The Victoria’s Secret Fashion Show has become a landmark event in the fashion industry, drawing close to three million viewers during its 2025 edition. This annual spectacle features renowned models and celebrities showcasing the latest in lingerie and sleepwear. This year, legendary figures like Adriana Lima and Gisele Bündchen were joined by newer stars, such as Gigi and Bella Hadid, each presenting an array of extravagantly designed outfits.
The Signature Style of the Show
Victoria’s Secret maintains its unique aesthetic, characterized by crystal-studded lingerie and lace corsets. Dramatic wings and capes still echo the glamour of the early-2000s displays. Each model is adorned with oversized jewelry, feathered accessories, and glossy makeup, creating a hyper-glamorous atmosphere synonymous with the brand.
A Year of Firsts
- This year’s show marked the debut of Angel Reese, a professional WNBA athlete, on the runway.
- South Korean group TWICE performed, making it the first K-Pop act to grace the event.
- Karol G also appeared, representing the first Latinx performance in the show’s history.
These inclusions reflect Victoria’s Secret’s efforts to modernize and appeal to younger, diverse audiences while remaining a fashion icon.
From Marketing Tool to Cultural Phenomenon
The origins of the Victoria’s Secret Fashion Show date back to 1995, where it initially served as a marketing technique to promote lingerie collections. Unlike typical fashion week displays, it treated the runway as an entertainment platform. This strategy allowed the brand to reach millions of viewers from their homes, selling a fantasy rather than just products.
Over the years, the show transformed into a powerful cultural export, achieving peak viewership in 2014 with over nine million U.S. viewers. Broadcast in nearly 200 countries, it emerged as a symbol of the merging of fashion and mainstream pop culture.
Recent Challenges and Triumphs
In 2019, the show faced controversy over inclusivity issues, leading to its cancellation. However, its revival in 2024 and 2025 has demonstrated Victoria’s Secret’s resilience, with a current market capitalization of around $2.42 billion and a gross margin of 36% as of October 2025.
| Year | Viewership | Market Cap (USD) |
|---|---|---|
| 2014 | 9 million | Not disclosed |
| 2025 | 3 million | 2.42 billion |
Victoria’s Secret differentiates itself from traditional haute couture houses by emphasizing mass-market visibility and performance, appealing directly to a broad audience. While leading European fashion brands focus on exclusivity and heritage, Victoria’s Secret thrives on its extensive reach and captivating shows.
