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Victoria's Secret fashion show won't be returning to network TV — here's why

"Fashion is a business of change. We must evolve and change to grow," L Brands CEO Les Wexner said.
/ Source: TODAY

The "Victoria's Secret" fashion show is an annual winter tradition, but it may no longer be available on network TV.

In a memo obtained by CNBC, L Brands CEO Les Wexner wrote, "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."

L Brands, the company that owns and operates Victoria's Secret, has been running the fashion show, a recorded event that is only open to attendees by invitation, since 1995.

Kendall Jenner walks the runway at the 2018 Victoria's Secret Fashion Show on November 8, 2018 in New York City.TIMOTHY A. CLARY / AFP-Getty Images

While the glitzy parade of Victoria's Secret Angels has become a holiday viewing tradition, L Brands CEO Les Wexner said the company is now re-evaluating its position in the market.

"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," Wexner said.

Instead of its annual network TV event, the lingerie company will now focus 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," Wexner said. "I've never been more excited about the power of this brand and where it's going."

No word yet on where the annual show will land but we'll keep you posted!