Barington pushes Bath & Body Works for a sale

Mason Carter 09/14/2026

A heavyweight investor has entered the perfume and personal care world, not to simply buy shares, but to demand a complete overhaul of a beloved brand. Activist investor Barington Capital has taken a significant stake in Bath & Body Works and is pushing the retailer to explore a strategic sale of the business.

This intervention is less about simple investment and more about a forceful call for change. Barington argues that the company is currently undervalued, pointing to a period marked by management shifts and noticeable weakening of financial performance.

The financial picture for Bath & Body Works reflects these concerns. Following the separation of Victoria’s Secret and the subsequent rebranding, the company has faced considerable headwinds. Shares have plummeted by approximately 78 percent since 2021, and net income has seen a decline of roughly 50 percent.

With such a history of financial strain, Barington Capital is looking to inject fresh energy into the company’s future. The investor is not content merely to hold shares; they are seeking a fundamental transformation, believing that a strategic sale is the most viable path forward.

To achieve this desired transformation, Barington is calling for the retailer to appoint external advisers to explore potential buyers. This move is intended to attract significant private equity interest, which Barington believes can unlock the full potential of the brand.

Beyond the sale, the activist investor is also pushing for operational adjustments. They are demanding share buybacks and are considering seeking board representation, signaling an intent to be deeply involved in shaping the company’s future direction.

Bath & Body Works remains a massive player in the consumer goods market, operating a sprawling network of approximately 1,900 stores across the United States and Canada, alongside about 550 international locations. The stakes are high as the company navigates a challenging retail landscape.

Barington’s pressure serves as a wake-up call: for Bath & Body Works, the choice is clear. The company must either accelerate its turnaround efforts significantly or prepare for a strategic transaction, potentially placing one of the largest specialist fragrance and personal care retailers in the hands of a new owner.