Victoria's Secret might kill its iconic annual fashion show

Victoria's Secret is thinking about overhauling its iconic annual fashion show.L Brands CEO Les Wexner said in a memo to employees on Friday that the company doesn't believe “network television is the right fit” for the show.Just 3.3 million people tuned in to watch the Victoria's Secret Fashion Show last year, which was down from 9.7 million viewers in 2013. Victoria's Secret said in February that it planned to close 53 stores in North America this year. The lingerie brand cited a “decline in performance” as the reason for the closures.Victoria's Secret is thinking about overhauling its iconic annual fashion show.Les Wexner, the CEO of Victoria's Secret parent company L Brands, said to employees on Friday that the company doesn't believe “network television is the right fit” for the show, according to a copy of an internal memo obtained by Business Insider. “In 2019 and beyond, we're focusing on developing exciting and dynamic content and a new kind of event – delivered to our customers on platforms that she's glued to … and in ways that will push the boundaries of fashion in the global digital age,” the memo reads. CNBC's Lauren Thomas was first to report on the memo.Victoria's Secret did not immediately respond to a request for comment.Read more: Victoria's Secret is closing dozens of stores — see if yours is on the listThe lingerie brand is rethinking its iconic fashion show, which has been airing on network television since 1999, as it battles falling sales and claims of slipping quality. The company said in February that it planned to close 53 stores in North America this year, citing a “decline in performance.” Victoria's Secret's same-store sales dropped 3% during the holiday quarter.Some analysts have accused Victoria's Secret of failing to evolve its sexy, model-centric imagery to better resonate with customers in an era of body positivity and #MeToo.And the annual fashion show, which features top models called “angels” wearing lingerie, has suffered a severe decline in viewership. Just 3.3 million people tuned in to watch the show last year, which is down from 9.7 million viewers in 2013. Here's the full memo:Dear Associate,For the past few months, we've said that we are taking a fresh look at every aspect of our business – from merchandising, marketing and brand positioning, to our real estate portfolio, digital business and cost structure … literally everything. We have made enormous progress in a very short time, and are looking forward to a successful fall and holiday with an elevated, fashion-forward assortment … The strength and positive perception of the Victoria's Secret brand is unparalleled, and our fashion show has revolutionized the mix of fashion and entertainment around the world … a key factor in the building of the brand. Fashion is a business of change. We must evolve and change to grow. With that in mind, we have decided to re-think the traditional Victoria's Secret Fashion Show. Going forward we don't believe network television is the right fit. In 2019 and beyond, we're focusing on developing exciting and dynamic content and a new kind of event – delivered to our customers on platforms that she's glued to … and in ways that will push the boundaries of fashion in the global digital age. I've never been more excited about the power of this brand and where it's going … John and team are re-birthing the brand.Best regards,Les