It was 2012. Rihanna walked onto the Victoria’s Secret runway wearing a black corset dress and pearls, singing "Diamonds." She looked more like an Angel than the actual Angels. Honestly, she owned that room. At the time, nobody knew that this moment—one of the most iconic performances in the show's history—was basically the beginning of the end for the old Victoria’s Secret.
Fast forward a decade and the script has flipped completely. Rihanna didn't just compete with them. She fundamentally changed the rules of the game.
The 2015 Performance That Never Was
A lot of people forget that Rihanna was actually booked to perform at the 2015 Victoria’s Secret Fashion Show. Then, she pulled out. The official reason? She needed to finish her Anti album. But the tea in the industry was a bit more complicated.
Rumors swirled that Rihanna walked away because the brand snubbed her friend, model Jourdan Dunn. When the lineup came out and Dunn was replaced by Kendall Jenner, the "Bad Gal" seemingly sent a message. Dunn even tweeted a spicy comment about feeling better about not doing "BS" (her words) once she knew Rihanna wasn't doing it either. Whether it was the album or the snub, Rihanna’s absence left a hole that Ellie Goulding had to fill at the last minute.
It was a turning point. Rihanna stopped being an accessory to their brand and started becoming their biggest threat.
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How Savage X Fenty Broke the Mold
When Rihanna launched Savage X Fenty in 2018, she didn't just sell bras. She sold a different version of reality. Victoria’s Secret had spent decades selling a "fantasy"—one that mostly involved being a size 0 and having a specific look.
Rihanna went the opposite way.
Why the Strategy Worked
- Size Inclusivity: While VS was dragging its feet on carrying anything over an XL, Savage launched with a massive range of sizes immediately.
- The "Vibe" Shift: Lingerie wasn't about the "male gaze" anymore. It was about "wearing it for your damn self," as Rihanna told Vogue.
- Cultural Relevance: The Savage X Fenty shows, which eventually moved to Amazon Prime, felt like Coachella mixed with a high-fashion rave. The VS show, by comparison, started to feel like a dusty relic of the 90s.
The Business Reality Check
By 2019, Victoria’s Secret canceled its annual televised fashion show. Sales were cratering. They were closing 250 stores in 2020 alone. Meanwhile, Savage X Fenty was hitting a $1 billion valuation. It’s wild to think about. One woman from Barbados basically forced a multi-billion dollar corporation to rethink its entire existence.
But business is never a straight line up. Even for Rihanna.
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By early 2025, reports indicated that Savage X Fenty and Fenty Beauty were hitting some roadblocks. High-level leadership changes and a tough market in China led to a dip in her overall net worth—down about 29% from her 2024 peak. It turns out that even the most inclusive brand in the world has to deal with the "post-hype" reality of retail.
Victoria’s Secret Tries to Pivot
Don't count the "Angel" out just yet. Victoria’s Secret has been trying desperately to "woke-ify" its brand. They ditched the Angels for the "VS Collective," featuring people like Megan Rapinoe and Naomi Osaka. They finally started using diverse body types in their ads.
Is it working? Kinda. They’ve seen some financial stabilization, but for many shoppers, it feels a bit like they’re just chasing the trail Rihanna blazed years ago. It’s hard to sell "inclusivity" when you spent thirty years selling "exclusivity."
What Most People Get Wrong
People think this was just a fight about body types. It wasn't. It was a fight about data and membership.
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Rihanna used a VIP membership model (via TechStyle Fashion Group) that gave her data on exactly what her customers wanted. Victoria’s Secret was stuck in a traditional retail model that relied on foot traffic in malls. Rihanna knew her customers' sizes, preferences, and shopping habits before they even clicked "checkout."
The Nuanced Truth
Is one "better" than the other? Honestly, it depends on what you’re looking for. Victoria’s Secret still has the massive physical footprint and a legacy of "glamour" that some people still crave. Savage X Fenty has the edge on cool-factor and authenticity.
But here is the reality: Victoria’s Secret would not be "inclusive" today if Rihanna hadn't scared the life out of their board of directors.
Next Steps for Your Wardrobe and Wallet:
- Check the Fabrics: Before buying into the hype of either brand, look at the material tags. Synthetic laces from both brands can be itchy; look for cotton-lined gussets regardless of the logo.
- Compare the Membership Costs: If you go with Savage, remember to "skip the month" by the 5th, or you'll be charged a $59.95 credit fee. Don't let the "Rihanna aura" make you forget your subscriptions.
- Watch the Rebrands: Keep an eye on the 2026 Victoria’s Secret collections. They are currently pivoting back to "glamour" but trying to keep the inclusivity. It's a tricky balance that will determine if they survive the decade.