The Victoria’s Secret Fashion Show, a parade of lingerie and famous models first televised in 1995, may never be on TV again. Management of the brand’s parent L Brands Inc. (NYSE: LB) thinks the network TV may no longer be the right place for the extravaganza.

The fashion show has been on both CBS and ABC. It has been held in Miami, Shanghai, Los Angeles, Cannes, Paris and London. The models who grace the event have become known as Victoria’s Secret Angels, and some are among the most famous models of all time. Well-known actresses and other celebrities also participate.

Victoria’s Secret helped bring sexy lingerie to the masses. Started in 1977, it eventually grew to have hundreds of stores. More recently, however, sales have dropped substantially.

In a memo obtained by CNBC, the head of L Brands, 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. 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 … [Victoria’s Secret CEO] John [Mehas] and team are re-birthing the brand.

Since Wexner has been accused of ruining the brand, his shareholders should hope he has not made a wrong decision again.

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