L Brands is making efforts to revive Victoria's Secret's performance. It is closing 53 Victoria's Secret stores, and replacing the brand's marketing chief after a decades-long stint, along with the heads of Victoria's Secret and its younger Pink brand. L Brands has said it is "rethinking" its annual Victoria's Secret fashion show. The annual event has drawn fewer viewers in recent years to watch its "Angels" strut down the catwalk. Wexner has said network television is no longer the "right fit" for the event, and some have suggested the company may opt to stream the event instead. It's also looking to improve its Victoria's Secret's merchandise, differentiating more clearly between its cheaper youth-focused line Pink, and more adult Victoria's Secret, as well as moderate discounts across the board. In March, it reentered the swimsuit category after pulling out of the business in 2016. The move cost it $500 million in annual sales.