CULVER CITY, Calif. — The pink glitter of the Victoria’s Secret backdrop is already in place, and so are two of the faces that once defined the brand’s peak. Alessandra Ambrosio and Adriana Lima stand arm-in-arm backstage on October 18, 2026, in matching short pink-and-white striped robes with black piping, arms raised in celebration. The large white letters spelling out “FASHION SHOW 2026” frame them as they prepare for the runway at Sony Pictures Studios. Ambrosio is marking her 20th appearance for the brand; Lima, another longtime Angel, is back for another turn. For a moment, it looks like the old days.
That is the point of today’s show, the third since the long hiatus that began after the 2018 broadcast. The event streams live on YouTube at 4:30 p.m. PT, with musical performances from Katseye, Megan Moroney, Megan Thee Stallion, and Tate McRae. The cast mixes returning icons with newer names, but the presence of Ambrosio and Lima is the clearest signal that the brand wants some of its old glamour back.
Critics have spent years arguing that the loss of that glamour was self-inflicted. After years as a high-profile television event that mixed high-production fantasy with commercial lingerie, the show was canceled. The brand then moved toward a more overtly inclusive, empowerment-focused image, including the VS Collective of athletes, activists, and models of varying sizes and identities. Supporters called it necessary modernization. Critics called it a pivot from a once-prestigious, aspirational spectacle into something that prioritized ideological signaling over the fantasy that had built the business. Sales, which had reached roughly $7–8 billion at peak, slid. Brand value eroded sharply after the company spun off from L Brands; the stock fell hard in the years that followed. Hundreds of stores closed as the company shrank its physical footprint, particularly in traditional mall locations, while competitors that never carried the same baggage—or that defined “sexy” differently—gained ground.
The numbers tell a story of a brand that stepped away from what had worked for it and struggled to find a replacement audience. Recent quarters under CEO Hillary Super have shown improvement as the company has leaned back toward product innovation and a less apologetic tone on sensuality. Still, the recovery remains incomplete, and the memory of the multi-year slide in value and traffic is fresh for anyone who followed the business.
Rounder Magazine’s own coverage of the evening will come from Rounder TV reporter Daniel Ruiz, who is on site in Culver City. Ruiz’s first major assignment was the America’s Got Talent finals, where 16-year-old Thai rocker Nene Royal took home the $1 million prize after performances that included a high-energy take on The White Stripes’ “Seven Nation Army.” That reporting appeared on rounderlife.com and is also running in the new issue of Rounder Magazine, scheduled for release this week.
Whether today’s show, with its classic Angels in the wings and its mix of legacy and newer faces, can recapture the cultural weight of earlier editions remains an open question. The robes, the glitter, and the raised arms backstage look familiar. The years of lost value, closed stores, and the debate over what the brand abandoned are part of the backdrop too.
Catch what people are saying about the runway looks, the return of the Angels, the Fantasy Bra moment, the musical performances, and the overall vibe of the show.
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Lead image — Alessandra Ambrosio and Adriana Lima prepare backstage at the Victoria’s Secret Fashion Show 2026 on October 18, 2026 in Culver City, California. (Photo by Dimitrios Kambouris/Getty Images for Victoria’s Secret)
