By Sabela Ojea

Shares of Victoria's Secret on Wednesday edged higher after the company brought back its live runway fashion show after a six-year break as it goes through a rebranding process under the leadership of newly-appointed Chief Executive Hillary Super.

Victoria's Secret was up 6.4% to $28.10 in afternoon trading. The stock has surged 46% over the past three months, and 55% over the past 12 months.

The lingerie, clothing and beauty retailer on Tuesday night proved it continues to be culturally relevant as it brought back together "Angel" models in wings including Gigi Hadid and Adriana Lima.

"I think people were worried about Victoria's Secret brand relevance, so I think the show allowed investors to breath out on one of their greatest fears," BMO Capital Markets analyst Simeon Siegel said.

The fashion show was much more female driven and representative, as it didn't pick one image of beauty as it might have done in the past, he added.

Last year, the company made an attempt to reinvent its fashion show as a pre-taped film available on streaming services, but without "Angel" models in wings.

The fashion show for more than two decades had been a key part of the company's business as it built an empire based on sex appeal, but it had also been criticized for glorifying skinny body types, as well as for marketing the show for the male gaze and not everyday women.

"The company's executive team is likely happy with how the show went, even if it played it safe to avoid controversy, GlobalData's analyst Neil Saunders said. "It wasn't the most interesting fashion show ever, as it was a bit predictable but, in some ways, that's a good thing."

Overall, Victoria's Secret is offering a fresh start with Hillary Super as its CEO, and investors see there's a chance the brand can get back on track, Saunders said.

In August, Victoria's Secret tapped Savage X Fenty's CEO Super to succeed Martin Waters in the top job after a three-year tenure. Super previously led Anthropologie before taking the helm at lingerie retailer competitor Savage X Fenty after pop star and billionaire founder Rihanna, born Robyn Rihanna Fenty, stepped down in 2023.

Super is credited with nearly three decades of experience with companies including American Eagle Outfitters, Guess and Gap.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

October 16, 2024 15:09 ET (19:09 GMT)

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