I actually like her outfit. It's a lost better than most of the recycled VS outfits from years past (the raincoat? the spherical Madonna-esque hip thing on Doutzen? the tiedyeish?) and if she was going to get one outfit, good thing it was this untackiness.
Her outfit may have been tacky but regardless she looked beautiful. I'm glad she got to walk the show, it really is about time since VS uses her so much for catalogs. She certainly has a good future with them.