Why a struggling Victoria’s Secret pulled from its old playbook for its new fashion show

As the pink lights dimmed, signaling the start of the 2024 Victoria’s Secret Fashion Show at the Brooklyn Navy Yard earlier this week, the voice of Tyra Banks filled the room. The former America’s Next Top Model host—a mainstay of Sports Illustrated swimsuit issues and a frequent wearer of Victoria’s Secret angel wings back in the lingerie brand’s early-aughts heyday—announced to the waiting crowd, “Tonight, on the runway, it’s all about the women.” Tyra Banks walking the Victoria’s...