Victoria's Secret "angels" will not take off this year and will be without their traditional catwalk fashion show after the lingerie company announced the cancellation of the pop event.
The parent company of the brand, L Brands, said it was important to "evolve" its marketing strategy.
"We are finding out how to move forward with brand positioning and better communicate to our customers," said St Brandon Burgdoerfer, CFO of L Brands, in a telephone conversation with investors.
The show featured supermodels dressed in elaborate lingerie. The event was a milestone in the career of names like Tyra Banks, Heidi Klum and Miranda Kerr.
But what led the company to drop the event? See three reasons below.
1. The hearing
The parade's television broadcast began in 1995 and soon became a major pop culture event that managed to attract the attention of millions of viewers each year.
Over time, the expectation grew before the event, which was attended by singers during the parade, colorful costumes and the characteristic angel wings of the looks.
In 2001, the show's broadcast reached its peak, attracting 12.4 million viewers.
But interest has fallen in recent years.
ABC's broadcast audience reached 4.98 million viewers in 2017 and reached 3.27 million the following year, a negative record, according to data from TV by the Numbers.
L Brands CFO admitted to investors that the low audience was one of the reasons that led to the cancellation of the event.
2. Scandals and controversies
Over the past three years, the traditional parade has begun to receive criticism from viewers who considered it outdated, sexist and unremarkable.
In 2018, then-brand marketing director Ed Razek suggested in an interview with Vogue magazine that transgender models should not be part of the event.
The statement generated a broad negative reaction, and the executive was forced to apologize. Earlier this year, he left the company.
The company also faced controversy last year for not including in its shows more models with different size bodies.
Victoria's Secret has been accused of preserving a unique and unattainable standard of beauty and sexualizing its models.
"There are two elements in the lingerie industry that are affecting the popularity of brands: comfort and positive thinking about the body," Jo Lynch, lingerie editor of WGSN, a fashion consulting firm that anticipates fashion trends, told BBC News.
For many years, Victoria's Secret has hired only skinny, tall models to be the image of its brand, leaving aside the diversity of bodies around the world.
The company tried to sign with dark-skinned models from different ethnic backgrounds; However, it still imposed the stereotype of thinness as a synonym for beauty.
Young consumers now "appreciate a wide variety of shapes, sizes, ethnicities and ages," Lynch explains.
Either way, models that look more real have gained ground.
L Brands was also hit by the negative publicity surrounding brand founder Les Wexner's friendship with American billionaire Jeffrey Epstein, who committed suicide in prison in August this year. He was awaiting trial on charges of sex trafficking and pedophilia.
Wexner had employed Epstein as advisor, but they severed ties in 2007.
3. Low sales
Sales have declined in recent years, and while still ranked number one in the US among women's underwear brands, Victoria's Secret is struggling.
The company has been trying a strategy that bets on price reductions, but remains to know if it will work, as it seems that investors have lost confidence.
In 2018, the drop in sales was 40 percent, making L Brands one of Wall Street's biggest disappointments.
There are several reasons for poor performance. Among them, most Victoria's Secret stores are located in malls, which in turn have been negatively affected by internet sales, which would be directly reflected in their physical store sales.
According to Ibisworld consultancy, the company's sales are expected to grow 1% annually over the next five years.
Victoria's Secret also faces competition from department stores, startups and lingerie brands that have led the way by offering product options to women who were not within the company's target audience.
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