The New York Times reports that the lingerie company's annual fashion show has been cancelled as the brand struggles with its longtime CEO's association with Jeffrey Epstein, the convicted pedophile who allegedly killed himself (or was murdered) in his prison cell in a Manhattan jail.

But after years of waning viewership and criticism that VS isn't an "all-inclusive" brand, L Brands, Victoria Secret's parent company, has decided that the fashion show is a relic from a bygone era, and that it's time for Victoria's Secret's marketing to evolve.

"We think it's important to evolve the marketing of Victoria's Secret," Stuart Burgdoerfer, the chief financial officer of L Brands, said on an earnings call on Thursday. "We'll be communicating to customers, but nothing that I would say is similar in magnitude to the fashion show," he added later.