Latest news with #BaringtonCapital
Yahoo
7 hours ago
- Business
- Yahoo
VSCO rises on report activist investor Barington Capital Group has built a stake
-- Victoria's Secret shares are trading over 3% higher premarket on Monday after the Wall Street Journal reported that activist investor Barington Capital Group has taken a stake in the lingerie retailer. According to the Wall Street Journal, Barington owns more than 1% of Victoria's Secret and plans to continue building its position. The firm reportedly believes the company hasn't lived up to its potential since separating from Bath & Body Works (NYSE:BBWI) in 2021, when it was valued at over $6.5 billion. Its market cap has since dropped to about $1.5 billion. Barington reportedly intends to push for significant changes, including a board overhaul and a renewed focus on Victoria's Secret's core bra business, said the WSJ. The firm also believes the retailer's beauty segment could be worth as much as the company's current market value. The article notes that Barington views current CEO Hillary Super and the board as lacking the necessary experience and strategic clarity to drive a turnaround. It plans to ask the company to consider replacing a majority, or all of its board, with new independent directors, according to the WSJ. Victoria's Secret, already under pressure from major shareholder Brett Blundy, recently adopted a so-called poison pill to fend off takeover efforts. Barington reportedly views the measure as counterproductive and plans to urge its repeal. A spokesperson told the WSJ that while the company had not yet heard from Barington, it looked forward to engagement and remained confident in its strategy under Super's leadership. Related articles VSCO rises on report activist investor Barington Capital Group has built a stake Is the market overreacting to the Middle East crisis? UBS weighs in Trump's sons launch mobile service offering unlimited plan at $47.45
Bloomberg
16 hours ago
- Business
- Bloomberg
Victoria's Secret Pressured by Another Investor Urging Changes
Victoria's Secret & Co. is being targeted by another activist investor seeking a shake-up of the business, according to a person familiar with the matter. Barington Capital Group has built a stake in the lingerie retailer and plans to urge it to make changes to its board and strategy, said the person, who asked not to be identified because the information was private.
Yahoo
18 hours ago
- Business
- Yahoo
Victoria's Secret faces fresh activist fight from Barington Capital, source says
By Abigail Summerville NEW YORK (Reuters) -Activist investor Barington Capital Group plans to mount a push to change Victoria's Secret's board of directors and end a recently adopted shareholder's rights plan, according to a person familiar with the situation. The New York-based hedge fund, which owns more than 1% of the company, believes Victoria's Secret has underperformed its competitors and lost value since its spin-off from former parent company L Brands in 2021, the person said, asking not to be identified because the matter is private. Amid waning demand for its intimate apparel, Victoria's Secret shares have dropped by about 55% this year, and its current market value is about $1.45 billion. The Wall Street Journal reported Barington's plans earlier on Sunday. A Victoria's Secret spokesperson said that Barington has not contacted the company, but it looks forward to "discussing their views with them." "We are confident that executing our strategy under the new and experienced leadership team will continue to unlock value for our shareholders," the spokesperson said. 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 it from hostile takeovers. It also believes the retailer should focus on core brands and initiatives, like bras and the Angels campaign, and accelerate growth in digital and international markets, the source said. Barington believes the company's 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 revitalize the iconic brand, the person said. Super was previously the CEO of intimates brand Savage X Fenty. The fund also sees value in the Victoria's Secret beauty business, which it believes could be worth as much as the company's market value. Victoria's Secret adopted the poison pill plan to fend off investment firm BBRC International Private Limited, which increased its stake in the company to around 13%. Barington is also an investor in Macy's and Hanesbrands. Founded by James Mitarotonda, Barington previously pushed for changes at L Brands, which split into Victoria's Secret and Bath & Body Works. At Macy's, the firm wanted the department store to create a real estate unit and cut costs to boost the share price. Earlier this year, Barington mounted its first full-blown board room challenge since 2015 when it tried to put three directors on the board of casket maker Matthews International but ended up losing the vote.
