The 2019 Victoria Secret’s Fashion Show has been officially canceled after its parent company found out that the extravagant show doesn’t help in the sales of its famous and stylish lingerie line.

According to E! News, the decision of axing this year’s event was made by Stuart Burgdoerfer, the chief financial officer and executive vice president of L Brands, during a conference call with the other members of the management. The renowned lingerie brand is one of the flagship subsidaries of L Brands.

While axing the star-studded event, Burgdoerfer shared that the fashion brand will continue to communicate its offerings to the customers, but it will not be on the scale of a fashion show. The CFO of L Brands further stated that the company will now use other mediums like social media to tell the world about all new things they are planning to introduce in the future.

“We’ll be communicating to customers, but nothing that I would say is similar in magnitude to the fashion show. You can be sure we’ll be communicating with customers through lots of vehicles including social media and various, more current platforms if you will,” Burgdoerfer said.

He also questioned the fashion show’s impact on the market performance of their products and revealed that the organization has been seeing no impact whatsoever on sales after the airing of the show last year.

“So if you are like, ‘Oh my god, Stuart, are you freaked out about the day after the fashion show result and what’s going to happen?’ It did air at different times over the years and we didn’t see a material impact on the next few days’ results,” Burgdoerfer explained. 

Apart from the sales, the viewership of the show has also been declining year after year. The annual fashion night, which features top models around the world as angels, only saw 3.3 million people tuning in to watch the show on Television.

The numbers were much higher in 2013 where approximately 9.7 million people watched the show.

The rumors of the fashion show getting canceled first surfaced in the month of Jul. In an interview with The Daily Telegraph, Victoria’s Secret model Shanina Shaik revealed that the 2019 runway show has been canceled. But she hopes that the show will come back with a bang in the future.

“It is something I’m not used to because every year around this time I am training like an angel. But I am sure in the future something will happen,” Shaik said. 

The 2018 show featured some of the biggest names in the modeling industry, including Adriana Lima, Bella Hadid, Behati Prinsloo, Gigi Hadid, Barbara Palvin, Candice Swanepoel and Kendall Jenner. 

This is the first time since 1995 that the annual Fashion Show won’t be happening.

Victoria's Secret Fashion Show 2017 Victoria’s Secret officially filmed the 2017 Fashion Show in Shanghai on Nov. 20, 2017. Pictured are this year’s models posing backstage in Shanghai, China. Photo: Frazer Harrison/Getty Images for Victoria’s Secret