Victoria's Secret gains after its weekend fashion show creates buzz

Victoria's Secret & Co. (VSZY) pushed higher in early trading on Monday after the retailer's 2026 Fashion Show created some weekend buzz.

The fashion show was held at Sony Pictures Studios in Culver City. It was the first time the show had been in Los Angeles in 19 years, and it streamed free on YouTube, Instagram, and TikTok. Bella Hadid opened to loud applause in a colorful floral bra and bright green bottoms, while veterans Adriana Lima and Candice Swanepoel walked alongside Gigi Hadid, Ashley Graham, and Alex Consani. Rosie Huntington-Whiteley returned for the first time in 16 years and opened the icy winter segment. The biggest moment was a surprise visit by Kylie Jenner on the runway debut in a $50M fantasy bra, the most expensive the brand has ever made.

Weighing in on the event, Morgan Stanley analyst Alex Stratton said the Victoria's Secret Fashion Show reinforced our conviction in the company's durable turnaround. Stratton noted that stronger pre-Show momentum, earlier marketing, and more shoppable products coincide with accelerating Gen Z demand, which the firm thinks signals successful recruitment of younger, potentially more full-price customers. The new timing of the event on a Sunday and the increase in show-related SKUs were seen as positives.

"These changes create greater potential to recruit customers & translate brand heat into incremental, potentially higher-quality sales," highlighted Stratton.

Morgan Stanley has an Overweight rating on VSXY and an upped price target of $104.00.

Shares of Victoria's Secret (VXSY) were 2.0% higher in premarket action on Monday.

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