The Victoria’s Secret fashion show, an annual spectacle of glitter, cleavage and pop music, will no longer air on network television after a nearly two-decade run.

The announcement was made in a Friday memo to the chain’s associates from Leslie Wexner, the chief executive of Victoria’s Secret’s parent company, L Brands. Mr. Wexner said that the company had been “taking a fresh look at every aspect of our business” in the past few months, and noted that the brand “must evolve and change to grow.”

“With that in mind, we have decided to re-think the traditional Victoria’s Secret Fashion Show,” he wrote. “Going forward we don’t believe network television is the right fit.” He said the company would develop “a new kind of event” on different platforms in the future, though he gave no further details.

The decision comes as Victoria’s Secret, the largest lingerie company in the United States, works to revamp its image and as interest in the once-major TV event has plummeted. The show first aired in 2001 with an hourlong special on ABC. It attracted millions of viewers who tuned in to watch the brand’s supermodels strut runways in six-inch heels, crystal-encrusted lingerie and massive wings, with musical performances from megastars like Taylor Swift, the Spice Girls and Lady Gaga. Some decried the show and criticized it for objectifying women. But many viewed the event as a stroke of marketing genius — a commercial for the Victoria’s Secret brand packaged as a prime-time special.