Bulgari Is Silent on the $50 Million Fantasy Bra. Here’s Its Case for High Jewelry

LOS ANGELES — The most expensive Fantasy Bra in Victoria’s Secret history was made by Jacob & Co., Vogue and National Jeweler both reported. Bulgari had nothing to do with it. We looked for any Bulgari or LVMH statement about Victoria’s Secret, the 2026 show or the Fantasy Bra, and as of Tuesday, Oct. 20, we found none. So we won’t invent one. Here is what both sides have actually put on the record.

The Fantasy Bra side

Victoria’s Secret’s own Fantasy Bra page presents the 2026 piece. Vogue reported 4,410 natural diamonds around a 75.54-carat yellow diamond and a $50 million price. Jacob Arabo told Vogue the goal was “a piece of high jewelry that could be worn as a bra. No fabric, only gold and diamonds.”

National Jeweler listed earlier Fantasy Bra jewelers, including Harry Winston, Mouawad and London Jewelers. It noted that the brand sells a $398 Fantasy Bra-inspired top, and that Jacob & Co. didn’t say what happens to the bra after the show.

The Bulgari side: high jewelry as an asset

In February, Vogue Business published “Age of Asset: The State of Jewelry in 2026” by Milena Martins-Alexandre. It defined high jewelry as unique pieces priced from $100,000 and quoted Jean-Christophe Babin, whom it identified as Bvlgari chair:

“Clients are comforted by purchasing a product whose value increases over time. … It has reinforced the investment dimension of jewelry.”

— Jean-Christophe Babin, to Vogue Business

Babin also told the outlet that “the client overlap between maisons can reach 60% to 80%”, and put the math of luxury plainly: “If you spend €5,000 for one night in a hotel, however, you can probably spend €50,000 for a watch, or €500,000 for a necklace.”

In a Luxury Society interview, Babin said Bulgari had its best year ever in 2025. He argued the brand would grow “because we’ll gain market share” and described the price range: “You can find a beautiful ring at 3500 euros and you have beautiful one-of-a-kind Serpenti necklaces at 2 million euros.” The outlet reported that Babin was moving from CEO to chairman in July 2026, handing operations to Laura Burdese.

What Bulgari did this season

Instead of a runway bra, Bulgari’s 2026 headline was Eclettica: 128 new High Jewelry designs, which LVMH announced with Babin saying “being eclectic is part of our DNA.” In its third-quarter results, LVMH said Eclettica generated “record-breaking revenue,” as National Jeweler reported.

Next month, Christie’s Geneva will offer “The Bulgari Pink,” a 24.00-carat Fancy Intense Pink diamond ring by Bulgari. The auction is Nov. 10, with an estimate of CHF 10–15 million (US$12–18 million).

The comparison, without the spin

On the numbers alone, the Victoria’s Secret bra’s reported $50 million price is well above the top of Christie’s estimate for the Bulgari Pink. They are different things: one is a showpiece made for a televised runway, and the other is a stone a family has held for more than 70 years and is now selling at auction. Bulgari hasn’t commented on Victoria’s Secret. If that changes, we’ll update this story.

More on the show: how the Fantasy Bra split fans and moved the stock and what Vogue said about the show.

Discuss this on the forum

$50 million for a runway bra or $18 million for a 24-carat pink diamond: which is the real fantasy? Discuss this on the forum.

Sources

• Vogue: Kylie Jenner Debuts on the Victoria’s Secret Runway in its $50 Million Fantasy Bra (Oct 18, 2026)
• National Jeweler: The $50M Victoria’s Secret ‘Fantasy Bra’ By The Numbers (Oct 20, 2026)
• Victoria’s Secret: 2026 Fantasy Bra (official page)
• Vogue Business: Age of Asset: The State of Jewelry in 2026 (Milena Martins-Alexandre, Feb 12, 2026)
• Luxury Society: Market Share Over Market Size: Jean-Christophe Babin on Bulgari’s Record Year (May 19, 2026)
• LVMH: Maison Bvlgari unveils Eclettica
• National Jeweler: LVMH’s Jewelry Brands Turn in ‘Very Good’ Performance in Q3
• Christie’s: Christie’s Presents The Bulgari Pink (Oct 9, 2026)

Photo: Anthony Perlas / @lillithmagic, from Nightlife Report’s Bureau Fashion Week LA coverage. Not from the Victoria’s Secret show. No AI-generated images were used.