The Victoria's Secret Fashion Show has officially been cancelled this year, L Brands chief financial officer Stuart Burgdoerfer has confirmed.
Bosses at L Brands, the parent company of the American lingerie label, have decided to not host the annual catwalk extravaganza and confirmed the decision during a call with financial analysts on Thursday.
L Brands' chief financial officer Stuart Burgdoerfer said the decision has been made to not go ahead with the runway show - famous for the Victoria's Secret Angels showcasing the brand's lingerie as the world's biggest pop stars perform - whilst the label figures out how to "advance the positioning of the brand".
Stuart said: "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. And with that said, we're figuring out how to advance the positioning of the brand and best communicate that to customers."
The news comes after sales of the lingerie brand continue to decline.