Victoria’s Secret faces renewed pressure from billionaire investor

Victoria’s Secret is facing heightened pressure from billionaire investor Brett Blundy, who is continuing to pursue a place on the lingerie giant’s board.

Blundy – chairman of BBRC International Pte Limited (BBRC), which owns a 12.9 percent stake in Victoria’s Secret – is accusing the brand and its leadership team of shutting him off from being involved in important decisions.

In a publicly issued letter, Blundy further questioned the expertise of the brand’s directors, who he said had displayed “operational ineffectiveness” and “historical oversight of capital allocation, M&A activity and cybersecurity”.

Blundy said that despite numerous meetings, emails and dialogue, his request to join the board as a director has remained unanswered. He is also calling for the removal of Donna James as chair, a role she has held for four years since the business separated from L Brands.

If no progress has been made regarding his requests, Blundy said he intends to attempt to replace the company’s directors at its next annual meeting.

Responding to Blundy’s remarks in its own press release, Victoria’s Secret noted it had previously considered Blundy’s candidacy in late 2023 and early 2024. Yet, upon receiving further demands, including a more recent suggestion from Blundy to appoint him as chair, reportedly stated during a September 2025 meeting, the company said it was conducting a renewed evaluation.

Victoria’s Secret raised concerns over “additional required due diligence and vetting due to conflicts of interest and competitive concerns”, as well as further “past conduct-related issues at affiliates owned or controlled by BBRC”.

It added that Blundy has refused to respond to follow up questions and expressed disappointment that BBRC instead opted to issue a public letter, which it alleged had been circulated to the media before being sent to the board.

In the wake of the reignited dispute, Victoria’s Secret underlined the “significant outperformance and momentum under Hillary Super”, who had been appointed to the helm of the brand last year prompting other shifts in executive leadership.

According to the company, since appointing Super, it has delivered total shareholder returns of 89 percent.