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Photo: Scott Olson/Getty Images

L Brands, the parent company of Victoria's Secret, announced this week that the retailer will not hold its annual fashion show this year, the New York Times reports.

The big picture: Victoria's Secret "has struggled to find its footing through multiple challenges. Consumers have come to see the brand as anachronistic, out of place in the #MeToo era as offering an objectifying view of female beauty," the Times writes.

  • The company's chief marketing officer came under fire last year when he said transgender women shouldn't be featured in the fashion show.
  • Meanwhile, L Brands' chief executive, Leslie H. Wexner has been criticized for his relationship with the Jeffrey Epstein, the Times notes.

Where it stands: The company has posted consistently declining sales revenues over the last year, CNN reports, dropping about 7% in the last quarter.

  • The fashion show also lost its luster in television ratings: An audience of more than 12 million people tuned into the first show in 2001. That number hovered around 9.7 million in 2013, and shrunk to about 3.3 million in 2018.

Go deeper: Big retailers are pushing tariff costs on to smaller merchants

Go deeper

President Joe Biden vows to be "a president for all Americans"

Moments after taking the oath of office, President Joe Biden sought to soothe a nation riven by political divisions and a global pandemic, while warning that "we have far to go" to heal the country and defeat a "virus that silently stalks the the country."

Why it matters: From the same steps that a pro-Trump mob launched an assault on Congress two weeks earlier, the new president paid deference to the endurance of American political institutions.

Updated 34 mins ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden and Vice President Harris review readiness of military troops, a long-standing tradition to signify the peaceful transfer of power.

Updated 56 mins ago - Politics & Policy

In photos: The Biden and Harris inauguration

Joe Biden is sworn in as the 46th president of the United States. Photo: Alex Wong/Getty Images

Joe Biden and Kamala Harris were inaugurated as president and vice president respectively in a ceremony at the U.S. Capitol on Wednesday morning.

Why it matters: Top Democrats and Republicans gathered for the peaceful transfer of power only two weeks after an unprecedented siege on the building by Trump supporters to disrupt certification of Biden's victory. Trump did not attend Wednesday's ceremony.