A report from The Conference Board, published on December 24, 2025, detailed a shareholder activist campaign against Victoria's Secret & Co. during 2025. Activist investor Barington Capital led the effort.
Barington specifically targeted CEO Hillary Super. Filings criticized the company’s leadership strategy and key operational decisions made under her direction. The campaign sought to influence the firm’s overall direction and leadership structure.
Super ultimately retained her position. Victoria's Secret implemented selective operational changes in response to the pressure but did not concede to the activist’s extensive demands for leadership changes. This outcome indicates a partial victory for Barington Capital, reflecting the broader trend of rising shareholder activism in the U.S. corporate landscape.