Lingerie brand Victoria’s Secret has officially cancelled its annual fashion show following criticism for celebrating a limited view of beauty standards.
Parent company L Brands, who also owns Bath & Body Works and Victoria’s Secret Beauty, claimed that it planned to evolve its marketing strategy.
“We will be communicating to customers, but nothing similar in magnitude to the fashion show,” said Stuart Burgdoerfer, CFO of L Brands explained to investors on an earnings call.
Despite dwindling television ratings and an expense that had little impact on immediate sales, he described the shows “an important aspect of the brand and a remarkable marketing achievement”.
The news comes after months of speculation after model and brand ‘angel’ Shanina Shaik told The Daily Telegraph let it slip in July that the upcoming show would not go ahead.
Changing consumer behaviour has hit L Brands, as shoppers increasingly spend with brands that embrace diversity and support sustainable causes.
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L Brands reported net losses of US$252m in Q3 earlier this week.
The annual extravagant Victoria’s Secret show has been a milestone for supermodels including Tyra Banks, Gigi Hadid and Miranda Kerr.
However, the show and brand has generated controversy in recent years. In 2018, there was an outcry after the then-CMO Ed Razek told Vogue transexual models did not reflect the “fantasy” of the 42-minute show.
He added that “no one had any interest” in a plus-sized televised Victoria’s Secret show.