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Investor Barington pushes L Brands for Victoria’s Secret spinoff

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FILE PHOTO: A customer passes by an L Brands Inc., Victoria’s Secret retail store in Manhattan, New York, U.S., May 13, 2016. REUTERS/Brendan McDermid

(Reuters) – Barington Capital on Tuesday urged U.S. consumer products group L Brands to break itself up by separating its Victoria’s Secret and Bath & Body Works businesses from the company, in an effort to improve financial performance.

The activist shareholder, in a letter to L Brands’ chairman, said the company should retain a financial adviser to help explore options including a spinoff of Victoria’s Secret or an initial public offering of Bath & Body Works.

“The Company has significantly underperformed its peers and the market as a whole,” Barington said.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar

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