VS Angels or Mulberry?

The Victoria’s Secret Fashion Show returned to Los Angeles on October 18, 2026—its first homecoming there in nearly two decades—delivering the season’s biggest spectacle of wings, diamonds, and live performances.  Bella Hadid opened in floral-adorned wings and a sheer skirt, while Barbara Palvin made an emotional return just six weeks after giving birth. Rosie Huntington-Whiteley walked for the first time in 16 years, and longtime Angels including Adriana Lima and Alessandra Ambrosio added continuity. The night’s biggest reaction came when Kylie Jenner debuted in the $50 million Fantasy Bra—the most expensive in the show’s history—set with 4,410 diamonds and a 75.54-carat yellow diamond, worn with white plumed wings as Timothée Chalamet and Kris Jenner watched from the front row.  Performances by Megan Thee Stallion, Tate McRae, Katseye, and Megan Moroney soundtracked the seasonal theme of flower petals, snowflakes, and metallic creations.

The glitter stood in contrast to the quieter resilience showing up in luxury’s numbers. British handbag house Mulberry reported an 18% rise in first-half sales (to September 26), driven by heritage bags, strong full-price demand, and especially the U.S. (+28%) and Europe. Shares jumped as CEO Andrea Baldo’s “Back to the Mulberry Spirit” strategy—emphasizing craftsmanship and less discounting—gained traction, with a Christopher Kane London Fashion Week show also lifting visibility.  Earlier in the week, Brunello Cucinelli raised its 2026 revenue outlook to roughly 12% growth after a 13.5% third-quarter sales jump, standing out in a sector still navigating slower demand in places like China.

These results arrive just after the Spring/Summer 2027 fashion weeks closed on a note of commercial optimism. Buyers highlighted lightness and fluidity—chiffon layers, balloon pants, sheer overlays, and lingerie dressing—at houses from Dior and Chanel to Celine and Schiaparelli, alongside color, lace, cinched waists, and more wearable separates. Maximalism and “freaky” shoes appeared, yet the overall mood favored clothes meant to sell rather than pure spectacle.

Meanwhile, Melbourne Fashion Week is underway (October 19–25), and the industry continues balancing runway fantasy with the harder realities of climate adaptation, supply-chain scrutiny, and uneven regional demand. For one night in Los Angeles, though, the angels flew again—while a few heritage names quietly proved that craftsmanship and full-price discipline can still move the needle.