The investor requires Victoria’s Secret review of his Board of Directors

Activist Investor Barington Capital Group is pushing Victoria’s secret to change his board and end a recently adopted “Poison Pill” plan, according to a letter to the shareholders of the lingerie manufacturer Monday.

The New York -based hedge fund, which holds more than 1 % of the company, said Victoria’s Secret has downgraded its competitors and lost more than $ 2.4 billion in shareholders in 2021 by former parent company L.

On Sunday, Reuters said, stating sources that Barington wants the company to replace most of its board or entire board and end the “Poison Pill” project that adopted in May to protect the company from hostile acquisitions.

“Barington did not try to work with us, but we look forward to discussing their views with them,” said a Victoria’s Secret spokesman.

“We are sure that the execution of our strategy within the new and experienced leadership team will continue to unlock value for our shareholders,” the spokesman added.

Its shares, which have lost more than half their value so far this year, in the midst of demand, increased to about 3 % in the morning.

Victoria’s secret requires a reconstructed council that includes directors with “proven experience in brand rejuvenation, operational execution, international expansion and the creation of shareholders’ value,” James Mitarotonda, founder and CEO of Baringon, told the letter.

The investment company said the retailer should focus on key categories and initiatives, such as the Bras and Angels campaign, and accelerate growth in digital and international markets.

Barington emphasized concerns about the company’s leadership and said that CEO Hillary Super, who took over in September 2024, has limited public experience of the company and that the rest of the Board of Directors does not have the necessary experience to revitalize the virtual brand.

Victoria’s secret, with a market capitalization of about $ 1.45 billion, adopted the Poison Plan plan to prevent Brett Blundy’s investment company, which increased its share of the company to about 13 %.

Barington’s pressure puts Victoria’s secret to a “unsafe position” as it tries to prevent other activists investors and restore confidence in the CEO recovery plan, said Emarketer Rachel Wolff analyst, adding that the growing investment of investors could have a growth of investors.

Barington was previously promoted for changes to L L, separated into Victoria’s Secret and Bath & Body Works.

Earlier this year, Barington put his first challenge for a full conference hall since 2015, when he tried to put three directors on the Matthews International manufacturer’s board, but ended up losing the vote.