New York - The annual Victoria's Secret
fashion show, known for its jewel-encrusted bras and supermodels
sporting huge angel wings, is bidding farewell to network
television.
Parent company L Brands Inc said on Friday it was
re-thinking the TV special, saying the Victoria's Secret brand
"must evolve and change to grow" as it aims to turn its business
around.
"For the past few months, we've said that we are taking a
fresh look at every aspect of our business," the company said in
a memo sent to employees by Chief Executive Les Wexner.
Screenshots of the memo were posted online. The memo was first
reported by CNBC.
"We have decided to re-think the traditional Victoria's
Secret Fashion Show. Going forward we don't believe network
television is the right fit," Wexner said.
The company did not immediately respond to requests from
Reuters for comment.
The decision follows growing criticism of the television
broadcast - which features models such as Gigi Hadid, Kendall
Jenner, Alessandra Ambrosio and Lily Aldridge walking the runway
in skimpy underwear - as sexist and out of touch.
Victoria's Secret, once the go-to retailer for all things
lingerie, has been losing customers as more women shift to
cheaper bralettes and sports bras from companies such as
American Eagle Outfitter's (AEO.N) Aerie. Pop singer Rihanna's
lingerie line, Savage X Fenty, has also taken market share away
from the struggling retailer.
Edward Razek, L Brands chief marketing officer, prompted a
furor last year when he said there was no room for plus-size or
transgender models "because the show is a fantasy."
Television audiences for the show have slumped in the last
few years. The December 2018 show, aired on Walt Disney Co's
ABC network, was watched by 3.3 million Americans,
compared with 12 million in 2001 when it was first broadcast on
television.
ABC Television declined comment on Friday.
Wexner said in the memo that the Columbus, Ohio-based
company will focus on creating content and "a new kind of event"
that reaches customers "on platforms that she's glued to." He
did not give details.
Investors have urged L Brands to separate its Victoria's
Secret and Bath & Body Works businesses.
Activist investor Barington Capital in March advised the
company to retain advisers and explore either a spinoff of the
underperforming Victoria’s Secret brand or take the much
financially stronger Bath & Body Works public.
Shares of L Brands were trading flat at $23.90 in
after-hours trading on Friday.