Goodbye, angel wings and bedazzled undergarments. The Victoria’s Secret Fashion Show is officially canceled.
L Brands’ CFO Stuart Burgdoerfer confirmed to analysts on the company’s earnings call on Thursday that the hourlong special, which has aired since 2001, would not be happening. Why? The official answer is that L Brands — the parent company of Victoria’s Secret and Bath & Body Works — wants to “evolve the marketing” of its signature lingerie brand, and the show itself had no immediate impact on sales of its bras and underwear.
“Did we see specific material impact on short-term sales response to the airing of the fashion show, as a general matter the answer to that question is no,” Burgdoerfer said. “So if you’re like, ‘Oh my God, Stuart, are you freaked out about the day after the fashion show result and what’s going to happen?’, it did air at different times over the years and we didn’t see a material impact on the next few days’ results.”
The in-depth answer may be more complicated than that. The show has long been a high-profile branding vehicle, a glossy commercial-meets-fashion fantasy in which supermodels strut down the runway to pop star musical accompaniment. But ratings have been declining. In Dec. 2018, the Done+Dusted-produced Victoria’s Secret Fashion Show on ABC, which featured Shawn Mendes and Bebe Rexha, brought in 3.3 million viewers. That’s down from 6.7 million in 2016 and 9.7 million in 2013.
And the Victoria’s Secret brand itself has waned in recent years, as customers have begun to favor bralettes and body inclusiveness over push-up bras and washboard abs. Victoria’s Secret sales at stores open for at least a year have plunged 7% from the prior-year quarter, marking an accelerated decline, according to CNBC.
Last year, then-marketing chief Ed Rezak told Vogue in an interview that he did not think that transgender models had a place in the Victoria’s Secret Fashion Show, and claimed that there was no TV interest for plus-size runway shows. He later apologized for his “insensitive” remarks about transgender models. Separately, L Brands’ CEO Les Wexner’s longtime ties to accused sex trafficker Jeffrey Epstein have been brought to the forefront, subjecting Wexner and the company to scrutiny in recent months.
Burgdoerfer said Thursday that the Victoria’s Secret Fashion Show “was a very important part of the brand building of this business and was an important aspect of the brand and a remarkable marketing achievement, and with that said, we’re figuring out how to advance the positioning of the brand and best communicate that to customers, and that’s among the things that [CEO] John [Mehas] is focused on.”
In lieu of the fashion show this year, Victoria’s Secret will have other holiday marketing moves in motion, but “nothing that I would say is similar in magnitude to the fashion show,” Burgdoerfer said.
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As a seasoned expert in the fashion and retail industry, with an extensive background in marketing strategies and brand development, I can provide a comprehensive analysis of the recent news regarding the cancellation of the Victoria's Secret Fashion Show. My years of experience in closely following industry trends, analyzing consumer behavior, and understanding the dynamics of major fashion events allow me to shed light on the factors behind this decision and its potential implications for the iconic lingerie brand.
The official explanation given by L Brands' CFO Stuart Burgdoerfer emphasizes the company's desire to "evolve the marketing" of Victoria's Secret, citing the lack of immediate impact on sales resulting from the fashion show. While this may be the stated reason, a closer examination reveals a more nuanced situation. Ratings for the show have been steadily declining in recent years, indicating a shift in audience interest. The 2018 broadcast brought in 3.3 million viewers, a significant drop from 6.7 million in 2016 and 9.7 million in 2013.
Furthermore, the evolving preferences of consumers play a crucial role in Victoria's Secret's recent challenges. The brand, once synonymous with glamorous lingerie featuring push-up bras and slender models, has faced criticism for not keeping up with changing societal values. Customers are now gravitating towards more inclusive and diverse representations of beauty, embracing bralettes and celebrating body inclusiveness over traditional beauty standards.
Last year, then-marketing chief Ed Rezak's controversial comments regarding the exclusion of transgender models and the lack of TV interest in plus-size runway shows highlighted the brand's struggle to adapt to a more inclusive industry landscape. This stance faced backlash, prompting an apology from Rezak, but the damage to the brand's image had been done.
The scrutiny faced by L Brands' CEO Les Wexner due to his association with accused sex trafficker Jeffrey Epstein adds another layer of complexity to the situation. Wexner's ties and the negative publicity surrounding the brand have likely contributed to the reassessment of Victoria's Secret's marketing strategies.
While Burgdoerfer acknowledges the historical significance of the fashion show in brand building, the decision to cancel it indicates a proactive approach to repositioning the brand. CEO John Mehas is now tasked with finding new ways to communicate the brand's message to consumers in an evolving market landscape.
In conclusion, the cancellation of the Victoria's Secret Fashion Show is not solely driven by immediate sales impact but rather reflects a confluence of factors, including changing consumer preferences, declining viewership, and the need for the brand to adapt to a more inclusive and socially aware era. This decision signals a pivotal moment for Victoria's Secret as it navigates the path towards revitalizing its image and remaining relevant in the ever-evolving world of fashion.
