Victoria's Secret has cancelled their fashion show after 24 years, the company has announced.

The fashion show was first established in 1995 and was once a massive pop culture event. The 2018 fashion show received the lowest ratings ever. The news of the cancellation comes a few months after Victoria's Secret Angel Shanina Shaik said the show wouldn't be going ahead. According to the BBC, L Brands - Victoria's Secret's parent company L Brands - said it was important to  "evolve" their marketings tragedy in an earnings call with investors. "We're figuring out how to advance the positioning of the brand and best communicate that to customers," Stuart Burgdoerfer, L Brands chief financial officer said. He added, though, that the shows were "an important aspect of the brand and a remarkable marketing achievement". Earlier this year, L Brands CEO Les Wexner said that the fashion show would not be airing on network television anymore. In a memo obtained by CNBC, he said that "fashion is a business of change" and that the brand "must evolve and change to grow." He explained that they had been “taking a fresh look at every aspect of our business," and that they didn't believe network TV was the right fit for them anymore. He said:

"In 2019 and beyond, we're focusing on developing exciting and dynamic content and a new kind of event. "[It will be] 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."

The fashion show first aired on TV in 2001.