leadership shift, naming Hillary Super, previously the CEO of competitor Savage x Fenty, as chief executive.

Victoria’s Secret is still by far the dominant player in its category — its buzziest competitor, the Kim Kardashian-owned Skims, operates just five storefronts compared to Victoria’s Secret’s 1,370 plus. But its market share has diminished over the past decade as cultural norms shifted away from the brand’s male-fantasy image and women began to prioritise comfort over sexiness.

After facing backlash, in recent years, it has embraced body positive marketing, casting plus-size model Paloma Elsesser and soccer star Megan Rapinoe in campaigns, but nothing resonated like the “Angels” once did. Attempts to erect a replacement marketing tentpole have similarly fallen flat, like last year’s documentary “Victoria’s Secret: The Tour ‘23,” which streamed on Amazon Prime.

“It was hard to break through and open up people’s minds to something different,” said Sylvester. “That was where we were like, ‘Well, maybe we don’t need to overthink it.’”

Tuesday evening’s big production in Brooklyn, which drew a famous-enough crowd that included Cardi B, Olympic gymnast Suni Lee and “Bridgerton” star Phoebe Dynevor, was part of the brand’s latest efforts to bring back the excitement that surrounded it in its heyday. But resonating with shoppers again won’t be an easy task, a matter of reminding consumers why they loved the brand in the first place while simultaneously convincing them that Victoria’s Secret belongs in the zeitgeist.

“There’s a lot of baggage with this show,” said Neil Saunders, managing director of GlobalData’s US retail and consumer division. “They had to show a fresh take that’s aligned with modern values, and much more about women than men.”

Victoria’s Secret Tries Again

From the first small, untelevised show at the Plaza Hotel in 1995 to its last iteration in 2018, the Victoria’s Secret fashion show evolved into an all-out spectacle, synonymous with “Fantasy Bras” covered in thousands of Swarovski crystals and diamonds and its Angels’ seemingly flawless looks. It was a tentpole of pop culture that had the ability to attract top performers — not to mention, mint new supermodels — and millions of primetime eyeballs on network television.

What’s more, it set Victoria’s Secret apart from not only its direct competitors, but the rest of the mall.

“Your average mall retailer did not have a one-hour ad with its own commercials on national television for more than 20 years,” said Chantal Fernandez, co-author of the book “Selling Sexy: Victoria’s Secret and the Unravelling of an American Icon.” “They really understood the power of creating a fantasy, and [the show] was really effective as a tool of mass communication.”

But as the late 2010s ushered in the #MeToo era, both viewership and cachet dwindled. The narrow definition of beauty championed by Victoria’s Secret — long hair in bouncy curls, blemish-free faces, usually white skin and always, always thin — felt more and more out of place. When, in 2019, the show was cancelled, the general consensus was that the decision had been a long time coming.

Recent years, however, have shifted that dialogue, particularly as Victoria’s Secret failed to find a worthy alternative. The solution? Bring back the runway show with some modern adjustments, rather than do away with it entirely.

“Our customers told us loud and clear that they wanted the show back,” Sylvester said. But they didn’t want the same exact formula. Instead, the edict was to “make it more modern, but bring back the things that we loved and missed — models, musical stars and wings.”

That’s Victoria’s Secret’s current north star — listening to what their customers tell them, which “isn’t something that we necessarily always did” in the past, Sylvester said.

With this year’s show, the intention was to present something through a female gaze. Sylvester said they also made an effort to reflect the way women buy intimates today — prioritising comfort over sex appeal. While there still was plenty of the latter, there was also more of an embrace of the former. For example, the brand sent a pair of pyjama pants down the runway for the first time (paired with a bedazzled bralette on longtime VS model Taylor Hill). Rather than focusing first on building a fantasy with over-the-top garments that never make it to store shelves, the items on the runway this year are part of the brand’s holiday collection, with a bit of added “flair to make sure it’s runway worthy.”

“This is from a woman’s point of view, and what we think is right for our customer,” Sylvester said. The casting was updated, too. For the first time in its history, two transgender models walked the runway: Valentina Sampaio and Alex Consani, as did groundbreaking plus-size models Paloma Elsesser and Ashley Graham and supermodels Carla Bruni and Kate Moss, ages 56 and 50, respectively. In stores, too, the brand has made efforts to open itself up to a wider consumer base, expanding its size range — it now offers 70 sizes across categories.

Online, reception to the show is mixed. While plenty celebrated its return — “GIRLHOOD IS HEALING!” one user wrote on Twitter — others felt that it didn’t quite capture the magic the original show once had.

Either way, it’s unlikely the show will change the cultural perception of Victoria’s Secret overnight, said “Selling Sexy” co-author Lauren Sherman. Moving in that direction, however, is essential, especially as Skims has become synonymous with buzzy campaigns, casting everyone from “Bridgerton” star Nicole Coughlin to pop star of the moment Sabrina Carpenter to a slew of former Victoria’s Secret angels, including Banks and Heidi Klum.

