
Investor demands Victoria's Secret overhaul its board
The New York-based hedge fund, which owns more than 1 per cent of the company, said Victoria's Secret has underperformed its competitors and lost over $2.4 billion in shareholder value since its spin-off in 2021 from former parent company L Brands.
On Sunday, Reuters reported, citing sources, that Barington wants the company to replace most or all of its board and end the "poison pill" plan that it adopted in May to protect the company from hostile takeovers.
"Barington has not sought to engage with us, but we look forward to discussing their views with them," a Victoria's Secret spokesperson said.
"We are confident that executing our strategy under the new and experienced leadership team will continue to unlock value for our shareholders," the spokesperson added.
Its shares, which have lost more than half of their value so far this year amid waning demand, were up about 3 per cent in morning trade.
Victoria's Secret requires a reconstituted board comprising directors with "proven experience in brand revitalisation, operational execution, international expansion, and shareholder value creation," James Mitarotonda, Barington's founder and CEO, said in the letter.
The investment firm said the retailer should focus on core categories and initiatives, like bras and the Angels campaign, and accelerate growth in digital and international markets.
Barington highlighted concerns about the company's leadership, and said Chief Executive Hillary Super, who took over in September 2024, has limited public company experience, and that the rest of the board lacks the necessary experience to revitalise the iconic brand.
Victoria's Secret, with a market capitalisation of about $1.45 billion currently, adopted the poison pill plan to fend off Brett Blundy's investment firm, which increased its stake in the company to around 13 per cent.
Barington's pressure puts Victoria's Secret in a "precarious position" as it tries to fend off other activist investors and restore confidence in CEO's turnaround plan, eMarketer analyst Rachel Wolff said, adding that investors' growing dissatisfaction with leadership could force a change at the company's management level.
Barington previously pushed for changes at L Brands, which split into Victoria's Secret and Bath & Body Works.
Earlier this year, Barington mounted its first full-blown boardroom challenge since 2015 when it tried to put three directors on the board of casket maker Matthews International but ended up losing the vote.
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Business Recorder
2 days ago
- Business Recorder
Weekly SPI inflation up 4.07pc
ISLAMABAD: The Sensitive Price Index-based inflation increased by 4.07 percent for the current week ended July 24, 2025 compared to 0.38 per cent in the previous week. The statistics issued by Pakistan Bureau of Statistics (PBS) showed a major increase in the prices of gas charges for Q1 29.85 per cent, tomatoes 22.93 per cent, electricity charges for Q1 21.46 per cent, eggs 3.96per cent, garlic 1.39 per cent, cigarettes 0.51 per cent, beef 0.46 per cent, rice basmati broken 0.45 per cent, powdered milk 0.29 per cent, energy saver 0.23 per cent and fresh milk by 0.16 per cent. On the other hand, decrease is observed in the prices of chicken7.95 per cent, sugar4.25 per cent, onions 3.05 per cent, bananas 2.81per cent, LPG2.09 per cent, potatoes 1.82 per cent, wheat flour 1.19 per cent, moong 0.43 per cent and pulse gram 0.32 per cent. SPI-based inflation slows down During the week, out of 51 items, prices of 14 items (27.45 per cent) increased, 12 items (23.53 per cent) decreased and 25 items (49.02 per cent) remained stable. While major increase is observed in the prices of ladies sandal 55.62 per cent, gas charges for Q1 29.85 per cent, sugar 21.89 per cent, moong 16.42 per cent, beef 14.08 per cent, vegetable ghee 2.5kg 12.46 per cent vegetable ghee 1kg 12.17 per cent, gur 11.30 per cent, eggs10.70 per cent, firewood 10.52 per cent, cooked daal 9.47 per cent, and printed lawn 7.32 per cent. Major decrease is observed in the prices of onions 49.13 per cent, tomatoes 30.2 per cent, electricity charges for Q1 24.23 per cent, garlic 23.64 per cent, wheat flour 23.21 per cent, maash 20.76 per cent, tea Lipton 17.93per cent, potatoes 15.11 per cent, masoor 8.86 per cent and petrol 1.24per cent. The SPI for consumption groups up to Rs17,732 with an increase of 3.98 per cent recorded at 317.34 points. The SPI for consumption group of Rs17,732 to 22,888 with an increase of 5.26 per cent was recorded at 317.42 points against previous week's calculation of 301.55, the SPI for the income group Rs22,889-29,517 with an increase of 4.44 per cent was recorded at 340.39 points against previous week's recording of 325.92 points, the SPI for the income group Rs29,518-44,175 with an increase of 1.02 per cent was recorded at 328.38 points against previous week's reading of 319.26 points and SPI for the monthly income group above Rs44,175 registered an increase of 3.03 per cent was recorded at 328.92 points against 319.26 points of the previous week calculation. The combined increase for all expenditure groups recorded at 329.09 points compared to 316.23 points of previous week registering an increase of 4.07 per cent. Copyright Business Recorder, 2025