It's a stalwart of the fashion calendar, but the annual Victoria's Secret fashion show apparently won't be taking to the stage this year.

The extravaganza, in which models such as Gigi Hadid and Karlie Kloss showcase the wares of the lingerie and swimwear company, has been put on hold because of a rebranding project, Shanina Shaik suggested this weekend.

The Australian-born model, who has Saudi Arabian ancestry, told the Daily Telegraph the show "won't be happening", corroborating recent rumours to that effect.

"It's something I'm not used to because every year around this time I'm training like an angel," she told the newspaper.

Shaik, 28, is a veteran of the Victoria's Secret show, walking in the brand's 2011, 2012, 2014, 2015 and 2018 events. The supermodel is also a Victoria's Secret Angel, a term the label uses to describe those under contract with the brand.

The model did, however, reveal that the show is expected to make a return, but possibly in a new format.

"But I'm sure in the future something will happen, which I'm pretty sure about," Shaik said. "I'm sure they're trying to work on branding and new ways to do the show because it's the best show in the world."

Her statement follows an announcement from Victoria's Secret in May that the show would not be televised. Shaik's comments offer the first inkling that the catwalk display is not taking place at all.

"For the past few months, we've said that we are taking a fresh look at every aspect of our business," a memo from parent company L Brands said when the announcement was made, according to E!.

"We have decided to rethink the traditional Victoria's Secret Fashion Show. Going forward we don't believe network television is the right fit."

The fashion show, which has been televised for the past 24 years, has suffered from plummeting viewer numbers, with the 2018 event attracting 3.3 million eyeballs when it aired on ABC, a drop from 5 million viewers in 2017 and 6.7 million in 2016, when it aired on CBS.

Victoria’s Secret has yet to issue an official comment on the fate of the 2019 show.