…just kidding. It’s just really, really bad Photoshop job. Looks like they started to make model Candice Swanepoel‘s waist smaller and intended to go back to her (already tiny) hips, then went out for lunch, then forgot. And then sent the image to print.
Either this is becoming a regular thing for Victoria’s Secret, or they’re just getting lazy because really, at this point, the models’ bodies are so unattainable after being Photoshopped that why even try to make them look human?
Which, I guess, is a fair point.