Victoria’s Secret is once again in activist crosshairs, this time from New York–based Barington Capital Group. Holding just over a 1% stake in the lingerie retailer, Barington has signaled its intent to overhaul the company’s board, dismantle its shareholder “poison pill” defense, and refocus on core strengths like bras, the famed Angels campaign, and the thriving beauty division. Since its high-profile spin-off from L Brands in 2021, Victoria’s Secret has seen its share price plummet, losing more than half of its value this year and slumping to a market capitalization near $1.45 billion.

Barington says this steep decline reflects a failure in strategic execution, pointing to underperformance relative to peers and questioning current leadership’s ability to reverse the downward trend. Central to Barington’s critique is CEO Hillary Super, who stepped into the role in September 2024 after leading Savage X Fenty. The hedge fund believes Super and the sitting board lack the public-company and retail turnaround experience necessary to navigate today’s competitive lingerie market. To address this, Barington seeks to bring in new independent directors and eliminate the poison pill—an emergency measure Victoria’s Secret enacted in May to thwart overtures from another investor, BBRC International, which holds about 13% of outstanding shares.

Calling the defense tactic counterproductive, Barington argues that dismantling the poison pill would allow the company to benefit from open market activity, potentially boosting long-term shareholder value. Additionally, the fund is pushing for a renewed emphasis on digital growth and international expansion, tapping into the global potential of both its lingerie and beauty businesses. Victoria’s Secret, for its part, has refrained from accusing Barington directly of any wrongdoing and emphasized its readiness to engage. A company spokesperson expressed confidence in the management team’s current strategy, highlighting improvements in revenue and operating income in recent quarters and insisting that its refreshed leadership is well-positioned to harness the brand’s iconic status.

Stock markets have already responded to Barington’s move: shares advanced by approximately 3–4% in premarket trading following the announcement. The uptick suggests that investors view the activist involvement as a potential catalyst for value unlocking. This development adds to an ongoing saga at Victoria’s Secret, which has been navigating a turbulent path since splitting from Bath & Body Works. With activist pressure from both BBRC and now Barington, there is growing urgency for the company to solidify leadership and sharpen its brand focus. Barington’s campaign underscores a stark choice ahead: stick with the current plan under CEO Super and her board, or embrace a new leadership structure and refocus on proven profit drivers.