US lingerie brand Victoria’s Secret has cancelled its annual fashion show in the face of rising criticism and dwindling television ratings.
Last year it received its lowest-ever ratings and received criticism that its outdated premise was sexist and lacked diversity,.
These changing attitudes have hit sales.
The brand’s parent company, L Brands, reported a net loss of $252m (£195.1m) in third-quarter results announced this week, and poor sales at Victoria’s Secret weighed on its performance.
L Brands’ chief financial officer, Stuart Burgdoerfer, told investors: “We’re figuring out how to advance the positioning of the brand and best communicate that to customers.”
Victoria’s Secret annual fashion show launched in 1995 and has been a milestone in the career of many models, including Tyra Banks, Heidi Klum and Miranda Kerr.