Hi, and welcome back to Line Sheet. I landed in Milan this morning and it is blazing hot. I will be out and about at the men’s shows over the weekend and hope to see you.

Today, for our super special Inner Circle send (upgrade here), Malique “Malique@puck.news” Morris goes behind the scenes at Victoria’s Secret to reveal how C.E.O. Hillary Super actually turned the company around. It’s remarkable! Up top, Malique has another Drake–OVO scoop, and I’ve got the latest scuttlebutt on the future of Glamour. Plus, news of a major departure from Edward Enninful’s magazine.

Tomorrow on Fashion People, my guests are Inez & Vinoodh! They just published the book Can Love Be a Photograph, riffing off their 40-year retrospective at Haag in the Netherlands, which runs through September 6. We talked about everything: their working and romantic relationship, the way the fashion industry has changed over the course of their career, the evolution of image-making, their favorite (and least favorite) brands, and so much more. Listen here and here.

Programming note: In observance of Juneteenth, we are taking tomorrow off. So see you on Monday. I’ll have a report from the Milan men’s shows and plenty, plenty more.

Also mentioned in this issue: Adam Selman, Roger Lynch, Elizabeth Preis, Donna James, Savage x Fenty, Noah Shebib, Sam Barry, Ali Dillon, Vogue World, Drake, Les Wexner, Jeffrey Epstein, Skims, Anne Stephenson, Edward Enninful, Anthropologie, Oliver El-Khatib, Amy Kocourek, Boots, Sarah Harris, Rihanna, Brett Blundy, Martin Waters, Derek “Drex” Jancar, and more.

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And now, here’s Malique with a readout on the comeback of the year so far…

Company turnarounds are usually slow, grinding affairs where paltry growth is grounds for celebration. Once in a great while, though, a comeback moves so fast that it leaves the doubters scrambling to explain what they missed—like Victoria’s Secret, which reported first-quarter 2026 sales growth of 15 percent two weeks ago, sending the stock soaring more than 40 percent. Revenue reached $1.5 billion, while net profits surged twentyfold to $57 million. I’m also told that during a post-earnings all-hands meeting, executives shared that revenue in China—still a tough market for most brands—jumped 63 percent during the quarter.

Among other results, those numbers vaporized Australian billionaire Brett Blundy’s proxy war, as shareholders roundly dismissed his calls to remove 23-year board veteran Donna James and instead reelected all nine board members on June 11. “We are executing with precision and agility, deepening connections with our customers, and strengthening the foundation of the business while driving sustainable long-term value,” C.E.O. Hillary Super told investors earlier this month.

Strong earnings alone, however, don’t explain how the company flipped the script so suddenly and against long odds. It wasn’t long ago that the world had written off Victoria’s Secret as an out-of-touch relic of a bygone era. Headlines focused on former owner Les Wexner’s ties to Jeffrey Epstein and the company’s entrenched boys’ club culture. After years of declining ratings and persistent pushback on its too-thin models, Victoria’s Secret put its annual runway show on hiatus in 2019. Throughout the turmoil, the brand ceded market share to the likes of Aerie and Skims, both of which demonstrated deeper alignment with younger shoppers.

So the board hired Super, formerly of Savage x Fenty, as C.E.O. in 2024 in order to turn the ship around. Over the past year, she has assembled an executive team drawn from the kinds of mall brands that have long been retail talent incubators. She hired Anthropologie’s Elizabeth Preis as marketing chief; former Gap and American Eagle executive Amy Kocourek as president of beauty; and she recruited Ali Dillon, another former Gap executive, to oversee Pink, the company’s youth-focused line. Super promoted Anne Stephenson, a Victoria’s Secret veteran who started her career at Saks Fifth Avenue, to president of the flagship brand. Most notably, she poached Adam Selman, the mustachioed former indie designer and longtime Rihanna collaborator, from Savage x Fenty in April 2025 before elevating him to chief creative officer six months later.

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No single executive deserves sole credit for the turnaround. But I’m told that Selman has brought the verve, pop culture sensibility, and creative structure that Victoria’s Secret lacked for years. Described as succinct and low-profile, Selman is not the head designer. But he collaborates with the design team on overarching seasonal themes for both Victoria’s Secret and Pink, along with overseeing the look and feel of the stores and spearheading the runway show, which the company revived in 2024.

One of the biggest shifts has been the new creative team’s move to establish guidelines that actually reflect how Victoria’s Secret customers live. The ancien régime led by Martin Waters, a former Boots executive on the periphery of Wexner’s orbit, catered to an aspirational lifestyle—seasonal concepts based on travel to Ibiza, etcetera—that didn't inspire the design teams and ultimately translated to lower sales.

This spring, Pink introduced a campaign called Pink Break—a play on spring break—that focused on dressing for the music-festival season, an approach far more aligned with teen mood boards and the audience the company is pursuing. I’m told that within that framework, downstream departments were encouraged to have fun. That’s how you get Pink bras emblazoned with “barbecue baddies” and white pants with “dramatic” across the butt. It may seem simple, but it’s incredibly effective. Pink appears to be resonating again with 18-to-24-year-olds, and Millennials are giving Victoria’s Secret bras another look, helping drive more than 10 percent growth in the category during the first quarter.

That creative structure has also helped unlock revenue from unlikely sources. Early in her tenure, Super was forced to deal with the runway show, an annual pop-cultural rite since 1995, which arguably started the whole fashion-tainment gimmick that eventually gave us Vogue World. The property had already gone through some underwhelming revivals. In 2023, the company released a bland, documentary-style Prime Video special that felt heavily indebted to Rihanna’s Savage x Fenty presentations on the platform. Its 2024 return to the runway format came just a month into Super’s tenure and was something of an inherited problem. Reviews were mixed, and some models struggled with the dysfunctional, strappy shoes. Still, it got people talking about the brand again. On her first earnings call that December, Super reported the show had garnered billions in social media impressions and 4 million new TikTok followers.

After the Wexner years, the company is also emphasizing an improved internal culture. I’m told that insiders are energized that the company is back on top, but the requisite workload has caused some grumbling. The executive team devoted most of a recent all-hands session to reinforcing cultural principles, including putting the customer first, owning outcomes, embracing differences, and staying curious. Some insiders felt the discussion came at the expense of product updates or plans for the forthcoming fashion show. “We identified culture as an enabler of our Path to Potential strategy, and this work has been underway for about a year,” the company said in a statement. “Culture does not exist in a vacuum. It is directly tied to our purpose, our strategy and how we are driving the business forward.”

Usually, this sort of thing might read as corporate pablum, but not so here: Super’s job is not only to restore growth, but to ensure the company never repeats the mistakes that caused customers to drift away.

Neiman Marcus is laying off 67 people as it closes its Dallas flagship. [NY Post]

It’s Pitti Uomo! Brunello Cucinelli hosted a dinner. Joshua Jackson! [Umbria 24]

I highly recommend going to the John Currin show at Sadie Coles on Savile Row while listening to Bella Freud interview him. It’s really good. [Fashion Neurosis]

It’s so hot, should I buy this skirt? [Mytheresa]

Bianca Saunders won the BFC/Vogue Designer Fashion Fund. [BoF]

The C.E.O. of VF Corp made nearly $19 million last year. [WWD]

Mamdani is a real fashion guy, isn’t he? Also, who knew Jordyn Woods had a fashion brand? [Instagram]

Michelle Obama looked incredible in Celine at the Obama Presidential Center. [Instagram]

Until tomorrow,
Lauren

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