Activist investor Barington Capital Group joins a growing chorus of dissatisfied Victoria's Secret shareholders.

What Happened: The firm now holds more than 1% of the lingerie retailer's stock and plans to increase its position.

Its campaign follows a sharp stock decline—more than 50% year-to-date. Victoria's Secret's market value slashed to about $1.5 billion. That's a steep drop from the $6.5 billion valuation it commanded after its 2021 split from Bath & Body Works Inc. ( BBWI ) .

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The Wall Street Journal added that Barington wants Victoria's Secret to refresh its board, potentially replacing a majority—or all—of its members with independent directors.

It is also urging the company to refocus on its core bras business, arguing that doing so could revive its stock performance. Barington believes the brand still holds global recognition and untapped value, particularly in its beauty segment.

CEO Hillary Super, who joined last September, has been steering the business toward categories like sports and swimwear.

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Why It Matters: Barington's involvement comes amid separate pressure from Australian billionaire Brett Blundy, whose firm BBRC International owns nearly 13% of Victoria's Secret shares.

Earlier this month, Blundy criticized what he called "disastrous board-level decisions" and pushed for a board overhaul.

In response, the company adopted a shareholder rights plan, or "poison pill," to prevent further accumulation of shares. Barington has called that move counterproductive and wants it reversed.

Last week, the company reported first-quarter adjusted earnings per share of 9 cents, in line with the analyst consensus estimate. Quarterly sales of $1.35 billion (flat year over year) also came in line with the Street view.

Victoria's Secret has lowered its fiscal year 2025 adjusted operating income guidance to $270 million to $320 million, down from its prior forecast of $300 million to $350 million.

During the company’s first-quarter earnings call, CFO Scott Sekella addressed the $50 million net tariff impact, stating that $10 million would be felt in the second quarter while the remainder would be spread across the third and fourth quarters.

The company reported a cybersecurity breach in June that caused it to take its website offline for three days in late May.

Price Action: VSCO stock is up 3.38% at $18.81 at the last check on Monday.

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