The decision was announced by L Brands, which owns the lingerie store, during a conference call with analysts on Thursday.
“We think it’s important to evolve the marketing of Victoria’s Secret,” said Stuart B Burgdoerfer, chief financial officer and executive vice president of L Brands, according to WWD. “We recognise and appreciate the communication of the brand, the offerings, the emotional content of Victoria’s Secret is obviously an important thing.”
Acknowledging that the show was a “very important part of the brand building of this business” and a “remarkable marketing achievement,” Burgdoerfer said the brand will now be focusing on “how to advance the positioning of the brand and best communicate that to customers.''
The confirmation comes after Victoria’s Secret model Shanina Shaik claimed in July that the annual show would not be happening.
At the time, Shaik told Australia’s Daily Telegraph that the show “won’t be happening this year”.
“It’s something that I’m not used to because every year around this time I’m training like an angel,” she said, before adding: “But I’m sure in the future something will happen, which I’m pretty sure about. I’m sure they’re trying to work on branding and new ways to do the show because it’s the best show in the world.”
It is likely numerous factors contributed to the decision to cancel the show, which has recently been embroiled in controversy.
Last year, L Brands’ former chief marketing officer Ed Razek sparked backlash when he told Vogue that he didn’t think transgender models should be part of the fashion show because “the show is a fantasy”.
As of now, the brand will be focusing primarily on its products, according to Burgdoerfer.
“We believe the most important thing is the quality of the merchandise itself, the quality of our execution and selling in stores and online,” he said.