Nov 23, 2019

Victoria's Secret cancels annual fashion show

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

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High-end fashion houses struggle to learn from controversial missteps

Model Ayesha Tan-Jones protests Gucci's line of straitjacket inspired clothes on the runway during Milan Fashion Week in September. Her hands read, "Mental health is not fashion." Photo: Jacopo Raule/Getty Images for Gucci

Gucci and Prada are among the top luxury brands consumers have a strong emotional bond with, according to the latest brand intimacy study from the marketing agency MBLM.

Why it matters: Gucci has repeatedly released racially insensitive items, but still maintains a strong bond with consumers. The company has made some effort to improve, but nothing has changed how Gucci operates at its core.

Go deeperArrowNov 24, 2019

Prince Andrew steps down from royal duties "for foreseeable future"

Prince Andrew. Photo: Lillian Suwanrumpha/AFP/ via Getty Images

Britain's Prince Andrew, Duke of York, announced Wednesday in a statement that Queen Elizabeth gave him permission to step away from his royal duties, saying "circumstances relating to my former association with Jeffrey Epstein [have] become a major disruption to my family's work."

The big picture: The move comes as the duke has faced growing backlash after a recent BBC interview in which he answered questions for the first time about his friendship with Epstein. He also denied ever having a sexual relationship with one of Epstein’s accusers, as she has claimed.

Go deeperArrowNov 20, 2019

British police defend decision not to investigate Prince Andrew

Prince Andrew in Bangkok on Nov. 3, 2019. Photo: Lillian Suwanrumpha/AFP via Getty Images

London's Metropolitan Police says it did not have the "appropriate authority" to investigate a 2015 claim from one of Jeffrey Epstein's accusers that she had sex with Prince Andrew while allegedly trafficked by Epstein, AP reports.

Driving the news: The force concluded in 2016 that it "was the wrong agency to investigate," London's Metropolitan Police Commander Alex Murray said on Thursday. Andrew stepped away from his royal duties last week, following a BBC interview in which he defended his friendship with Epstein.

Go deeperArrowNov 28, 2019