The US lingerie company Victoria’s Secret is under increasing pressure from billionaire investor Brett Blundy. He continues to strive for a seat on the company’s board of directors.
Blundy is chairman of BBRC International Pte Limited (BBRC), which holds a 12.9 percent stake in Victoria’s Secret. He accuses the brand and its leadership team of excluding him from important decisions. In a letter made public, Blundy also questioned the competence of the board members. He accused them of “operational ineffectiveness” as well as “historical failures in capital allocation, M&A activities and cybersecurity.”
Blundy said that despite numerous meetings, emails and conversations, his request for a board seat remained unanswered. He also calls for the removal of chairwoman Donna James. She has held this position for four years, since the company spun off from L Brands. If there is no progress on its demands, Blundy intends to attempt to replace board members at the next annual general meeting.
In its own press release, Victoria’s Secret responded to Blundy’s comments. The company said it had already examined Blundy’s candidacy at the end of 2023 and beginning of 2024. However, following further demands from Blundy, a new review was initiated. This includes his recent proposal to appoint him chairman – a proposal that was reportedly made at a meeting in September 2025.
Victoria’s Secret expressed concerns about “additional due diligence and review required due to conflicts of interest and competition concerns.” The company also cited “past conduct-related issues at subsidiaries owned or controlled by BBRC.”
The company added that Blundy refused to respond to follow-up questions. They expressed disappointment that BBRC had instead opted to publish a public letter, which was supposedly distributed to the media before it was sent to the board.
In light of the renewed dispute, Victoria’s Secret emphasized the “significant outperformance and momentum under Hillary Super”. Super was named CEO of the brand last year, which brought further leadership changes.
According to the company, a total shareholder return of 89 percent has been achieved since Super’s appointment.
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