Victoria’s Secret, the globally renowned lingerie retailer, is pulling out its famed fashion show from television. The brand’s popular fashion show had been running on television for last 2 decades.
The announcement was made recently by Leslie Wexner, Founder and Chairman, L Brands, which is the parent company of Victoria’s Secret. Wexner added that the company had been taking a fresh look at every aspect of its business especially in last few months.
In this context, the company recently hired John Mehas as CEO to revamp the brand through a strategic review.
In a memo to the employees, Wexner said that company plans to introduce new events on different platforms in future, though he refused to share any other details. He, however, made it clear that network television is no longer the right fit.
The show that was first aired on network television in 2001 was a big hit with supermodels walking the ramp and crystal-encrusted lingerie. However, within 5 years, the viewership ratings dropped by two-thirds.
From 9.7 million viewers in 2013, it slumped to shocking 3.3 million viewers in 2018, which finally forced the company to pull out the show from television.
Applauding Victoria’s Secret’s decision, Lee Peterson, Executive Vice-President, WD Partners, a retail consultancy firm, said that the lingerie heavyweight seems to be taking right steps.