The annual Victoria's Secret Fashion Show is getting a major makeover.

The lavish event, featuring some of the world's top models strutting in its signature lingerie, will no longer air on network television amid plummeting television ratings and increased criticism.

In a memo sent to employees, L Brands Chairman and Chief Executive Les Wexner said he "decided to re-think the traditional Victoria's Secret Fashion Show. Going forward we don't believe network television is the right fit."

The Victoria's Secret show has faced increased backlash over the years, for refusing to include more diverse models. Photo / Getty Images.
The Victoria's Secret show has faced increased backlash over the years, for refusing to include more diverse models. Photo / Getty Images.

"For the past few months, we've said that we are taking a fresh look at every aspect of our business - from merchandising, marketing and brand positioning, to our real estate portfolio, digital business and cost structure," Wexner wrote, as reported by The Wall Street Journal.

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"Fashion is a business of change. We must evolve and change to grow."

Instead, Wexner said the company will focus the rest of the year on developing exciting and dynamic content and a new kind of event "in ways that will push the boundaries of fashion in the global digital age."

Taylor Swift was one of many high profile artists who performed at the annual Victoria's Secret Fashion Show. Photo / Getty Images.
Taylor Swift was one of many high profile artists who performed at the annual Victoria's Secret Fashion Show. Photo / Getty Images.

"The annual event has attracted hundreds of celebrities, high-profile entertainers and performers each year."

It's also helped boost the careers of a slew of supermodels like Tyra Banks, Heidi Klum, Gisele Bunchen, Alessandra Ambrosio and Adriana Lima - all of which were part of the exclusive Victoria's Secret Angels.

The show started as a webcast in 1999 and then made the transition to network television on ABC in 2001.

Gigi Hadid and Bella Hadid backstage at the 2016 Victoria's Secret Fashion Show. Photo / Getty Images.
Gigi Hadid and Bella Hadid backstage at the 2016 Victoria's Secret Fashion Show. Photo / Getty Images.

It aired on CBS much of its history before switching back to ABC last year, which saw the one-hour show hit a new ratings low of 3.3 million total viewers; the program had a robust 10.4 million at the height of its ratings in 2011.

The VSFS has faced increased backlash over the years. Some critics have called the televised production pornographic, while others described it as outright commercialism and an infomercial.

No fines were ever imposed by the FCC, but ABC went as far as to blur the screen on models wearing particular sheer lingerie.

More recently chief marketing officer of L Brands, Ed Razek, faced backlash when he said he didn't think the show should include transgender models during an interview with Vogue last year.

He would go on to apologize and say he would "absolutely cast a transgender model."

Sales of the company's bras have also dipped in recent years, posting a 3% decline in comparable sales in the 2018 holiday quarter which typically sees a sales boost.