Activist hedge fund Barington Capital Group is preparing to launch a campaign against Victoria’s Secret & Co, seeking to overhaul the lingerie brand’s board of directors and dismantle a recently adopted shareholder rights plan, according to a report by Reuters.
The report cites an unnamed source source familiar with the matter as revealing that the the New York-based firm, which holds a more than 1% stake in the retailer, believes Victoria’s Secret has significantly underperformed since its 2021 spin-off from L Brands, with deteriorating share price performance and a lack of strategic direction. The company’s stock is down roughly 55% year-to-date, leaving its market cap at around $1.45bn.
Barington is reportedly pushing for a board refresh—potentially replacing most or all directors – and for the removal of the so-called “poison pill” plan adopted in May, designed to block unwanted takeover attempts. That plan was triggered following BBRC International Private Limited increasing its stake to approximately 13%.
While Victoria’s Secret says Barington has yet to make formal contact, a spokesperson said the company is open to engaging and remains “confident in the strategy” under CEO Hillary Super, who joined in September 2024 from Savage X Fenty. Barington, however, has raised concerns about Super’s limited public company leadership experience and a lack of turnaround expertise on the board.
As part of its activist blueprint, Barington wants Victoria’s Secret to refocus on core strengths – notably its bras segment and the relaunched Angels campaign – while aggressively expanding its digital and international footprint. The hedge fund also sees latent value in the company’s beauty division, suggesting it could be worth as much as the entire group’s market value.
Barington has a track record of agitating for change in the retail space, including previous engagements with Macy’s, Hanesbrands, and L Brands itself. Its founder, James Mitarotonda, previously played a role in the corporate actions that led to Victoria’s Secret being spun out of L Brands.
The move signals a return to higher-stakes activism for Barington, following its recent unsuccessful attempt to elect directors at Matthews International, its first proxy battle since 2015.
