It was supposed to be the ultimate power move. Moving the entire glittery circus to Shanghai for the 2017 Victoria's Secret Fashion Show felt like a genius business play on paper. China was—and still is—the world's most aggressive growth market for luxury goods, and L Brands wanted a piece of that massive pie. But man, things got messy fast. If you were following the news back then, you remember the headlines about visa denials, government crackdowns, and a literal fall from grace that went viral before the show even finished filming.
Honestly, looking back from 2026, this specific show feels like a time capsule. It was the peak of the "Angel" era, but you could already see the cracks forming in the brand's cultural dominance.
The Shanghai Logistics Nightmare
The drama started way before the first glitter-dusted heel touched the runway. Organizing a massive American production in mainland China isn't just about shipping boxes; it’s about navigating intense bureaucracy. Several high-profile models, including Gigi Hadid, were suddenly MIA. Gigi had to drop out after a video of her squinting her eyes while holding a Buddha cookie sparked massive backlash in China. People were furious. Then there was Katy Perry. She was originally slated to perform, but her visa was reportedly denied because she’d previously worn a sunflower dress during a performance in Taipei—a symbol associated with pro-democracy protesters.
The show went on, but the vibe was tense. Harry Styles stepped in as the lead musical guest, alongside Miguel, Leslie Odom Jr., and Jane Zhang. It worked, but the absence of the biggest social media "It Girl" of the moment definitely hurt the show's digital reach in the West.
That Ming Xi Moment
You can't talk about the 2017 Victoria's Secret Fashion Show without talking about the fall. Ming Xi, a seasoned pro and a hometown favorite in Shanghai, caught her floor-length sheer cape under her heel. She went down hard.
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It was painful to watch.
Most years, the editors would have cut that out of the TV broadcast. They usually film the show twice to ensure they have "perfect" shots of every look. But for some reason, the producers decided to keep the fall in the final cut. They even showed her crying backstage afterward. Some people thought it showed "humanity," but a lot of fans felt it was exploitative. It felt like the brand was prioritizing viral drama over the prestige they usually spent millions to cultivate. Gizele Oliveira, who helped Ming Xi up and waited for her to finish her walk, became the unsung hero of the night. It was a rare moment of genuine sisterhood in an industry that’s usually described as cutthroat.
The Fantasy Bra and the "Balmain" Effect
Lais Ribeiro was the one who got the "Champagne Nights" Fantasy Bra that year. It was valued at roughly $2 million and featured gold, diamonds, and yellow sapphires. It was stunning, sure, but the real fashion news was the collaboration with Olivier Rousteing and Balmain.
This was the first time VS had teamed up with a high-fashion house for a runway collection. The "Punk Angel" segment was all studs, safety pins, and plaid. It was an attempt to make the brand feel "edgy" and high-fashion again. Honestly, it was one of the better segments in the show's later years. It didn't feel as dated as the "Pink" sections, which were starting to feel a bit too juvenile for the changing tastes of Gen Z.
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Why the Ratings Started Cratering
Despite the glitz, the numbers told a different story. The 2017 Victoria's Secret Fashion Show pulled in about 5 million viewers in the US. That sounds like a lot until you realize that just a few years prior, they were hitting 9 or 10 million easily.
Why the drop?
The world was changing. Rihanna’s Savage X Fenty was right around the corner. Aerie was winning over younger shoppers with "real" bodies and unretouched photos. VS was still pushing a very specific, very narrow definition of "sexy" that involved intense dieting and a lack of size diversity. The 2017 show featured 55 models from 17 countries, which was their most diverse cast ever at the time, but in terms of body type? It was still the same old story. People were getting bored of the fantasy because the fantasy didn't look like them.
Adriana Lima and Alessandra Ambrosio were still the anchors of the show. This was actually Alessandra's final walk for the brand after 17 years. When she blew her final kiss to the camera, it really did feel like the end of an era. She was the quintessential Angel. Replacing that kind of brand loyalty is nearly impossible, and the "New Class" of models just didn't have that same mythical status in the eyes of the public.
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The "Gatekeeper" Controversy
We have to acknowledge the elephant in the room. Ed Razek, the long-time CMO of L Brands, was the architect of this whole world. His vision defined what the 2017 Victoria's Secret Fashion Show looked like. But his later comments to Vogue about why the show shouldn't include "transsexuals" or plus-size models because the show is a "fantasy" basically set the brand on fire. Even though those comments came a bit later, the mindset was clearly present in the 2017 production. It was a closed club.
Actionable Takeaways from the 2017 Era
If you're looking at this show from a branding or business perspective, there are some pretty heavy lessons to be learned.
- Cultural Competency Matters: You can't just drop a Western brand into an Eastern market without doing deep homework. The visa issues and the Gigi Hadid controversy were massive PR blunders that could have been avoided with better local insight.
- Adapt or Die: The 2017 show proved that big budgets and pop stars aren't enough if the core message is out of sync with the audience. Consumers in the late 2010s wanted authenticity over airbrushed perfection.
- The Power of Narrative: The decision to air Ming Xi's fall was a turning point. It showed that the brand was chasing "clout" and "clicks" over the aspirational quality that made them a household name in the first place.
If you're researching the history of fashion marketing, the Shanghai show is the perfect case study on how a global giant can lose its footing by failing to read the room. It was beautiful, it was expensive, and it was the beginning of a long, painful decline.
To understand where the brand is now—with its revamped "VS Collective"—you have to look at the 2017 show as the moment they tried to go bigger than ever, only to realize the world was moving in a completely different direction.
Next Steps for Fashion History Enthusiasts
To get a full picture of the shift in the lingerie industry, compare the 2017 Shanghai show's "Punk Angel" segment with the debut Savage X Fenty show from 2018. Pay close attention to the staging and the way the models interact with the camera. You'll see the exact moment the "male gaze" style of traditional runway shows was replaced by a more inclusive, "female-centric" marketing approach. Also, look up the behind-the-scenes footage of Alessandra Ambrosio’s final fitting to see the level of craftsmanship that went into the wings before the brand moved away from them entirely.