It is understood the new group of women will not be modelling the lingerie - instead appearing on a podcast, appearing in ads and promoting the brand on social media.
A fashion show scheduled for 2022 is expected to look very different from previous events, according to reports.
A source told Page Six: "It’s a group of women inspiring change and positivity.
"It’s another step they’re taking towards transforming the brand. The entire industry thought Victoria Secret was done."
Bosses hope The VS Collective will be "more inclusive" as the company tries to "stay afloat", a second source added.
They said: "The brand was stuck in an era that never evolved. It’s a different world now."