But a star-studded event will certainly generate attention, maybe, some much-needed brand heat.

“It could potentially point towards the tides turning, and we could look back and say, ‘Oh, wow, that really did work,’” said Sherman. With a new chief executive in charge, she added, more change is surely ahead, no matter what.

Editor's note: Lauren Sherman and Chantal Fernandez previously worked for The Business of Fashion.

Alberta Ferretti has promoted Philosophy designer Lorenzo Serafini to be its new creative director.

Serafini joined parent company Aeffe in 2014 as part of a plan to relaunch Philosophy, a brand known for light, sensual femininity which Ferretti founded in 1984. Now he is succeeding Ferretti at her namesake brand after the iconic designer and entrepreneur announced she was stepping down as creative director last month. Ferretti will continue in her role as vice president of Aeffe.

As part of the move, Aeffe will fold Philosophy into the Alberta Ferretti brand from the Autumn-Winter 2025 season “with the aim of strengthening the brand’s appeal and positioning for the future,” the company said in a statement.

”I am thrilled to announce that Lorenzo will be my successor at the helm of the brand that bears my name. With the fashion world undergoing tremendous change, I strongly believe that Lorenzo has the creativity, strong  aesthetic sense, professionalism and expertise required to meet this challenge,” Ferretti said.

Aeffe reported a net loss of €20 million ($22.27 million) in the first six months of this year. In 2023, its consolidated revenue fell by 9.5% to €319 million. The group has struggled to cope with turbulence and rampant discounting in its wholesale channels, as well as to build robust handbag and shoe lines that could help lower its dependence on expensive ready-to-wear.

At the group’s biggest brand Moschino, the company is investing in a creative revamp with help from outside talent after hiring Adrian Appiolaza, a longtime deputy of Loewe creative director Jonathan Anderson, last year.

For Alberta Ferretti, the choice to hire from within and suspend standalone shows for Philosophy will come with cost savings, as well as allowing Ferretti to keep the label in a trusted pair of hands.

”I am honoured that Alberta has chosen me as the successor to such a significant and prestigious legacy,” Serafini said. “I will carry it forward with care as I begin a new chapter.”

Learn more:

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Walgreens Boots Alliance Inc plans to close 14 percent of its US stores to cut costs as consumers pull back spending.

The drugstore chain said Tuesday it will shutter around 1,200 outlets over the next three years, with 500 closures slated for 2025. The shares surged 14 percent at the open of trading in New York.

The company also issued profit guidance for 2025 that met Wall Street estimates.

Adjusted earnings will be in the range of $1.40 to $1.80 a share in the year ending Aug. 31, 2025, Walgreens said Tuesday, in line with the $1.73 average estimate from analysts surveyed by Bloomberg.

Fourth-quarter earnings were $0.39 a share, beating analysts’ average estimate of $0.36 a share. The ailing drugstore chain beat analysts’ expectations — a sign that its aggressive cost-cutting measures are starting to pay off.

“The decisive decision to shutter a large cohort of underperforming stores is a positive in a narrative where the expectations are exceedingly low,” said Jonathan Palmer, an analyst with Bloomberg Intelligence. However, the larger question is how the closures ultimately improves the profitability of the US retail pharmacy segment and the timing of a turnaround, he said.

$3 Billion Loss

In the fourth quarter, the company also posted a $3 billion loss, which mostly included tax charges related to opioid liabilities and a write down of an investment in a Chinese pharmacy chain.

The company said in a filing that it would redeploy the majority of the workforce in stores that are closed.

Walgreens’ retail division has struggled as budget-conscious consumers turn to online retailers like Amazon and discount giants Dollar General and Costco. Competitive pressures led the Deerfield, Illinois-based company to lower full-year guidance for the second consecutive quarter in June and announce store closures, which caused its shares to plunge.

Walgreens’ US retail pharmacy unit posted fourth-quarter revenue of $29.5 billion, exceeding analysts’ expectations of $27.5 billion.

Headwinds in 2025

Chief executive officer Tim Wentworth had previously cautioned that he expects headwinds to persist into 2025. In a statement Tuesday, he said Walgreens is focused on optimising its store footprint, controlling operating costs, improving cash flow, and addressing reimbursement models.

“This turnaround will take time, but we are confident it will yield significant financial and consumer benefits over the long term,” he said.

The US health-care unit, which includes VillageMD, reported revenue of $2.1 billion, in line with analysts’ estimates. Under former chief executive Rosalind Brewer, Walgreens invested $5.2 billion in primary-care provider VillageMD, enabling it to open hundreds of doctors’ offices in its drugstores. This move aligns with the company’s broader strategy to shift away from its retail roots and expand into more lucrative areas of health care.

Walgreens’ international business generated sales of $6 billion, slightly above analysts’ expectations of $5.8 billion. While the company had revived discussions last year about potentially selling the Boots chain, it has since shelved plans for an initial public offering. Wentworth reaffirmed his commitment to investing in Boots and unlocking its potential.

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