Activist investors stepping in usually means they think a company isn’t performing well—and in Victoria’s Secret’s case, it’s another sign that the brand hasn’t fully adapted to shifting consumer tastes. If Barington gets its way, we could see big changes in leadership or strategy, which might finally give the retailer the push it needs—or just add more chaos to an already rocky comeback story.

Barington Capital Group plans to push the lingerie retailer to overhaul its board.

Victoria’s Secret is facing fresh pressure from activist investor Barington Capital Group, which wants to shake up the company’s board. The move signals growing frustration with the lingerie brand’s direction, as it struggles to stay relevant in a changing retail landscape.