The Victoria's Secret Fashion Show has been officially cancelled this year as the company works to save its reputation after plummeting ratings and years of backlash over its lack of diversity.

The lingerie giant's parent company, L Brands, confirmed the end of the runway extravaganza in an earnings call on Thursday, four months after model Shanina Shaik leaked the news.

Last year, three Kiwis made the Victoria's Secret cut - Maia Cotton, 19, made her debut, while Georgia Fowler, 26, returned for her third year and Stella Maxwell, 28, walked for a fifth time, alongside the likes of Kendall Jenner, Gigi and Bella Hadid and Adriana Lima.

The decision to cancel the show was part of a move to "evolve the messaging of [the company]", Fortune reported.

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"We will be communicating to customers, but nothing similar in magnitude to the fashion show," CFO Stuart Burgdoerfer said during the call with analysts.

Burgdoerfer called the show a "remarkable marketing achievement", but noted the runway event didn't impact short-term sales.

In recent years sales at Victoria's Secret continue to decline.

Sales have dropped 7 per cent in the latest quarter compared to a 2 per cent fall during the same period last year, according to Fortune.

Aside from a small rise in the first quarter in 2018, the lingerie retailer has had falling sales every quarter since the fourth quarter in 2016.

Rumours that the Victoria's Secret Fashion Show was getting canned have been circulating for months, with Shaik letting it slip in July.

"Unfortunately, the Victoria's Secret show won't be happening this year," said the 28-year-old model, who has walked in the show five times since 2011.

Georgia Fowler walks the runway during the 2018 Victoria's Secret Fashion Show. Photo / Getty Images
Georgia Fowler walks the runway during the 2018 Victoria's Secret Fashion Show. Photo / Getty Images

"It's something I'm not used to because every year around this time I'm training like an Angel," she told The Daily Telegraph.

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Adriana Lima has appeared in 19 Victoria's Secret Fashion Shows. Photo / Getty Images
Adriana Lima has appeared in 19 Victoria's Secret Fashion Shows. Photo / Getty Images

"But I'm sure in the future something will happen which I'm pretty sure about," she added optimistically. "I'm sure they're trying to work on branding and new ways to do the show because it's the best show in the world."

The first Victoria's Secret Fashion Show was held at the Plaza Hotel in New York City in 1995.