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The Victoria's Secret Fashion Show has arrived at the end of the runway – at least on network television.
In a note to employees on Friday, Leslie H. Wexner, Founder and President of L Brands, said, "We have decided to rethink the secret Victoria fashion show, and for the future we do not believe that network television is suitable.
"In 2019 and beyond, we focus on the development of exciting and dynamic content as well as a new type of event – delivered to our customers on platforms to which it is stuck … and in a way to repel the limits of fashion in the global digital era. "
The annual event was launched in 1995 and made its debut on the television network in 2001.
The show features a costumed lingerie worn by the "angels" of the brand. The show first won national television audiences in 1999 and 2000, after being broadcast online.
The live broadcast of the 1999 program became famous as an event that "shut down the Internet", drawing viewers to the collapse of the website. Apple's founder, Steve Jobs, said the 1999 Webcast and subsequent crash would be one of the 10 major events in the history of the Internet.
But the public has recently declined. Released last year on ABC after several years on CBS, its audience of 3.27 million people was the smallest since it became a holiday televised event in 2001. The Nielsen company has stated that the show had lost more than half of its television audience in two years. Victoria's Secret and Fashion Show have been ridiculed as being out of touch with women during the # MeToo Movement era.
These changes are part of the ongoing work of L Brands, based in Columbus, aimed at revitalizing its business in Victoria's Secret, Wexner said in the note.
"Fashion is about change, we have to evolve and change to grow," he said. "Over the last few months, we have indicated that we are looking at all aspects of our business – from merchandising to marketing, to brand positioning, to our real estate portfolio, to our digital business and to our business. Cost Structure is making huge progress in a very short time and looking forward to the success of its autumn and holidays with a premium range. "
Wexner concluded by stating that John Mehas, who had been hired as CEO of Victoria's Secret at the end of last year, "reborn the brand".
Wall Street analysts have recently criticized L Brands, particularly drawing attention to the poor performances of Victoria's Secret and Pink. Victoria's Secret has lost customers to the benefit of fast-growing rivals, including American Eagle Outfitters' Aerie and Rihanna's Savage X Fenty lingerie company.
But actions by Victoria's Secret "are a good thing," said Lee Peterson, executive vice president of WD Partners, a retail consultancy firm in Dublin.
"All that said, albeit a little late, is the right thing to do," he said. "It seems to me that they had an epiphany and realized that it was a new age.You can not do anything in retail for 20 years and not change."
While some of Wall Street have called for drastic measures, including the split of Victoria's Secret or the transformation of Bath & Body Works into a separate corporation, Peterson was encouraged by Wexner's statement.
"Do not forget that Victoria's Secret still accounts for more than 60% of the market," Peterson said. "It's a big ship to turn around. They're taking the right steps."
@ Timferan
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