Reuters
18 hours ago
- Business
- Reuters
Victoria's Secret faces fresh activist fight from Barington Capital, source says
NEW YORK, June 15 (Reuters) - Activist investor Barington Capital Group plans to mount a push to change Victoria's Secret's (VSCO.N), opens new tab board of directors and end a recently adopted shareholder's rights plan, according to a person familiar with the situation. The New York-based hedge fund, which owns more than 1% of the company, believes Victoria's Secret has underperformed its competitors and lost value since its spin-off from former parent company L Brands in 2021, the person said, asking not to be identified because the matter is private. Amid waning demand for its intimate apparel, Victoria's Secret shares have dropped by about 55% this year, and its current market value is about $1.45 billion. The Wall Street Journal reported Barington's plans earlier on Sunday. A Victoria's Secret spokesperson said that Barington has not contacted the company, but it looks forward to "discussing their views with them." "We are confident that executing our strategy under the new and experienced leadership team will continue to unlock value for our shareholders," the spokesperson said. 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 it from hostile takeovers. It also believes the retailer should focus on core brands and initiatives, like bras and the Angels campaign, and accelerate growth in digital and international markets, the source said. Barington believes the company's 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 revitalize the iconic brand, the person said. Super was previously the CEO of intimates brand Savage X Fenty. The fund also sees value in the Victoria's Secret beauty business, which it believes could be worth as much as the company's market value. Victoria's Secret adopted the poison pill plan to fend off investment firm BBRC International Private Limited, which increased its stake in the company to around 13%. Barington is also an investor in Macy's and Hanesbrands. Founded by James Mitarotonda, Barington previously pushed for changes at L Brands, which split into Victoria's Secret and Bath & Body Works. At Macy's, the firm wanted the department store to create a real estate unit and cut costs to boost the share price. Earlier this year, Barington mounted its first full-blown board room challenge since 2015 when it tried to put three directors on the board of casket maker Matthews International but ended up losing the vote.
Yahoo
19 hours ago
- Business
- Yahoo
Victoria's Secret faces fresh activist fight from Barington Capital, source says
By Abigail Summerville NEW YORK (Reuters) -Activist investor Barington Capital Group plans to mount a push to change Victoria's Secret's board of directors and end a recently adopted shareholder's rights plan, according to a person familiar with the situation. The New York-based hedge fund, which owns more than 1% of the company, believes Victoria's Secret has underperformed its competitors and lost value since its spin-off from former parent company L Brands in 2021, the person said, asking not to be identified because the matter is private. Amid waning demand for its intimate apparel, Victoria's Secret shares have dropped by about 55% this year, and its current market value is about $1.45 billion. The Wall Street Journal reported Barington's plans earlier on Sunday. A Victoria's Secret spokesperson said that Barington has not contacted the company, but it looks forward to "discussing their views with them." "We are confident that executing our strategy under the new and experienced leadership team will continue to unlock value for our shareholders," the spokesperson said. 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 it from hostile takeovers. It also believes the retailer should focus on core brands and initiatives, like bras and the Angels campaign, and accelerate growth in digital and international markets, the source said. Barington believes the company's 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 revitalize the iconic brand, the person said. Super was previously the CEO of intimates brand Savage X Fenty. The fund also sees value in the Victoria's Secret beauty business, which it believes could be worth as much as the company's market value. Victoria's Secret adopted the poison pill plan to fend off investment firm BBRC International Private Limited, which increased its stake in the company to around 13%. Barington is also an investor in Macy's and Hanesbrands. Founded by James Mitarotonda, Barington previously pushed for changes at L Brands, which split into Victoria's Secret and Bath & Body Works. At Macy's, the firm wanted the department store to create a real estate unit and cut costs to boost the share price. Earlier this year, Barington mounted its first full-blown board room challenge since 2015 when it tried to put three directors on the board of casket maker Matthews International but ended up losing the vote.
