NEW YORK, NY – NOVEMBER 08: (L-R) Nadine Leopold, Shanina Shaik, Herieth Paul, Barbara Fialho, Toni Garrn and Aiden Curtiss walk the runway during the 2018 Victoria’s Secret Fashion Show at Pier 94 on November 8, 2018 in New York City. (Photo by Michael Stewart/FilmMagic)

It’s confirmed that the annual Victoria’s Secret Fashion Show won’t be happening this year because it has been officially cancelled.

L Brands, the parent company of the lingerie retailer, has officially cancelled the 2019 show.

“We’ll be communicating to customers, but nothing that I would say is similar in magnitude to the fashion show,” CFO Stuart Burgdoerfer said during the company’s third-quarter earnings call.

The brand said the decision was part of a move to “evolve the marketing of Victoria’s Secret.”

“Given the decline in performance at Victoria’s Secret, we have substantially pulled back on capital investment in that business while we focus on ensuring that our merchandise resonates with customers,” L Brands said in its Q3 earnings report.

In May, the brand said it would be rethinking the show.

In a statement sent to the company’s associates at the time and obtained by USA TODAY, Les Wexner, CEO of L Brands, the parent company of the lingerie brand, revealed this year’s show is going in a different direction.

“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,” the statement read. “Going forward we don’t believe network television is the right fit.”

The statement continued, “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.”

Last year, following controversial comments made by L Brands’ former chief marketing officer Ed Razek, the annual Victoria’s Secret holiday show was viewed by only 3.27 million people, its lowest rating ever. Will the show be axed for good? No telling, but Burgdoerfer says the team its main focus is on the products right now.

“This is a business that’s had challenges in lingerie now for three or four years and it’s going to take some time to stabilize it and get it back to where it should be,” Burgdoerfer said. “We believe the most important thing is the quality of the merchandise itself, the quality of our execution and selling in stores and online.”