It’s official. Victoria’s Secret’s iconic fashion show that has run each year without fail during the holiday season since 1995, will not be happening this year, as confirmed by Stuart Burgdoerfer, Chief Financial Officer of VS’ parent company, L Brands.
In an earnings call on Thursday, L Brands validated rumors that have been going around about the fate of the show saying that the decision has been made in an effort to “evolve the messaging of the the company.” This development comes amidst months of speculation after a VS model, Shanina Shaik, fueled the initial rumor back in July by saying that the company had canceled the show. L Brands had said in May that it was thinking aboutÂ making changes to the annual fashion show, but had not confirmed whether it would be outright canceled.
Talking to analysts, Burgdoerfer said that the company is aiming to cut down on more extravagant marketing methods. The company also acknowledged that sales at the Victoriaâ€™s Secret brand have been declining steadily; sales fell 7% in the latest quarter, compared to a 2% drop during the same period a year ago. The show itself has seen a decline in its viewership over the years; last year,Â 3.3 million people watched the show as compared toÂ 9.7 million viewers in 2013.
CEO Les Wexner also weighed in on the announcement saying that the company didn’t think “network television is the right fit” for the show. He also added that the the company has been rethinking “literally everything” about its business and is aiming to focus “developing exciting and dynamic content and a new kind of event â€” delivered to our customers on platforms that she’s glued to.”
Needless to say seeing a show, that at one point held extreme importance in pop culture, go is a huge blow but also a much needed tailoring that was needed for the brand to fit in in today’s social fabric.