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Victoria’s Secret just escalated its proxy battle with billionaire Brett Blundy, an ugly fight over who’s done worse on sexual harassment. But the sideshow is distracting from a crucial point: The new Victoria’s Secret is working.
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It’s proxy fight season in retail. Lululemon’s estranged founder, Chip Wilson, has been pushing for a board shake-up for months. Last week, activist investors rallied to oust members of Target’s board, including former C.E.O. Brian Cornell and lead director Christine Leahy. Both cases, which feature depressed stocks and a powerful stakeholder seeking change, speak to the continued fragility of the sector.
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