Activist investor ramps up pressure on Victoria’s Secret to disperse board

Barington Capital Group has called on Victoria’s Secret to make significant board changes in order to protect the lingerie brand from any hostile takeovers. This is according to sources for Reuters, which also referenced a letter from the activist investor issued to shareholders of Victoria’s Secret.

In the letter, Barington, which owns over 1 percent of the brand’s shares, additionally called for the end of its so-called “poison pill” plan detailed in May. The strategy is designed to prevent a potential takeover specifically by shareholder BBRC International Pte Limited, which increased its stake in Victoria’s Secret to 13 percent.

Barington referenced Victoria’s Secret’s underperformance in recent years, citing its over 2.4 billion dollar loss in shareholder value since its split from former parent company L Brands as cause for concern.

In the letter, Barington’s founder and CEO, James Mitarotonda, said the retailer needed a board composed of directors with “proven experience in brand revitalisation, operational excellence, international expansion and shareholder value creation”. Mitarotonda also expressed concern over the leadership of chief executive officer, Hillary Super, who took over the helm of the brand in September 2024.

Responding to the claims, a spokesperson for Victoria’s Secret told Reuters: "Barington has not sought to engage with us, but we look forward to discussing their views with them. We are confident that executing our strategy under the new and experienced leadership team will continue to unlock value for our shareholders.”