I wouldn't really know about this, but I wouldn't be surprised if she is already too exposed for VS. I mean, she's done a LOT of nudity lately. I'm not sure about the other VS girls but I wouldn't be surprised if this were a problem for VS.
Plus, I think she recently did an underwear campaign here in Holland, which isn't really a smart move VS-wise (although Bregje Heinen also did a campaign for underwear in NL quite a few years back, and VS is obviously loving her).