Victoria's Secret faces fresh activist fight from Barington Capital, source says

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.