Victoria's Secret has scrapped its annual fashion show, L Brands Chief Financial Officer Stuart Burgdoerfer stated during an earnings call on Thursday.
"We're figuring out how to advance the positioning of the brand and best communicate that to customers", he explained, adding that the show was "an important aspect of the brand and a remarkable marketing achievement".
The statement comes after L Brands recently reported a net loss of $252mln in third-quarter results. At the same time, the lingerie brand is facing several controversies, including possible cancellation of the Angels - its most elite group of contracted models, which has included Tyra Banks, Heidi Klum, and Miranda Kerr.
The traditional annual fashion event was launched by the brand in 1995, featuring top supermodels wearing various outfits. The show, however, has lost many viewers over the past decades – according to ABC, only 3.3 million Americans watched it last December (compared with 12 million in 2001, when it was first broadcast in the US).