Victoria secret is struggling to redefine itself in a world that’s moved on from its former ideals of beauty and branding, and investors are growing restless.
On June 16th, the corporate drama spilled into public view. Barington Capital, a known activist investor with a modest 1% stake, published a scathing open letter addressed to Donna James, chairwoman of the company. The message was clear.
Victoria’s Secret is failing its shareholders. But the critique didn't stop at numbers it went straight for the leadership. Hillary Super, the CEO who took the reins in August 2023, has not, according to the letter, “gained the confidence of employees.”
And Barington isn’t alone. BBRC International, another activist group that now owns over 10% of the company’s shares, has also voiced deep dissatisfaction. They’ve criticized “disastrous” board decisions and are calling for new leadership altogether. It’s a loud, very public call for reinvention and the clock is ticking.
It’s a desperate move, and one that raises a critical question. Is the leadership protecting the company or just protecting themselves?
Their attempt to course-correct featuring more diverse models, ditching the Angels, and promising a more empowering image hasn’t been enough to win back customers or investors. Revenue has slumped. Stores feel stale. And worse, many long-time loyalists now see the brand’s pivot as inauthentic.
The battle for Victoria’s Secret’s future is now playing out on two fronts: internally, between the leadership and its employees; and externally, between the board and its investors. Both are asking the same question: who is really steering this ship?
The coming months will likely determine whether Victoria’s Secret can truly reinvent itself or whether it will join the long list of retail giants that failed to adapt. Because in today’s world, branding is no longer about fantasy it’s about trust, relevance, and bold leadership.
For a brand built on illusions, the demand now is for something real