What Victoria's Secret (VSCO)'s Boardroom Challenge Means for Shareholders

• On November 4, 2025, Victoria’s Secret & Co responded to a public letter from BBRC International, which called for board changes, including the removal of the current Board Chair and the appointment of a stockholder representative, following BBRC’s unsuccessful efforts to engage privately with the company.
• This public confrontation highlights growing shareholder activism and places additional attention on the company’s governance practices at a time when it has been emphasizing strong operating results and recent business transformation initiatives.
• We will explore how BBRC International’s push for changes in board composition could influence Victoria’s Secret’s evolving investment narrative.

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Victoria's Secret Investment Narrative Recap

To be a Victoria’s Secret shareholder, you need to believe that the brand’s transformation strategy and omnichannel growth will drive renewed relevance, customer loyalty, and profit improvement, even as the retail sector faces competitive and macroeconomic headwinds. The recent boardroom dispute with BBRC International gained headlines, but it does not appear to shift the major short-term catalyst for the stock: successfully converting store and product innovation into sustained sales growth, amid ongoing tariff and margin pressures, which remain the biggest near-term risk.

One particularly relevant announcement is Victoria’s Secret’s Q2 2025 guidance, which highlighted margin growth and resilience despite tariff headwinds. This performance is central as investors assess the company’s ability to translate corporate changes and internal governance debates into actionable results that support the growth narrative. What happens in the boardroom is consequential if it disrupts, or accelerates, this path.

In contrast, investors should also be aware of the continued risk from elevated tariff exposure, and...

Read the full narrative on Victoria's Secret (it's free!)

Victoria's Secret's outlook projects $6.7 billion in revenue and $143.6 million in earnings by 2028. This is based on a forecasted 2.2% annual revenue growth rate, but a decrease in earnings of $7.8 million from the current $151.4 million.

Uncover how Victoria's Secret's forecasts yield a $29.00 fair value, a 18% downside to its current price.

Exploring Other Perspectives

Five Simply Wall St Community members set fair values between US$23.84 and US$45.34 per share, with wide variation in outlook. With persistent tariff risks still looming, explore how your conviction stacks up against these diverse community perspectives.

Explore 5 other fair value estimates on Victoria's Secret - why the stock might be worth 33% less than the current price!

Build Your Own Victoria's Secret Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Victoria's Secret research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Victoria's Secret research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Victoria's Secret's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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