Victoria’s Secret says it will bring back the iconic fashion show one day

Victoria’s Secret wants to get back on the runway.

The lingerie brand told analysts on Monday that it plans to one day bring back its iconic fashion show but in a “culturally relevant” way.

After nearly 20 years running, the annual fashion show where Victoria’s Secret’s Angels show off different bras and canned lacy underwear. The last show, which aired on television in December 2018, suffered the worst ratings in its broadcast history.

But now, as Victoria’s Secret prepares to split from parent L Brands into a separate public entity next month, Victoria’s Secret is rewriting its playbook. His angels were replaced with brand ambassadors representing all body types and ages. The shops are refreshed with plus size mannequins and lighter colored fixtures. The company also plans to test several locations outside the mall.

“We’ve historically had a very significant amount of our marketing spend around fashion shows, and we’ve saved that money in the last two years,” Victoria’s Secret CEO Martin Waters said during a virtual presentation. “Our goal is to get back into the fashion show business.”

He cautioned, however, “we are in no hurry to announce when it will happen or how it will happen … but we will redefine it in a culturally relevant way in the years to come.”

Separately, Waters on Monday hinted that the company would invest in creating a digital entertainment platform for women to celebrate their bodies.

“It’s all about digital and social,” he said.

L Brands shares fell about 4% on Monday, amid a broader sell-off. The retailer’s stock is up about 87% this year.