L Brands, the company behind Victoria’s Secret, has announced that it would call off the brand’s famous annual runway show.
The decision comes at a time when the brand is struggling in sales.
3 Company decides to cancel show and take a less extravagant approach
According to its parent company, L Brands, canceling the Victoria’s Secret Fashion Show would help “evolve the messaging of [the company.” According to Fortune, CFO Stuart Burgdoerfer also clarified, “We will be communicating to customers, but nothing similar in magnitude to the fashion show.” Burgdoerfer also indicated that the show hasn’t had any impact on the brand’s short-term sales.
2 Victoria’s Secret is suffering from disappointing sales
During the earnings call with investors, the company confirmed that the lingerie brand performed at the “low end of expectations.”
In fact, sales for Victoria’s Secret dropped by as much as seven percent. In contrast, L Brands’ other brand, Bath & Body Works, has been performing relatively better in both domestic and international markets.
1 The fashion show has suffered some backlash in recent times
Former Victoria’s Secret model Karlie Kloss once revealed that she had walked away from the fashion show as she didn’t agree with its beauty standards.
According to People, she told British Vogue, “The reason I decided to stop working with Victoria’s Secret was I didn’t feel it was an image that was truly reflective of who I am and the kind of message I want to send to young women around the world about what it means to be beautiful.” Last year’s show also saw a drop in ratings.