The CEO of Victoria’s Secret said in a memo to staff Friday that the broadcast networks are no longer “the right fit” for its annual fashion shows, which have been declining in the ratings on the past few seasons.
a memo obtained by CNBC, L Brands CEO Les Wexner wrote that “fashion is a business of change. We must evolve and change to grow. With that in mind, we decided to re-think the traditional Victoria’s Secret Fashion Show. ”“ Going forward we don’t believe network television is the right fit, ”he continued. “In 2019 and beyond, we are focusing on developing exciting and dynamic content and a new kind of event – delivered to our customers on platforms that are glued to… and in ways that will push the boundaries of fashion in the global digital age. “