The annual Victoria's Secret Fashion Show is getting a major makeover.
The lavish event, featuring some of the world's top models strutting in its signature lingerie, will no longer air on network television amid plummeting television ratings and increased criticism.
In a memo sent to employees, L Brands Chairman and Chief Executive Les Wexner said he "decided to re-think the traditional Victoria's Secret Fashion Show. Going forward we don't believe network television is the right fit."
"For the past few months, we've said that we are taking a fresh look at every aspect of our business - from merchandising, marketing and brand positioning, to our real estate portfolio, digital business and cost structure," Wexner wrote, as reported by The Wall Street Journal.