Core Viewpoint - BBRC International, a major shareholder of Victoria's Secret, is pressuring the company to restructure its board and remove the current chairperson, Donna James, while seeking a board seat for its founder, Brett Blundy [1][2]. Group 1: Shareholder Actions - BBRC International holds nearly 13% of Victoria's Secret shares and has been increasing its stake since 2022, advocating for reforms within the company [1][2]. - The letter from BBRC indicates that unless the board reassesses its position and shows a willingness for genuine communication, BBRC plans to replace board members at the next shareholder meeting, potentially taking action sooner if conditions do not improve [3][4]. Group 2: Company Performance - Since its IPO in 2021, Victoria's Secret's stock price has declined by approximately 15%, with a year-to-date drop of around 13%, leading to a market capitalization of less than $3 billion [2][3]. - In recent trading, Victoria's Secret's stock fell by about 3% [3]. Group 3: Management and Strategy - CEO Hillary Super, who took office last fall, is working on revitalizing the brand by reimagining its famous fashion show and launching new products that reinterpret "sexy" from a modern perspective [4]. - Donna James has been on the board for nearly 20 years prior to the company's split from L Brands in 2021, and BBRC's letter criticizes her as having an outdated perspective that lacks objective judgment regarding company operations [5].

Group 1 - The company reported a total of 23 new stores opened and 39 stores closed in the first half of 2025, resulting in a total of 798 stores at the end of the reporting period [1] - The total area of the stores at the end of the reporting period is 42,501.70 m², with 36,693,894.54 yuan in revenue from the Tianbao Longfeng brand, which saw a 55.13% decrease compared to the previous year [2] - The gross profit margin for the Gujin underwear brand increased by 16 percentage points to 59.63%, despite a revenue decrease of 37.69% to 131,558,187.81 yuan [2] Group 2 - There are no signed but unopened stores or counters as of the end of the reporting period [1] - The company operates under various brands, with significant changes in revenue and gross profit margins across its business segments [2]