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Victoria’s Secret’s CEO Les Wexner has stated that the fashion show will no longer be on network television after being an annual on-air event for nearly 20 years. CNBC acquired a memo Wexner wrote to the brand’s associates which stated, “Fashion is a business of change, we must evolve and change to grow. With that in mind, 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…”
This “re-thinking” process has started after Victoria’s Secret found itself in several controversies relating to the unrealistic and excluding beauty standards the Victoria’s Secret Angels set. For instance, after the 2018 Victoria’s Secret Fashion Show a statement made by Ed Razek, the chief marketing officer of the brand that owns VS, went viral and the brand found itself the target of outrage and criticism. In an interview with Vogue Magazine, Razek said he believes the Victorias Secret Show is a “fantasy” so transgender or plus-size models should not be cast. Halsey, who performed at the 2018 Victoria’s Secret Fashion Show, took to Instagram to voice her disapproval on the comment: “I have no tolerance for a lack of inclusivity. Especially not one motivated by stereotype.”
Seemingly as a result of all this controversy, The Victoria’s Secret Fashion Show’s viewership has significantly decreased. Last years Victoria’s Secret Fashion show, which was broadcasted in December 2018, had the worst ratings in the history of the event.
The much-anticipated event is not the only hit Victoria’s Secret’s popularity has taken. Victoria’s Secret has shut down more stores annually than ever before. To combat the decline in sales, the company has recently brought back their swimwear category, the initial removal of which cost the company $500 million in revenues annually. Victoria’s Secret’s downward’s trend has also greatly impacted L Brand, the brand that owns the lingerie company. L Brand’s shares have dropped over 24% in the past 12 months.
