The lingerie brand announced on Thursday that a private equity firm is buying 55% of the company for about $525 million and become a private company.
The show was rumored to be canceled for months, and it's unclear if it will ever air again.
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The model told HuffPost Brazil that she wants to be a positive force in the fashion industry.
Former VS Angel Doutzen Kroes, supermodel Christy Turlington Burns, and actress and model Milla Jovovich all signed the open letter.
Trans activist Laverne Cox expressed her support for the move on model Valentina Sampaio's Instagram.
Many have questioned the famous show's place in the Me Too Era.
The supermodel left the lingerie brand in 2015, but defended the company's fashion show last year as "so relevant in the world we live in today."
The lingerie company, which once dominated the market, is reportedly distancing itself from network television.
The relaunched line features new patterns and old beauty standards.