Victoria’s Secret has canceled its flagship fashion show as a result of collapsing ratings and a rising chorus of critics who accuse the lingerie brand of promoting sexism.
Stung by the abrupt reversal in fortunes the risqué fashion label’s parent company, L Brands has pledged to "evolve" itsmarketing strategy in order to address criticisms levelled against it.
Addressing investors on the matter chief financial officer Stuart Burgdoerfer said: “We're figuring out how to advance the positioning of the brand and best communicate that to customers.”
Despite changing social attitudes, Burgdoerfer remains enthusiastic about retaining some kind of catwalk presence, describing the set-piece event as "an important aspect of the brand and a remarkable marketing achievement".
L Brands has been left exposed by the poor performance of the underwear brand, which dragged it down to a net loss of £195.1m over the third quarter.
Victoria’s Secret has been mired by mounting controversies including contentious remarks from its now-departed chief marketing officer Ed Razek stating that the brand would never allow transgender or plus-size models on its catwalk.