Victoria's Secret is leaving network television

Performers and models on the runway at the 2018 Victoria's Secret Fashion Show on November 8, 2018 at Pier 94 in New York City. [Photo: AFP]

The Victoria's Secret Fashion Show, an annual spectacular female lingerie show, will no longer be available on network television starting from this year, ending a nearly two-decade run.

Models Adriana Lima, Behati Prinsloo, and Candice Swanepoel walk the runway at the 2018 Victoria's Secret Fashion Show on November 8, 2018 at Pier 94 in New York City. [Photo: AFP]

The decision was revealed in a memo sent to employees by Les Wexner, CEO of L Brands, Victoria's Secret's parent company, last Friday as he said network TV is not the "right fit" for the fashion show.

"Fashion is a business of change. We must evolve and change to grow. With that in mind, we have decided to re-think the traditional Victoria's Secret Fashion Show. Going forward we don't believe network television is the right fit," wrote Wexner.

Models Winnie Harlow, Gigi Hadid, Kendall Jenner, and Alexina Graham walk the runway at the 2018 Victoria's Secret Fashion Show on November 8, 2018 at Pier 94 in New York City. [Photo: AFP]

The chief executive said his company will develop a new kind of event in 2019 and in the following years to replace the Victoria's Secret Fashion Show.

US model Kendall Jenner walks the runway at the 2018 Victoria's Secret Fashion Show on November 8, 2018 at Pier 94 in New York City. [Photo: AFP]

The news comes after the lingerie retailer had a record low 3.3 million viewership last year, down from 9.7 million viewers in 2013.

The annual Victoria's Secret Fashion Show was first aired on TV in 2001.