Activist investor Barington Capital on Tuesday urged L Brands to separate its Vi...
- Activist investor Barington Capital on Tuesday urged L Brands to separate its Victoria’s Secret and Bath & Body Works businesses, in an effort to turn around the struggling consumer brands owner.
Barington urged the company to retain advisers and explore either a spin off of the underperforming Victoria’s Secret brand or take the much financially stronger Bath & Body Works public. In a letter to L Brands’ chairman Leslie Wexner, Barington said the “true potential” of Bath & Body Works had not been realized because of years of weak performance at Victoria’s, stemming from a failure to maintain a strong brand image and missteps with merchandising.
Shares in L Brands rose 3 percent to $27.50 in early trading after Barington’s announcement, having fallen last week after reporting poor quarterly results.“The company has significantly underperformed its peers and the market as a whole,” Barington Chairman James Mitarotonda said.
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