Kylie Jenner made her Victoria’s Secret runway debut Sunday night wearing the most expensive Fantasy Bra ever made: a $50 million Jacob & Co. creation that returned to the catwalk for the first time since 2018. The 2026 Victoria’s Secret Fashion Show, held at Sony Pictures Studios in Culver City, California and streamed live for free on YouTube, also delivered a surprise Bella Hadid return, a debut from Natalia Bryant and an all-women performer lineup. Missed it live? The replay details are below.
Kylie Jenner and the $50 million Fantasy Bra
Victoria’s Secret saved its biggest swing for last. Jenner, 29, closed out her first-ever VS runway wearing a gauzy mini skirt, clear heels and white feathered wings, but all eyes were on the bra: 4,410 natural diamonds surrounding a 75.54-carat radiant-cut Fancy Vivid yellow diamond, Vogue reports. Fifteen craftspeople spent more than 1,000 hours building the piece, which weighs just under four pounds. At $50 million, it is the priciest Fantasy Bra to date, topping the previous record by roughly $35 million, per Vogue.
The bra was designed with jeweler Jacob Arabo of Jacob & Co. “I wanted to create the most expensive Fantasy Bra ever made, but value alone was never enough,” Arabo told Victoria’s Secret. “For me, it had to be about the diamonds, the light, and the movement.” Chief creative officer Adam Selman said the choice of Jenner came down to her reach: “Kylie really extends beyond fashion, beyond culture, beyond TV, beyond one singular thing.” Jenner has 380 million Instagram followers, and her mother Kris Jenner and boyfriend Timothée Chalamet were both spotted cheering from the audience, according to Cosmopolitan.
The moments everyone is talking about
The show streamed live Sunday evening, and Nine’s live blog tracked the biggest beats as they happened:
Natalia Bryant’s debut. The daughter of the late Kobe Bryant walked the Pink section in bejewelled jeans, a charm belt and a bow, with mother Vanessa Bryant in the crowd.
Bella Hadid’s surprise return. She was the last Angel on the 2025 runway and the first in 2026, opening in an intricate floral set with a sheer green wrap. Sister Gigi Hadid walked in sequined “disco” wings while Tate McRae performed.
Barbara Palvin’s comeback. Six weeks after welcoming daughter Sylvie, Palvin returned to the runway while husband Dylan Sprouse stood and cheered.
Elsa Hosk’s giant wings. A flowing, flapping set that had the live bloggers half-convinced she might actually take flight.
The Nicole Kidman moment. Models walked to ADÉLA’s track “Nicole Kidman” while Kidman herself watched from the crowd.
Ashley Graham made her third VS walk, and Amelia Gray Hamlin appeared with Lisa Rinna cheering her on. Not everyone came back: Miranda Kerr turned down a historic return and Romee Strijd was not asked back, per Nine.
Who performed at the 2026 show
Victoria’s Secret booked an all-women lineup this year: KATSEYE, Megan Moroney, Megan Thee Stallion and Tate McRae, Billboard reports. Megan Thee Stallion called the gig “a dream come true” and joined a performer history that includes Taylor Swift, Ariana Grande, Justin Bieber and The Weeknd.
How to watch the replay
The full show streamed free on the Victoria’s Secret YouTube channel, Instagram and TikTok, with the pink carpet hosted by Scott Evans and Zanna Roberts Rassi. If you missed the live window, the replay is expected to live on the brand’s YouTube channel, as it did after last year’s show.
The road back to the runway
2018: The last Fantasy Bra appearance on the VS runway before this year, per Vogue.
2024: The fashion show itself returned after a five-year hiatus, with Ashley Graham among the debuting models.
2025: The show’s second year back; Bella Hadid closed the runway.
Oct. 15, 2026: Victoria’s Secret announced the Fantasy Bra’s return with Jacob & Co.
Oct. 18, 2026: The 2026 show streams live from Culver City; Kylie Jenner debuts the $50 million bra.
What this means for readers and fans
If you only care about the headline act, the Kylie Jenner Fantasy Bra segment is the clip to find on the VS YouTube replay. If you follow the brand’s comeback, this is the clearest signal yet of its new playbook: fewer network-TV trappings, more internet-scale casting. A $50 million bra plus the most-followed woman on Instagram is not subtle, but after years of rebuilding, subtle is not the goal. Expect VS to keep pairing legacy Angels with internet-native names in 2027.
Our analysis: the bra is the strategy
Read together, the casting and the jewelry tell one story. In 2018 the Fantasy Bra was a $1 million piece worn by Elsa Hosk; eight years later VS quintupled down with a $50 million statement and handed it to a reality star-turned-beauty mogul rather than a career runway model. Selman called the theme “fandomonium,” and the math backs him up: Jenner’s 380 million followers dwarf the brand’s own channels. Our read is that Victoria’s Secret is no longer selling a fashion show to TV viewers; it is manufacturing social moments for platforms where its next generation of customers already lives. The all-women performer lineup and the Natalia Bryant debut fit the same frame: community casting over old-guard glamour.
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