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Earlier this month, Victoria’s Secret—which controls 24% of the women’s lingerie market, according to Coresight Research—announced that, after 18 years, it would not be broadcasting its annual fashion show on network television. It’s a major move for the brand, removing its most high-profile marketing event from its home of nearly two decades.
“It’s admitting that the formula is not working,” said Bob Phibbs, CEO of New York-based consultancy The Retail Doctor. “The landscape is very different than when they started.”
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