Overview

• Barington Capital owns more than 1% of Victoria’s Secret and plans to increase its stake to strengthen its push for change.
• The hedge fund is calling for the replacement of most or all board members and the reversal of the shareholder rights plan adopted in May.
• Barington criticizes CEO Hillary Super’s limited public company experience and says the current board lacks the expertise to revive the brand.
• Victoria’s Secret shares have slumped about 55% this year alongside falling demand and a cyberattack that delayed first-quarter results.
• The investor recommends refocusing on core bra and beauty divisions and accelerating growth in digital and international markets.