The company is famous for the annual fashion show during which those Angels walk the runway wearing incredibly expensive underwear - often encrusted with jewels and precious stones - and angel wings.
But, Victoria's Secret CEO Martin Waters has now said that the Angels are no longer 'culturally relevant'.
Speaking to the New York Times, Waters said: "In the old days, the Victoria brand had a single lens, which was called 'sexy.
"I've known that we needed to change this brand for a long time, we just haven't had the control of the company to be able to do it."
So, in the face of accusations of sexism and lack of diversity, VS has announced a rebrand, including the launch of the VS Collective - a group of seven high-achieving women.
They include Indian actress Priyanka Chopra, 38, top footballer Megan Rapinoe, 35, transgender model and activist Valentina Sampaio, 24, and 17-year-old Chinese freestyle skier Eileen Gu.
The other women in the group are South Sudanese-Australian model Adut Akech, 21, media personality Amanda de Cadenet, 49, and plus-size model Paloma Elsesser, 29.
The VS Collective's roles will include advising the brand and appearing in adverts, the company said.
Waters continued: "This is a dramatic shift for our brand and it's a shift that we embrace from our core.
"These new initiatives are just the beginning. We are energised and humbled by the work ahead of us."
It also announced The VS Global Fund for Women's Cancers, which will aim to help find treatments and cures for the disease, the company said.
Chopra, who is married to singer Nick Jonas, said: "As we work together to chart the path forward in a new and impactful way, I'm not only looking forward to developing future collections that are inclusive of all people, but I am most excited for new customers and for those who have always been a customer of Victoria's Secret to feel represented and like they belong."
Victoria's Secret will split from parent company L Brands this summer, it was announced earlier this year.
As well as accusations it focused too narrowly on thin models rather than a broader range of body shapes, the brand's image was harmed by reports of a sexist corporate culture.
And its former owner, Les Wexner, stepped away from the board of L Brands amid scrutiny of his relationship with paedophile financier Jeffrey Epstein.
Additional copy from PA