Lingerie brand Victoria's Secret has decided to cancel its annual fashion show amid falling television ratings and increasing criticism toward the event.
Victoria's Secret announced that it will be cancelling its annual fashion show, which began in 1995 and was considered a major pop culture event that draws millions of viewers annually. In 2018, the show received its lowest ratings ever and received criticism that the event was sexist, outdated and lacked diversity.
According to L Brands, the parent company of Victoria's Secret, it was important for the brand to "evolve" its marketing strategy. L Brands chief financial officer Stuart Burgdoerfer said: "We're figuring out how to advance the positioning of the brand and best communicate that to customers."
However, Burgdoerfer argued that the shows were "an important aspect of the brand and a remarkable marketing achievement". The annual fashion show has showcased some of the world's top supermodels, often wearing elaborate outfits, and was considered a milestone in the career of many supermodels including Tyra Banks, Heidi Klum and Miranda Kerr.
The decline in the brand's sales and profits has been attributed to changing attitudes by consumers. It's poor sales performance has affected L Brands, which reported a net loss of $252 million in the third quarter.
The lingerie brand has also been at the center of several controversies recently, including backlash from then-chief marketing officer Ed Razek's response to an interview in Vogue in 2018, suggesting "transsexual" models should not be part of the event. Razek later issued an apology for his comments and resigned from the company early this year.
Billionaire founder Les Wexner's relationship with the late US financier Jeffrey Epstein also garnered bad publicity for L Brands as Epstein died in prison in August while awaiting trial for sex trafficking charges. Epstein served as an adviser to Wexner until 2007.
