Victoria's Secret needs a different kind of Angel

AMONG THE DEMANDS of Barington Capital Group, one of two activist investors seeking to shake up Victoria's Secret & Co., is that the company bring back the "angels" — the glamorous supermodels once synonymous with America's biggest underwear retailer.

- Andrea Felsted Bloomberg

But what Victoria's Secret really needs is a different kind of angel: a buyer. Ideally, one that can offer a decent bid premium to long-suffering shareholders and enable the company to do the hard work needed to adapt to a new lingerie landscape, away from the glare of quarterly earnings. The agitators and the retailer should stop trading barbs, and instead work together to deliver value to all investors.

If Victoria's Secret puts itself up for sale, the activists could facilitate a take-private by joining forces with the bidder or backing its offer.

Both Barington Capital, which holds more than 1% of the retailer, and BBRC International Pte, which has acquired a 12.9% stake, are urging Victoria's Secret to make changes to its board and strategy to address the underperformance of its shares. They have a point. Since the company was spun out of L Brands Inc. four years ago, the stock has lost more than half of its value.