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BBRC International Pushes for Leadership Change at Victoria’s Secret (VSCO)

Key Summary: On June 9, 2025, BBRC International (12.9%) urged Victoria’s Secret to address value destruction, citing a 64.1% shareholder return decline, over $1B lost on buybacks and Adore Me, board independence concerns, lack of accountability, and excessive Chair tenure. It called for immediate governance changes and a refreshed Board.

Market Cap: $1.7 billion | Victoria's Secret & Co. operates as a specialty retailer of women's intimate, and other apparel and beauty products worldwide.

On June 9, 2025, BBRC International (12.9%) urged the Board to address sustained value destruction, including a 64.1% decline in total shareholder returns, over one billion dollars lost through poor share buybacks and the Adore Me acquisition, insufficient board independence with concerns over director nominations, lack of accountability for failed strategic decisions, and excessive tenure of Chair Donna James. BBRC called for immediate governance changes and substantive responses during the June 11 earnings call, emphasizing the need for a refreshed Board and a focus on delivering shareholder value. Source

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