In a dramatic corporate showdown, reclusive Australian billionaire Brett Blundy has launched an aggressive bid to seize control of global lingerie giant Victoria's Secret, thrusting the usually publicity-shy investor into an unlikely spotlight.
The Power Play Behind the Scenes
Through his private investment vehicle BBRC Worldwide, Blundy has accumulated a substantial near 13 per cent stake in Victoria's Secret, positioning himself as the company's second-largest shareholder. The 65-year-old entrepreneur, who resides in Monaco, has now declared open war on the Victoria's Secret board after his attempts to secure a director's seat were repeatedly blocked.
Blundy's campaign escalated dramatically with a sharply-worded letter demanding the removal of board chairwoman Donna James, whom he criticised for bringing what he called "a stale perspective" to the struggling intimate apparel retailer. The Australian investor has been circling Victoria's Secret for three years but has now taken his intentions public in an unprecedented move.
A Brand in Distress
Victoria's Secret, despite its global recognition and market saturation across nearly 70 countries with over 1,380 stores, has experienced a severe financial downturn. The New York-listed company has seen its share price plummet by more than 25 per cent over the past year, reflecting deep-seated operational challenges.
The brand that once dominated the intimate apparel market with its legendary fashion shows featuring supermodels like Claudia Schiffer, Gisele Bündchen, and Miranda Kerr has struggled to maintain relevance in changing times. Memorable moments included Bündchen modelling a $15 million bra set and Schiffer wearing the $10 million 'Millennium' Fantasy bra adorned with 2,000 diamonds.
In response to declining fortunes, Victoria's Secret has attempted several revivals, including scrapping its iconic 'Angel' brand and introducing the 'VS Collective' featuring athletes, influencers and models such as Bella Hadid and Candice Swanepoel. The company recently relaunched its famous show and showcased its PINK brand targeting younger consumers, even featuring a pregnant model on the runway.
The Man Behind the Bid
Brett Blundy is no stranger to the lingerie business, having built his fortune through successful investments in brands including Bras N Things, which he sold for $500 million before later buying back, and Honey Birdette. According to the Financial Review Rich List, Blundy's net worth stands at approximately $3.6 billion.
The Australian entrepreneur has lived overseas with his wife Vanessa Speers for more than a decade, moving from Sydney to Singapore, then the Bahamas, and most recently settling in Monaco. In 2018, the couple made a significant profit on their Rose Bay waterfront property, selling the luxury clifftop mansion for $45 million - $12 million more than its 2016 purchase price without any renovations.
Blundy's retail empire extends beyond lingerie, with investments spanning Sanity music stores, property company Aventus, clothing chain Universal, and Accent, which owns shoe retailers including Hype, Glue and Platypus. His BBRC Worldwide still owns discount retailer Best&Less and maintains diverse investments from Queensland fashion brand Dissh to California's Hot 8 Yoga studios.
Earlier this year, Blundy opened the Léays lingerie, sleepwear and beauty emporium in Sydney, potentially signalling his ambition to expand in the intimate apparel sector that Victoria's Secret once dominated.
Corporate Governance Clash
Blundy has been vocal about his criticisms of Victoria's Secret's management, previously stating that the company possesses "tremendous intrinsic value that has not been fully realised" due to what he describes as "continued mismanagement" and "disastrous board-level decisions."
In a rare comment earlier this year, the notoriously interview-shy billionaire revealed his global ambitions: "I like to think of myself as a global citizen. My preference is to do things that can go global."
Victoria's Secret has acknowledged Blundy's demands, telling investors that it was reviewing his request for a board seat while evaluating potential "conflicts of interest and competitive concerns, and the potential for reputational and legal risk arising from past conduct-related issues."
The outcome of this corporate power struggle will determine whether the Australian billionaire can transform the fortunes of one of the world's most recognised lingerie brands or if the current board can withstand his aggressive takeover attempt.
