November 23, 2019 (IANSlife) Top lingerie brand Victoria's Secret has cancelled its world-famous annual fashion show amid dwindling television ratings and rising criticism of the event, after more than two decades.

The show, which launched in 1995 and was once a major pop culture event drawing millions of viewers each year,had its lowest-ever ratings last year and drew criticism that it was sexist, outdated and lacked diversity, BBC reported.

The brand's parent company L Brands said it was important to "evolve" its marketing strategy.

"We're figuring out how to advance the positioning of the brand and best communicate that to customers," BBC quoted Stuart Burgdoerfer, L Brands chief financial officer, as having said.

Over its course, the annual show has featured some of the world's top supermodels, including Tyra Banks, Heidi Klum and Miranda Kerr, often wearing extravagant outfits.