Executives have confirmed the Victoria's Secret Fashion Show has been cancelled for 2019.
After months of speculation about the annual spectacle, bosses at L Brands, the parent company of the U.S lingerie label, announced during a call with financial analysts on Thursday that the event will not happen this year.
"As communicated previously, we think it's important to evolve the marketing of Victoria's Secret, that is happening in certain respects now and I think there will be more to come," explained L Brands' chief financial officer Stuart Burgdoerfer. "And with that said, we're figuring out how to advance the positioning of the brand and best communicate that to customers."
The Victoria's Secret Fashion Show has been held each year since 1995 to showcase the brand's lingerie and sleepwear offerings.
Top models, including Lily Aldridge, Elsa Hosk, Jasmine Tookes, Karlie Kloss, Taylor Hill, as well as Bella and Gigi Hadid, have participated in recent events. However, the 2018 show, held in New York City, had the lowest TV ratings since its inception - causing leaders at the company to rethink the concept.
In a memo sent to employees in May, Les Wexner, chief executive officer of L Brands, indicated that the Victoria's Secret Fashion Show would no longer be broadcast on network TV.
"In 2019 and beyond, we're focusing on developing exciting and dynamic content and a new kind of event - delivered to our customers on platforms that she's glued to ... and in ways that will push the boundaries of fashion in the global digital age," he commented.
Earlier this week, Victoria's Secret posted another quarter of declining sales. The brand has been hit by the growth of contemporary underwear labels like Third Love, Aerie, and Rihanna's Savage X Fenty, while company leaders have also been accused of failing to embrace diversity and inclusivity in its marketing imagery and shows.
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