NEW YORK, March 5, 2019 /PRNewswire/ -- Barington Capital Group, L.P. ("Barington") announced today that it has sent a letter to Leslie Wexner, the Chairman and Chief Executive Officer of L Brands, Inc. (NYSE:LB) ("L Brands" or the "Company"), detailing its recommendations on how the Company can address a number of its current challenges and meaningfully improve long-term value for shareholders. 

In the letter, Barington states that L Brands has a long and impressive history under Mr. Wexner's leadership, and Barington has great respect for Mr. Wexner's skills as a merchant and a builder of companies.  Unfortunately, over the past three years the Company has significantly underperformed its peers and the market as a whole.  Barington believes this is primarily due to the disappointing financial performance of Victoria's Secret resulting from merchandising missteps and the failure to maintain a compelling brand image that resonates with today's consumers.  Furthermore, Victoria's Secret's struggles have overshadowed the exceptional performance of Bath & Body Works, resulting in the market failing to value the segment appropriately.  

• take swift action to improve the performance of Victoria's Secret by correcting past merchandising mistakes and ensuring that it communicates a compelling, up-to-date brand image that resonates with today's consumers; and
  
  
• retain a financial advisor to help explore opportunities to unlock the tremendous value of Bath & Body Works, such as through a spinoff of Victoria's Secret or an initial public offering (IPO) of Bath & Body Works.

Barington Capital Group, L.P. is a fundamental, value-oriented activist investment firm that was established by James A. Mitarotonda in January 2000.  Barington invests in undervalued publicly traded companies that Barington believes can appreciate significantly in value when substantive improvements are made to their operations, corporate strategy, capital allocation and corporate governance.  Barington's investment team, advisors and network of industry experts draw upon their extensive strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder value.  Barington has significant experience investing in consumer-focused companies, with prior investments in companies such as Warnaco, The Children's Place, Dillard's, The Jones Group, The Pep Boys, Darden Restaurants, Lone Star Steakhouse, Nautica and Steven Madden.