The Victoria’s Secret Fashion Show, which has been the focus of a series of TV specials spanning almost two decades, has been canceled. Fortune reports that L Brands, which owns Victoria’s Secret, pulled the plug on the event.
“The move follows months of speculation and the lowest ratings ever for the show in 2018,” Fortune notes.
CFO Stuart Burgdoerfer is quoted telling analysts on the company’s earnings call: “We will be communicating to customers, but nothing similar in magnitude to the fashion show.”
The company indicated that the move was part of an effort to evolve the company’s messaging.
“Burgdoerfer told analysts … that the company was pulling back on more extravagant marketing methods,” Fortune reports. “That came as the company acknowledged that sales at the Victoria’s Secret brand continue to decline. Sales fell 7% in the latest quarter, compared to a 2% drop during the same period a year ago.
“With the exception of a small rise in the first quarter of 2018, Victoria’s Secret same store sales have declined every quarter since Q4 2016.”
Meanwhile, the fashion show, once a pop culture event, has seen a decline in viewership for the past few years.
“Burgdoerfer, while heralding the show as a ‘remarkable marketing achievement,’ downplayed its financial impact of late,” Fortune report, quoting the CFO saying that “as timing … shifted over the years in terms of the airing the fashion show, did we see specific material impact in terms of a short-term sales response to the airing of the fashion show? As a general matter, the answer to that question is no.”