Candice Swanepoel and Adriana Lima have moved from the runway to the snow, and Victoria's Secret hasn't wasted a moment. Just ten days after its 2026 fashion show in Los Angeles on 18 October, the brand released the 'Walking in a VS Wonderland' holiday campaign, with the pair posing in red lace among giant baubles.
The timing keeps the Angels firmly in the spotlight as the business grows, with second-quarter net sales up 10% to $1.611 billion. That raises a fair question for fans and investors alike: is this a one-off nod to the past, or the start of a lasting Angels comeback?
Behind the Holiday Push
The fashion show gave the brand a big moment to build on. The 2026 edition brought back Lima, Swanepoel, Gigi Hadid, Ashley Graham, Anok Yai, Alex Consani and Paloma Elsesser, alongside performances from Katseye, Megan Moroney, Megan Thee Stallion and Tate McRae. The holiday campaign carries several of those faces straight into the shopping season.
Company filings show first-quarter net sales rose 15% to $1.6 billion, with comparable sales up 13%. Second-quarter sales then rose 10%, and the company raised its full-year forecast and said it would spend more on marketing. Third-quarter net sales are forecast to be between $1.570 billion and $1.600 billion, up from $1.472 billion a year earlier.
Chief executive Hillary Super took over in September 2024, having previously led Savage X Fenty and Anthropologie. An activist investor opposed her lack of public-company experience, and the company's shares rose 47% on 2 June after it reported its first-quarter results.
What Is in the VS Wonderland Campaign?
Photographed by Carlijn Jacobs, set to Matt Jackson's surreal studio snowscape, and styled by Katie Burnett, the campaign pairs legacy icons Swanepoel and Lima with modern fashion powerhouses Yai, Elsesser, and Consani. High-shine satin, jewel-toned sleepwear, and signature red lace take centre stage—punctuated by garters and heels on one end, and playful, snow-day touches like fuzzy earmuffs, mittens, and striped pyjamas on the other. Giant satin ribbons and oversized baubles frame the cast, delivering full-throated festive glamour.
Crucially, the entire collection spans sizes XS to XXL, anchoring the visual spectacle in real commercial strategy. On its Q3 2025 earnings call, management revealed that customer acquisition was surging fastest among 18- to 24-year-olds, who are also driving higher order values. By pairing legendary Angels with today's top runway names, Victoria's Secret is actively courting the next generation of shoppers without relinquishing the heritage equity that built the brand.
What Are Fans Saying About the Campaign?
Reactions to the campaign have been warm, with online chatter reading like a real-time group chat. Viewers praised the group shots with verdicts like 'everybody ate,' celebrating Swanepoel and Lima's return while enthusiastically supporting Yai, Consani, and Elsesser.
everybody ate pic.twitter.com/ddKOwK3EMU
— 𝐥𝐚𝐯 🪩 | glee era (@60diors) October 28, 2026
Beneath that initial wave of excitement, the commentary reveals a fanbase actively weighing nostalgia against modern representation. On one side, legacy purists cheered the return of the original Angels, suggesting the campaign should have focused exclusively on the heritage duo. On the other, contemporary fashion followers rallied around the newer roster and defended the fresh direction.
Just crop Candice and Adriana and cut everything else. Then you'd have a good campaign.
— Hornet (@markhive9312) October 28, 2026
The 'VS Wonderland' shoot succeeds because it treats nostalgia as a living style language rather than a museum piece. By letting legacy icons share the spotlight with today's standard-bearers, Victoria's Secret found a visual sweet spot that feels both classic and forward-moving. Whether the Angels are truly back for good depends on whether the brand continues to embrace this ensemble energy or retreats into comfortable tropes when the next season calls.
