Citing falling ratings and a need to evolve its marketing strategy, Victoria's Secret parent company L Brands confirmed Thursday it will not air the lingerie brand's fashion show this year, multiple news outlets reported.
In a memo to employees, CEO Les Wexner said the company's leadership no longer believes network television is "right fit" for the show and "literally everything" about the brand's business is being reevaluated, Business Insider reported.
"It was a very important part of the brand building of this business and was an important aspect of the brand and a remarkable marketing achievement," L Brands Chief Financial Officer Stuart Burgdoerfer said during Thursday's analyst call, CNN reported.
According to Business Insider, the annual fashion show, which debuted in 1995, drew only 3.3 million viewers in 2018, compared with 9.7 million in 2013.
The program, which one-time L Brands Chief Marketing Officer Ed Razek called a "42-minute entertainment special," has featured top models referred to as "angels" wearing the brand's signature styles, CNN reported.
Meanwhile, Wexner said on the call the company has shifted its focus to "developing exciting and dynamic content and a new kind of event — delivered to our customers on platforms that she's glued to."
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