Victoria's Secret & Co (VSCO) shares surged 5.28% in pre-market trading on Monday, following news that activist investor Barington Capital Group has built a stake in the lingerie retailer. This development adds to the mounting pressure on the company, which is already facing challenges from another significant shareholder.

Barington Capital, which now owns over 1% of Victoria's Secret shares, has expressed its intention to push for changes in the company's strategy and governance. The activist investor believes that Victoria's Secret has not reached its full potential and plans to urge the company to refresh its board and refocus on its core bra business. Barington also sees opportunities to unlock value in the retailer's beauty segment, which it estimates could be worth as much as the company's current market value.

This move by Barington Capital comes at a time when Victoria's Secret is already under pressure from one of its largest investors, Australian billionaire Brett Blundy's BBRC International, which owns about 12.9% of the company's shares. The new activist involvement is likely driving investor optimism about potential changes that could improve the company's performance, which has seen its stock tumble more than 50% year-to-date prior to this news. As Victoria's Secret faces these challenges, investors will be closely watching how the company responds to the growing calls for strategic and governance changes.